Netflixing Auto Finance
The Age of Instant Everything In 1993, renting a movie was an all- evening affair. After deciding on a ‘movie night,’ you’d hop in the car and drive to the nearest Blockbuster Video store, where you’d peruse the new releases wall, maybe chat with the clerk on their recommendations, settle on a movie you can agree on and then pray that your chosen flick is actually in stock. By the time you check out, drive home, get everything set up, pop your popcorn – at least an hour has elapsed. Compare that to the 21st century, where you’d already be halfway through your chosen film on Netflix or Prime, have had your movie-theatre popcorn delivered to your door and be live-chatting with your friends on
loans for ourselves, by ourselves. Connectivity is a no-brainer these days and being able to do things on our own from the comfort of a smartphone or laptop is no longer a nice-to- have, it’s a must. The Slow Lane to Car Ownership shoppers feel that financing and paperwork takes too long 3 . Customer satisfaction begins to decline after 90 minutes in a dealership, yet whether you’re purchasing a car, a motorcycle, a boat or an RV, you often spend more than three hours there According to AutoTrader, 65% of car
your phone while you watched and munched. Waiting for paperwork and approvals in auto financing is like Blockbuster Video . everything, risk assessment and decisioning has to be instant too. It needs to be Netflix . Technology adoption is more widespread than anyone thought possible: globally, it is estimated that over 5 billion people have mobile devices, with In this age of instant over a half of those connections being smartphones 1 . There are more than 4.62 billion social media users around the globe 2 (more than 50% of the world’s population!) – doing everything from dating and job hunting to deciding who to vote for. The stage is set for us to apply for
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