Creating value in auto finance is now at the forefront of innovation. vLendRight is partnering up with banks to streamline the customer journey and help financial institutions gain market share in auto finance.
“Our belief is that automotive financial institutions ought to look beyond the traditional direct and indirect delivery mechanism and strive to make experiences better for their customers by offering them what we call a hybrid customer journey platform” – Sachin Kumar, Platform Strategy vLendRight
vLendRight, a start-up incubated and powered by ValueLabs recently won the 3rd prize at the ENBD FinTech Challenge which had 230 applicants from 89 cities. The ENBD FinTech Challenge is a global competition for financial technology start-ups launched by the Emirates NBD Group and the Open Bank Project.
By re-imagining customer’s auto purchase journey as a purchase funnel, the vLendRight digital age customer journey platform matches cars to a customer persona and allows financial institutions to effectively use their knowledge of the customer. On the other hand, by integrating partner dealers, data ecosystem and car data, the platform also allows vLendRight to deliver smart advice on financing options and deals
Creating value in auto finance for the customer
There are a lot of market inequalities which cause a lot of friction when it comes to the auto purchase process. The vLendRight platform facilitates friction removal in the purchase process by:
- Optimizing the end to end auto purchase cycle into a seamless process that ends up saving time and removing hassle from the purchase process for the end customer
- Integration and enrichment of the customer journey through data sources that enables customers to move down the purchase funnel
- Easing the customer interaction with the automobile salesman, a situation that can otherwise involve an adversarial transaction, much unlike a normal dealing with a mortgage broker
- Enabling bank’s dealer partners to expedite sale of their vehicle inventory by way of digital vehicle listings, transaction enablers (lead management, financial tools etc.) and insights emanating out of the customer journey on the platform
“vLendRight can be summed up as a platform that enables financial institutions to remain relevant across their customer’s end to end auto purchase journey by creating value for not only the end customers but for all other key stakeholders as well ” – Sushankar Daspal, Product Manager vLendRight
Creating value in auto finance for banks and dealers
There is an inherent gap in auto finance that vLendRight is looking to fill. By design thinking the customer auto purchase journey, it allows banks to play a key role in the process because:
- Banks and dealerships have the opportunity to trace the customer journey at any step; and take a proactively positive action
- Banks can disrupt the marketplace by delivering a contextual pre-approval linked to a vehicle of choice for customers before they enter a dealership
- Banks strengthens dealer relationships by sending confirmed leads thereby helping dealers improve their sales efficiency and inventory turnover
How good is a deal financially- explained by way of the concept of vPrudence score
“Customers generally get emotionally invested in a vehicle on the back of an auto purchase pursuit that is not only aspirationally but also affordability led. Moreover the associated financial deal quoted to the customer initially seems affordable but may turn out to be costly in the long run” – Sushankar Daspal, Product Manager vLendRight
vLendRight offers personalized financial guidance by meshing individual’s affordability across all key aspects of the purchase journey and importantly while structuring the loan/ lease repayment deals. The platform goes beyond the concept of a loan calculator and enables customers to leverage vPrudence score by comparing repayment deals on their alignment with their financial attitudes/ goals as ascertained by their journey on the platform.