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Digital Improves Customer Satisfaction

Digital Improves Customer Satisfaction Featured

Digital auto loan applications have the power to increase customer satisfaction, but wide variance in the execution of the digital application process has created a significant performance gap between top and bottom performing lenders, according to the J.D. Power 2017 U.S. Consumer Financing Satisfaction Study.
The top-performing mass market and luxury lenders rate significantly higher than the lowest performers (8.75 vs. 7.93 and 8.85 vs. 7.54, respectively, on a 10-point scale) in the most heavily weighted website attribute in the study: range of services that can be performed online.
While the digital application channel generates significantly higher levels of overall satisfaction among both mass market and luxury customers, many are waiting longer for a credit decision than those utilizing dealer representatives. Just 30 percent of customers applying online received a credit decision within 15 minutes vs. 46 percent who filled out a paper application with a dealer.
Time given to make first payment provides greatest impact on onboarding experience: High-ranking mass market and luxury lenders perform highest on time given to make first payment, allowing an average lead time of 21.2 days for mass market customers and 18.4 days for luxury customers prior to first payment due date.
Autopay and Web-based payment drive highest customer satisfaction: Mass market customers paying by hard-copy check are significantly less satisfied than those using autopay (800 vs. 851, respectively, on a 1,000-point scale).
Lincoln Automotive Financial Services ranks highest among luxury brands, with a score of 890. Lexus Financial Services (875) ranks second and Acura Financial Services (869) ranks third.
Ford Credit ranks highest among mass market brands, with a score of 857. BB&T/RAC (855) ranks second and Honda Financial Services (855) ranks third.

Last modified on Tuesday, 14 November 2017 01:09
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