Good news for consumer auto lenders, with vehicle sales on the rise, consumer satisfaction with financing providers continues to increase. According to J.D. Power’s 2013 U.S. Consumer Financing Satisfaction Study, roughly 95% of auto consumers indicated that, thanks to a positive customer service experience, they would patronize the same lender when purchasing a new vehicle or recommend them to a friend or family member. The study’s subjects – representing buyers of luxury as well as non-luxury vehicles – pointed out satisfaction with lender communication, prompt account updates, and customer service as the most important factors in a satisfying car financing experience. In the crowded retail automotive industry, consumers are faced with many choices when looking for auto financing. Consumers are looking for more than just a good interest rate – they are also looking for positive onboarding and easy finance servicing experiences.
CEB is the leading member-based advisory company. By combining the best practices of thousands of member companies with its advanced research methodologies and human capital analytics, they equip senior leaders and their teams with insight and actionable solutions to transform operations.
Customer billing and payments are as much an opportunity to provide excellent customer service as they are a core operational and accounting function. Leading companies leverage their billing and payments process to achieve far more than just the collections of payments; they use techniques to forge stronger customer relationships and gain greater insight into customer wants and needs.
As enterprise communication strategies play a bigger role in customer experience and loyalty, there is an increased need to re-engineer the end-to-end processes for managing core servicing document output to resolve document related issues at their origin.
Legacy document systems and processes can no longer support the numerous application and underwriting workflows that come with mortgage loan modifications. Further, the industry is struggling with increasing compliance demands, high loan delinquency rates and shrinking loan profitability.
I talk with mortgage industry professionals every day. They are busy people trying to do a difficult job, too often under a microscope. In addition to struggling with servicing platforms that were originally designed in the 1970’s, they are all just one misstep away from another negative headline.
Cross-sell. Up-Sell. Trans-Promo. Bundling. There are a bunch of marketing terms to describe the process marketers go through to get clients of one service or product to buy another, and another.
So why all the fuss?
A few weeks ago, I went to my local grocery store on a mission for cake. As I was browsing around the case, I noticed a table off to the side where they had individually packaged pieces. Enticing, I thought, but I needed enough cake for 8 people and buying a whole cake was not only easier but actually more cost effective. I made my selection and headed towards the checkout counter.
True story: I bought a new home in March. When I received my first natural gas bill in the mail, the bill summary on the front page of the printed statement showed an amount due of $160. That seemed pretty high but I assumed it must have included a connection charge or something. However, when I looked at the charges summarized in the bill summary block on that first page, they clearly didn’t add up to the $160.00 shown in the “Total Due” line item. In fact, I added them and they totaled $100.00. That was confusing. I turned the bill over and there was the $60.00 service charge under “Additional Charges” on the second page.