Many lenders still send paper payment coupon books to their auto loan consumers. Tech-savvy consumers want more choice and convenience in how they make payments; lenders that embrace digital payments will find tremendous benefits.
A recent Fiserv study showed that today's consumers are comfortable performing various aspects of the loan process online and via mobile devices. Of those surveyed, 61% indicated they are comfortable scheduling one-time or multiple payments for loans online.
Loan coupon books remind us of the 80's, yet this payment practice is still utilized by many lenders, missing an opportunity to provide consumers the convenience they need for their busy 24/7 lifestyles. Read our point of view paper to find out how modernizing your payment strategy provides both consumer and organizational benefits.Download