Auto Financiers most concerned about Compliance and Cost Cutting according to BillingTree's Annual Industry Survey Planned Technology adoption identified as key to cost reduction, with online payment acceptance expected to reach 98% by end of 2014 - mobile payment acceptance not far behind
PHOENIX, Aug. 11, 2014 /PRNewswire/ -- BillingTree® has released the findings of its 2014 Auto Finance Business Strategy and Technology Survey. Compliance, technology adoption and cost reduction strategies were each cited as critical factors to business success for auto lenders. To download BillingTree's 2014 Auto Finance Business Strategy and Technology survey report in full, visit http://info.mybillingtree.com/AutoFinanceSurveyResults.html.
Planned adoption of cost saving payment acceptance technology by auto finance companies of all sizes scored high on the survey, with online payments set to increase drastically by the end of 2014. Results found over 30% of surveyed lenders have plans to adopt online payments by year's end setting the pace for utilization of online payments to reach 98%. In addition, 63% of survey respondents projected adding the acceptance of mobile credit/debit payments, setting pace for mobile payment adoption to soon be offered by the majority of lenders.
In July 2014, BillingTree hosted a webinar to explore the early findings of the titled, "Auto Finance Business Strategy and Technology Survey Results". Panelists from leading auto finance companies as well as industry publication SubPrime Auto Finance News participated in the webinar discussion. Results from a poll conducted during this webinar found 48% of Auto Financers viewed compliance as a significant risk to their businesses however just 43% had a formal compliance management system or complaint tracking software system in place.
"It is clear from our survey and webinar feedback, Auto Financiers view control over operational costs and overcoming regulatory issues as critical to their success," commented Marya Lang, BillingTree's GM of Auto Finance. "Embracing online and emerging mobile payment technologies, along with improved compliance management systems, will each play a key role in this. BillingTree is pleased to be on the forefront of innovation serving the Auto Finance industry's needs in these critical areas."
A complete copy BillingTree's 2014 Auto Finance Business Strategy and Technology survey report may be requested at: http://info.mybillingtree.com/AutoFinanceSurveyResults.html
To request the replay of the webinar visit: http://info.mybillingtree.com/AFSurveyResultsWebinar.html
BillingTree's mission has centered around assisting companies with growing their business by delivering cost-effective, compliant payment solutions that increase and accelerate collections. Committed to and serving the accounts receivable industry for over a decade, BillingTree is the industry leader in the breadth of integrations with core collection platform systems and payment technologies, and in payment compliance. At BillingTree – Your Growth is Our Business. For more information, visit www.mybillingtree.com or call 877.4.BILLTREE.
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