Auto Finance News hosted event to feature insights from Wolters Kluwer experts on auto finance e-commerce
Wolters Kluwer Compliance Solutions will present a webinar, “The Disruption Continuum: Auto Financers Shift into a Digital-first Era,” to explore the growing adoption of digital-based transactions, from 2-3 pm EDT on Wednesday, Sept. 28.
Presenters include Wolters Kluwer’s Tim Yalich, Head of Automotive Strategy, and Erin McCarty, Senior Director of Product Management. They will share key trends and perspectives on how automotive finance is taking the next steps on a “journey of disruption” from paper to digital transactions as part of an industry transformation.
Hosted by Auto Finance News magazine, the event will explore industry best practices and automation advances that are helping automotive lenders improve their processes, minimize manual errors, speed workflows, secure vehicle titling perfection, and reduce risk. Those advances are promoting enhanced, timelier compliance management, as technology continues to reshape the landscape for financial institutions—with a steady increase in e-commerce driving the need for a complete, end-to-end purchasing experience.
“The automotive purchasing and financing process has traditionally been a very hands-on, in-person, time-intensive experience,” notes Yalich. “But in recent years, the automotive marketplace has undergone a technological evolution. Current automotive lending approaches, burdened by a disconnected, inefficient ecosystem, are no longer sufficient in an increasingly digital world.”
The presenters will share results from the most recent Wolters Kluwer’s Auto Finance Digital Transformation Index—a measure of directional trends and adoption rates of U.S. digital loan execution workflows specific to automotive eContracting—which showed a nearly 80 percent increase in digital transactions since the first quarter in 2021. The increased activity in digitization is still skyrocketing, according to the Index results, even with new and used car sales considerably lower than what was projected for 2022.
“Today, automotive customers increasingly seek out a mostly digital automotive buying experience that is convenient, fast, touchless, and hassle-free – not hours wasted in a lobby in the dealership, waiting for loan approvals and paperwork to sign,” says Yalich, who notes that borrowers, dealerships, originators, warehouse lenders, investors, and even servicers are looking to technology platform providers to help them digitalize more of their processes.
“To meet this growing demand, traditional ecosystem players have a choice. They can either leap forward today – or become irrelevant tomorrow,” he explains. “Given expected market trends, the time to digitally transform is now.”
The event registration page includes further details.
