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Mobile Apps Become New Battleground for Auto Lender Customer Satisfaction


A well-designed mobile app has become one of the most critical drivers of customer satisfaction with auto lenders.

According to J.D. Power 2018 U.S. Consumer Financing Satisfaction Study, growing numbers of auto loan customers are interacting with their lenders via a mobile app, and when they do overall satisfaction surges.

The annual study was significantly redesigned based on industry input to capture the full auto finance customer journey throughout the shopping, origination and servicing processes. The study measures overall customer satisfaction in five factors (listed alphabetically): billing and payment process; mobile app experience; onboarding process; origination process; and website experience. Satisfaction is calculated on a 1,000-point scale.

“As the auto shopper journey becomes increasingly digital, it’s critical for auto lenders to get the mobile app formula just right,” said Jim Houston, senior director of automotive finance at J.D. Power. “While mobile app utilization is still highest among younger generations, older customers who interact with auto lenders via mobile app experience even higher overall satisfaction than their younger counterparts. Mobile is no longer a generational or niche offering; it is now the window into the auto lending experience.”

Following are key findings of the 2018 study:

Rankings

The 2018 U.S. Consumer Financing Satisfaction Study is based on responses from nearly 14,000 customers who financed a new- or used-car through a loan or lease within the past four years and was fielded in July-August 2018.