Auto Finance Firms Sharpen Focus on Consumer Billing and Payments as Car Ownership Costs Skyrocket
CORAL SPRINGS, FL, October 30, 2023—Cloud applications for personalizing consumer billing and payment experiences can make a big difference in whether auto finance companies get paid and keep loans current, according to Drive More Effective Auto Finance Communications and Payments, a new white paper from Nordis Technologies.
A strategic, tech-driven approach to engaging auto buyers and removing payment barriers is critical as the industry grapples with changing economics. Not only are U.S. households struggling to pay their bills due to widespread inflation and high interest rates, but it’s also getting harder to afford a car or truck. The average cost of owning, financing, insuring and maintaining vehicles now tops $1,000 a month, up 13% from last year, according to AAA.
The white paper reveals how auto lenders are breaking through the many demands on monthly budgets by embracing customer communications management (CCM), electronic bill presentment and payments (EBPP) solutions and managed services. The omnichannel platforms enable auto finance firms to differentiate themselves by catering to the expanding range of consumer expectations and preferences for how they receive and pay bills, including growing interest in email, text messaging and digital payment options, the white paper explains.
“Regardless of other factors, many consumers prioritize bills that are the easiest to pay. Offering greater convenience, personalization and choice, based on what that means to each auto buyer, can move these loan and lease payments to the pay-now pile,” said Ronnie Selinger, Nordis Technologies CEO.
The new white paper covers a variety of topics auto financing companies will want to explore, including the following:
- Affordability challenges among consumers that are testing auto lenders
- Leveraging technology to drive better customer engagement
- Maximizing omnichannel experiences
- Digital opportunities that transform operations
- Building market advantage
The move to cloud CCM and EBPP solutions drives substantial gains in productivity and cost efficiency by digitally transforming and automating auto lenders’ billing and payments operations. Consolidating paper, email and text communications on one platform lets auto lenders reduce vendors to manage and increases data security. Integrating payments into the communications platform delivers more automation and ease of management. The technologies also streamline document updates to stay compliant and generate reports to gain greater consumer insight.
About Nordis Technologies
Nordis Technologies is a leader in cloud-based, omnichannel customer communications management technology, integrated with digital delivery, print and mail services and payment solutions. Companies trust Nordis to drive digital transformation and improve customer experience and financial performance with Expresso™, its patented CCM platform that delivers complete control and agility for creating, managing, and distributing critical digital and print communications. Nordis operates state-of-the-art digital and print production facilities in Las Vegas, Nevada and Coral Springs, Florida.
Padovani Communications Inc.