Survey Reveals Consumer Expectations and Technology Adoption as Top Priorities for Financial Institutions
Ridecell, a global leader in fleet orchestration solutions, announced the results of a survey that gathered insights from senior leaders across banks and captive finance companies, to identify the transformative trends shaping the automotive financial services industry in response to evolving consumer expectations and technological advancements.
The survey found that 47.8% of respondents identified the increasing demand for digital services as the most significant market shift. Lenders are prioritizing enhanced digital transparency, with 58.7% already integrating advanced digital features such as mobile apps and consolidated platforms to streamline the customer experience and boost operational efficiency.
“Digital transformation is now a critical driver of success,” said Mark Thomas, EVP Alliances & Marketing at Ridecell. “This survey confirms what we see across the industry and in our discussions with captive finance and asset finance companies: technology adoption is essential to meet modern consumer demands. It’s clear that lenders who adapt quickly will lead in this competitive market.”
Flexible Financing: Meeting Consumer Expectations
As consumer expectations evolve, 41.3% of respondents highlighted the need for more flexible financing options. This aligns with global trends, where personalized financial products are becoming the norm, driven by open banking and other innovations.
The survey also highlighted varied perspectives on the impact of EVs. While 34.8% of respondents viewed the shift to EVs positively, 43.5% anticipated no significant effect on their business. This reflects differing levels of readiness to support the growing EV market, which accounted for 18% of all cars sold globally in 2023.
In response to market uncertainties, 43.5% of respondents are employing conservative residual value forecasting. This mirrors global trends where financial institutions adopt risk-averse strategies to navigate technological and regulatory changes.
