Significant change in customer expectations
Observers of transportation patterns are noticing significant shifts—in customer expectations and behavior—in the automotive industry and in the broader competitive landscape. This is leading to a significant change in the customer lifecycle and the way in which transportation and automotive services are consumed. To meet the needs of their customers and maintain their competitiveness in the future, banks and captive auto finance companies need to develop new skills and offerings.
Business models with a future
We have developed three promising strategies for auto finance providers that will enable their continued success. We tested these models with executives from across the industry.
Auto finance organizations should act to remain relevant
If auto finance providers continue to rely on their traditional strategic positioning—including their existing business models and current core competencies—they will find it difficult to retain their customers and maintain their competitiveness. Instead, they should rethink their business model and develop a transformation strategy. At the same time, depending on their focus, they should also develop new core competencies. This will help them stay relevant and participate in the automotive industry’s rapidly growing ecosystem of services. Register to read our report to learn how leading auto finance providers are staying relevant in today’s market. Contact your Accenture lead to discuss your organization’s financing strategies.