Today, auto finance industry in India is moving faster than a sports car. Banks, NBFCs and other finance lenders are constantly trying to adapt and innovate with the times, as buyers have wealth of options available to finance their car purchase. While some finance lenders have begun their auto finance transformation journey towards digitisation, most lenders are yet to cross that starting line.

Highlighted below are the top four enablers to make lenders rethink their existing business models, if not transform, in the constantly evolving world of auto-finance.

Car Selection

Most potential buyers begin their shopping process even before walking into a car dealership, by browsing online, researching about the make and model, and comparing finance options. Consumers are always on the lookout for convenience and quickness that traditional channels fail to offer.

Hence, an integration into a fintech automotive platform like Kuwy helps lenders gain a competitive edge and provide a hassle-free experience to customers.

Loan Origination

At the very heart of the loan origination process is customer persona. And it’s very crucial for lenders to keep up with these evolving personas and restructure their processes in these digital times. Establishing a digital presence can help lenders target the right potential customers at the right place and time.

Decision Making

One of the key demands of a car buyer is swiftness in the auto loan application process. But lenders are often unable to speed up the process due to lack of data required to assess applications.

To help lenders reduce the TAT (turnaround time) and make instant decisions by leveraging alternate data sources, Kuwy, India’s first automotive fintech platform is powered by Artificial Intelligence (AI) techniques, to gather more information about the applicants.  

Digitised Process

While lenders deploy traditional data capturing and application systems, they still use paper-based forms to process customer applications. This causes a delay in the overall process.

In collaboration with partners such as Kuwy, lenders can offer paperless processing, customer onboarding, document capturing and processing, credit decisioning, loan servicing and so much more, to make the overall process frictionless.

Major lenders have already started amping up their auto lending business after the post-crisis slowdown. Rather than losing business to lenders who are benefiting from the power of digital processes, companies can compete by starting to reimaging the car buying experience with Kuwy.