The Road to a Smoother Customer Journey

Right now, South African car dealers are caught between a rock and a hard place. On the one hand, they’re living in a new digital world where consumers even buy big-ticket items like cars online, and want the car-buying process to be as quick as easy as possible. At the same time, they have to be able to confirm customer identity and creditworthiness, and protect themselves and their customers from fraud. 

Ensuring security and authenticating customers when doing online transactions has never been more important. Globally, data and credit regulation are evolving rapidly as governments look to better protect consumers. This is placing new responsibilities and demands on businesses. The problem is that traditional identity verification methods can often be burdensome on good customers. This sometimes leads to customers abandoning new applications before completion due to fraud detection and mitigation processes. 

It’s a huge challenge for auto dealers. They spend significant money, time and resources on attracting consumers, so it’s imperative that they ensure a positive experience when onboarding a first-time customer. To do this, they need solutions that create minimal friction for the consumer, while protecting from fraud, adhering to risk policies, protecting data privacy and making the best possible credit decision. 

Competition for new customers is fierce. That’s why creating an integrated, friction-right consumer experience (CX) that captures new customers, fosters loyalty and drives profitable growth starts with smarter customer acquisition. With more digital advertising spend pouring into the market, it’s imperative to optimise investments by finding new ways to gain actionable customer insights. 

With acquisition activities under pressure, there’s a greater emphasis on delivering an optimal customer experience during digital onboarding. Thus, processes that convert more good customers by providing a high degree of confidence in their identities are critical. 

The Know Your Customer (KYC) process of identifying and verifying the client's identity at account origination must be optimised. This could be achieved by using configurable identify proofing solutions, such as email verification, facial recognition or document verification to create a friction-right onboarding experience. 

Being able to positively identify and letting good customers through whilst detecting and countering fraud threats is key. TransUnion’s Auto Digital Onboarding service provides an accurate, comprehensive picture of consumers, and quickly assesses risks, presents relevant offers and automates the application process. It also allows for a friction-right experience for the consumer leading to less cart abandonment and ultimately more revenue for the dealer. 

Auto Digital Onboarding allows car dealers to leverage robust fraud and credit risk solutions through one secure platform, and is a turnkey solution that can be added to as and when they want to scale. This alleviates the burden of sourcing different vendors, strengthens KYC and enables personalised experiences. 

The Digital Onboarding Solution also optimises the digital sales experience by evaluating consumer credit risk and approving more good customers quickly and easily. As a result, it has secured significant local approval from the banking sector. Most leading banks in South Africa now recognise Digital Onboarding as a valid eKYC service. 

For businesses wanting to optimise the entire customer lifecycle from acquisition to onboarding to account management, our solutions and hands-on expertise help give you a more competitive edge. Get in touch to find out how we can help your business thrive in an ever-evolving digital economy.