April 13, 2022 12:00 PM – 12:30 PM Salon A
Many of today’s lenders invest everything possible in creating a stellar customer experience. From glossy advertising to strong dealer relationships, the best lenders are pouring time and money into reeling in new customers. But at the moment of truth — when a customer is about to onboard or needs to receive service — lenders tend to slow down. Customers find themselves bounced between agents, touchpoints, and channels, and are lost.
To be sure, in the digital age, much of the customer journey is happening independently. By making it easier to navigate a webpage or app, and by enabling the customer to interact with their lender via chat and social media, financial institutions have improved customer journeys significantly.
However, research shows that most customers still prefer to receive agent-assisted help when in need to complete a complex task or process. This last leg of the journey is often long, painful and full of friction. In many cases, these bumps in the last mile lead to a failure to complete the task. Customers attempt to finalize their loan applications, but their efforts are thwarted.
We have identified two of the primary reasons why auto lenders fail to bring interactions to completion: The prevalence of silos and legacy channels.