Dealership-based auto finance faced permanent challenges as digital and direct financing options increased during pandemic, J.D. Power found in the the J.D. Power 2020 U.S. Consumer Financing Satisfaction Study.
The upcoming J.D. Power 2021 U.S. Consumer Financing Satisfaction Study has been redesigned to not only understand the growing need for digital channels, from loan/lease origination to servicing, but also defining best practices to help providers build out their digital platforms. Providers that deliver the best digital opportunities increase customer satisfaction and reduce the cost to serve.
Following are additional key findings of the 2020 study:
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Digital channels: Digital loan/lease credit applications capture significantly higher overall satisfaction than non-digital applications. In fact, borrowers who complete their application using a mobile app have overall satisfaction significantly higher than borrowers who complete paper applications at the dealer
Digital preference: Borrowers who say they would prefer to originate their next vehicle digitally increased year-over-year from 2019-2020. 40% of borrowers prefer at least part of the process to be digital in the future.
Loan/lease account management: Borrowers who use their provider’s website or mobile app for account management or bill pay have significantly higher overall satisfaction than customers using traditional channels
Read the full 2020 press release here. To learn more about the J.D. Power U.S. Consumer Financing Satisfaction Study, contact us at financialservices@jdpa.com or via the contact us button.
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