With consumers more open to new digital-first auto finance options, survey emphasizes consumer desire for mobile-first, frictionless auto lending
New York, NY, June 13, 2022 – Lightico, pioneer of digital completion for customer journeys, and Wolters Kluwer Compliance Solutions, shared today the Digital Auto Finance Report 2022 which details consumer experiences, attitudes and expectations for auto lending. The report, which surveyed 902 US adults, revealed that 87% of consumers feel that the ability to complete financial transactions on their mobile device was important or very important, with 42% of even the oldest respondents aged 65+ agreeing with that.
“Auto finance has long struggled with completing loans quickly, efficiently and in a way that is convenient for consumers,” said Zviki Ben Ishay, CEO and cofounder at Lightico. “The expectation from consumers for auto loans is the same as for an Amazon purchase – easy, seamless and from anywhere, especially their phones. Even after two years of intense digital development and transformation, there are many lenders that need to digitalize the complete customer journey.
Key Stats:
• 71% would not take a car loan or purchase if it requires a physical visit
• 87% of consumers feel that the ability to complete financial transactions on their mobile device was important or very important
• 46% of consumers see ease of completion as important in an auto lender
• 57% of auto loans were completed within 24 hours
“Complete mobile transaction solutions today require digital financing that’s efficient, reliable, end-to-end and secure in order to satisfy the expectations of today’s consumers while ensuring full compliance by automotive and finance organizations,” said Tim Yalich. “We are now able to shift focus to digitization as a solution for more automation throughout the vehicle application, financing and securitization process, with robust tools that are built around e-signature, e-contract and e-vault solutions for a complete end-to-end solution.”
Lightico and Wolters Kluwer recently announced their partnership which integrates Wolters Kluwer market-leading eVaulting technology with Lightico’s Digital Completion Cloud to provide seamless and compliant services to financial institutions.