iVendi Empowers Lenders & Dealers to Meet Consumer Duty with Innovative Enhancements

We have some exciting news for lenders and dealers in the motor retail industry!

In an effort to assist motor finance providers in fulfilling their responsibilities under the new Consumer Duty, we have unveiled some key product enhancements. These new features are designed to align with the Financial Conduct Authority's (FCA) four outcomes for Consumer Duty and are all about delivering good outcomes for consumers.

By leveraging cutting-edge technology, we aim to meet customer needs while ensuring compliance in the motor retail market. Let's dive into the details and see how technology is revolutionising compliance! 

Putting Customers First

We want to make sure that compliance doesn't mean sacrificing customer satisfaction. These new enhancements focus on providing exceptional levels of compliance while prioritising the needs of the customers. After all, happy customers are what we're all aiming for, right? 

Enhancements Designed with You in Mind

So, what exactly are these enhancements? Let's break it down:

1. Consumer Duty Page: Picture this: a dedicated page that's all about the customer. This awesome feature is seamlessly integrated into the online buying journey. It gives lenders and dealers access to lender-specific data and informative product videos. This way, they can make sure customers have all the info they need to understand the finance products they're interested in.

2. Suitability Assessments: Nobody wants to feel lost when applying for a finance product. That's why iVendi's enhancements include suitability assessments. These are tailored questions specific to each finance product, provided by the lender. Customers answer these questions to show their understanding of the product. It's a way to ensure that everyone's on the same page and making informed decisions.

3. Signposting: Sometimes, we all need a little guidance. That's where signposting comes in. iVendi's enhancements include links to government financial advice resources and the lender's support materials. It's all about empowering customers, especially those who may need extra support or fall under the vulnerable category defined by the FCA. The goal is to make sure they have the information they need to make confident choices.

4. Interceptions: Imagine this scenario: a customer applies for a finance product that doesn't align with specific lender rules. Uh-oh! But fear not, iVendi's got a solution. Their technology intercepts these applications before they even reach the lender. This helps reduce rejections and allows the retailer to step in and find a lender that's a better fit for the customer's needs. It's a win-win situation for everyone involved.

Are You Prepared?

Our product enhancements are set to be released well ahead of the FCA's deadline on July 31. We are already in talks with lenders and dealers to ensure a smooth integration into their Consumer Duty processes. With these enhancements, we are paving the way for a more transparent and customer-centric motor retail industry. So, buckle up and get ready for a compliance journey that puts customers first!

For more information on navigating Consumer Duty regulations in the Automotive sector, and how technology can help you achieve compliance and enhance customer experience, download our Consumer Duty whitepaper now. 

Not Sure Where to Start?

Our new Consumer Duty Ultimate Bundle is the perfect product mix created to support dealers in meeting their requirements under the new FCA regulations, designed to satisfy the four outcome areas while aligning sales journeys with the three cross-cutting rules.

Dealers can easily upgrade their existing technology stack to the new package, which includes all the features they need - finance calculators, online and showroom finance checking, multi-lender quoting and submission, vehicle reservations, FCA and commission disclosure status, lender-specific product information, lender product videos, product suitability assessments, support services signposting for vulnerable customers, customer credit rating, stock engine, customer self-serve tools, online finance applications, iVendi’s Digital Deal, application interceptions and comprehensive management information.