In a recent report commissioned by Equifax, the credit reporting bureau discovered that there are currently 64 million auto loans outstanding with a balance of over $900 billion – a record high. In addition, new auto loans, originating in the first quarter of 2014 account for $163.5 billion in credit. Surprisingly, with record high balances on these loans, the delinquency rate is quite low – accounting for less than 1% of these outstanding balances.
The news is also good for subprime auto lenders. In the report, Equifax also stated that 2.6 million new subprime auto loans were originated through April of 2014, accounting for 28.2% of the total outstanding auto loans.
In light of this growth, many lenders are seeking solutions on how to best understand how to effectively service their growing audience of customers. With the CFPB’s impact on the auto and consumer finance lending industries growing, regulatory complexity and compliance is sure to become an even bigger challenge. Effective invoice and customer lifecycle management has lenders exploring new ways to leverage the benefits of a complete communication and service platform approach.
More than just providing clear, relevant and compliant print and email options for communications to meet today’s customer service expectations, companies need to be able to leverage customer data to produce more relevant communications and more usable service interactions. Avoiding payment issues requires the convenience of making and managing payment options across digital channels - including transactions on mobile devices and tablets.
Overcoming compliance challenges and equipping contact center staff with everything they need to quickly address a service inquiry requires a comprehensive archive that is configurable and easily accessible by contact center staff, customers, and anyone managing an audit. To learn more about implementing a customer communications management platform that enhances the servicing experience, talk to us.