Using data to transform your Auto Finance Business
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IBM outlines the main challenges facing the auto finance industry in utilizing big data to enhance customer engagement, including the need for a centralized customer view and efficient data usage for sales. Key issues include digitization of the buying process, managing customer relations through AI, and compliance with privacy laws. The overall goal is to improve efficiency and customer loyalty in an increasingly disruptive market.
Using data to transform your Auto Finance Business
- 1. © 2018 IBM Corporation IBM outlines the top challenges for the auto finance industry to use big data to engage its customers Toby Woolfe, Industry Solutions Business Development Executive Toby.woolfe@uk.ibm.com +44 7795 328742
- 2. IBM
- 3. Challenge 1 – creating a centralised view of the car finance customer https://www.youtube.com/watch?v=Ld5u8y1mgIc Toyota Financial Services US uses Watson to create a 3600 view of the customer Video 1:04
- 4. Challenge 2 – harnessing all the available data to sell cars Connected cars deliver: • Sales of fuel, parking & tolls • Driver services – e.g. driving skills, location based triggers & offers • Dealer offers – e.g. repairs and maintenance offers • 3rd parties – cities’ traffic departments, weather feeds, salt trucks • R&D – analysis of actual product usage to guide engineers Question: Who owns the data? https://www-03.ibm.com/press/us/en/pressrelease/52595.wss
- 5. Challenge 3 – driving efficiency in customer contact during the sales cycle
- 6. KPIs Target Result as of March 2017 (Feb.20-Mar.21) Evaluation Operator Productivity Beginner Speech Time 10%↘ 8.9%↘ (273.1sec/ -26.8sec) * ◯ Holding Time 17.3%↘ (69.6sec/ -14.6sec) * ◯ Experienced Speech Time 3.6%↘ (227.5sec/ -8.6sec) * △ Holding Time 0.1%↘ (58.8sec/ -0.1sec) * △ Watson Performance Correct Answer Rate 80% 99.5% ◯ Speech Recognition Rate 80% 92.1% ** ◯ Example – driving efficiency in car finance call centres by having Watson listen to the conversation and prompting the agent with the right information to progress the call
- 7. Challenge 4 – digitisation of the car buying process
- 8. Challenge 5 – digitisation of the customer engagement https://www.ibm.com/blogs/think/2017/11/end-of-the-car-manual/
- 9. Example – Rachel the credit card advisor https://youtu.be/khr-eWGhTSI?t=2m Video 3:05 Challenge 6 – crossing “uncanny valley” in human-machine sales engagement
- 10. Challenge 7 – increasing customer buying habits whilst driving https://www.ibm.com/blogs/internet-of- things/zf-ubs-ibm-vehicle-payments/
- 11. Challenge 8 – the shift to mobility services as a way to buy the use of cars
- 12. Challenge 9 – GDPR and the Neutral Server • IBM launches a neutral data broker allowing car manufacturers to monetize telematics data • Respects the privacy laws of European Union. • For example we make the data available to insurance companies with the drivers permission. • IBM is not becoming owner of the data, we only do an intelligent and secure routing for example for BMW & Daimler http://cardatafacts.eu/vehicle-data-available-service-providers/
- 13. Challenge 10 - electrification Role in the project: IBM will develop, design and provide the core technology to realize and demonstrate the NeMo Hyper-Network with the partners. IBM has considerable experience as end-to-end solution integrator as well as in vehicle to infrastructure communication (devices, protocols, standards). Furthermore, IBM will provide to the project expertise originating from international electro-mobility and smart grid projects. IBM will be responsible for the Reference Architecture of the NeMo Hypernetwork and the functional design. IBM will be responsible for the system integration and technical validation. IBM provides the Cloud platform-as-a-service (IBM Bluemix) environment for IT service developers to run and deploy innovative solutions in the open NeMo Hyper-Network. http://nemo-emobility.eu/
- 14. Conclusions • Data availability is increasing at a rapid pace • Disruption is normal and coming at everyone from everywhere so become a disruptor or become disrupted! • Improving efficiency is a good starting point for projects • The prize is customer loyalty, and more repeated purchases • Maturity on the roadmap…where are you and where do you want to be?