http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.02Change: 0.05
R/$ = 10.62Change: 0.07
Au 1286.26 $/ozChange: 3.46
Pt 1421.50 $/ozChange: 2.00
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 07, 2011

Bank launches Web-based vehicle finance solution

Back
Africa|System|WesBank|Africa|South Africa|Contracting|Ecommerce Market|Finance Contracts|IContract Product|Internet Usage|Internet Users|Internet World|Online Consumers|Secure Web-based System|Vehicle Finance Contracts|Chris De Kock
Africa|System||Africa||Contracting||
africa-company|system|wesbank|africa|south-africa|contracting|ecommerce-market-industry-term|finance-contracts|icontract-product|internet-usage|internet-users|internet-world|online-consumers|secure-web-based-system|vehicle-finance-contracts|chris-de-kock
© Reuse this



Vehicle financier WesBank has unveiled its locally developed iContract product, a “secure Web-based system for signing vehicle finance contracts online, and the first of its kind launched by any vehicle financier in South Africa”.

Wesbank says this will give customers the luxury of signing their finance contracts at home, at work or at the dealership.
According to statistics by Internet World, South Africa has more than 6.8-million Internet users. In addition, the 2011 global ecommerce market is valued at an estimated R735-billion.

“Internet usage is growing rapidly and our research has shown an increased willingness by clients to interact financially online at their leisure,” says Wesbank sales and marketing executive head Chris De Kock.

He says the iContract system has been devel- oped in keeping with the “easily accessible and user-friendly services” online consumers currently have at their disposal.

“We believe this is the next logical step in vehicle finance in South Africa, offering consumers the ability to easily finalise their vehicle finance contract 24/7, without the complicated terminology, and in less than half the time it normally takes to complete the traditional paper-based contracting process.
“iContract guides the user through each section of the terms and conditions in a step- by-step and easy-to-read format,” adds De Kock. “With the aid of ‘tooltips’, the client can hover the mouse pointer over certain legal terms, which are highlighted in a differ- ent colour, to open a text box window that explains the terminology in plain English, if required.”
De Kock says the new service has already seen significant take-up from customers in its test phase, and he attributes this success to its “paperless, uncomplicated and hassle-free” format.

“The accessibility has been received favourably and, over the past three weeks, we have already signed up nearly a thousand contracts, with most customers completing the process in less than 20 minutes. This is significant as it would have previously taken the average customer between 45 minutes and an hour to sign the finance contract at the dealership.”

Once a consumer has engaged with a finance and insurance (F&I) consultant at a dealer- ship to finalise the selection of a vehicle and approval of finance, WesBank generates a unique account number and PIN, which is emailed to the client who, in his or her own time, enters those details on the WesBank website to complete the legal process.
“The entire process is legally compliant,” assures De Kock.

“As customers are guided through the contract, they are prompted to acknowledge their agreement and understanding of each section of the terms and conditions before proceeding, which allows the system to date and time-stamp the contract accordingly.

“Additional benefits include the ability to save documents digitally for personal record keeping, so that the client has a clear understanding of what is required . . ., and easy referencing capabilities.”

Edited by: Martin Zhuwakinyu
© Reuse this Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other News This Week News
MODDERFONTEIN NEW CITY Modderfontein New City will aim to exemplify an integrated city node and improve infrastructure utilisation through mixed-use spaces
The multibillion-rand development of the Zendai Modderfontein New City, east of Johannesburg, will aim to exemplify an integrated city node, says property group Zendai South Africa COO Wenhui Du. The development will focus on the Modderfontein Gautrain station to be...
The South African Civil Aviation Authority (CAA) hopes to have finalised regulations for the flying of Unmanned Air Vehicles (UAVs) – also designated Remotely Piloted Air Systems (RPAS) and popularly called drones – in the country’s civilian airspace by the end...
Various stakeholders have expressed optimism that the Small Business Development Ministry, created after the national elections in May, will add much needed impetus to enterprise development in South Africa, where a strengthening of the entrepreneurial culture is...
Article contains comments
More
 
 
Latest News
Construction major Murray & Roberts (M&R) on Wednesday announced a 67% increase in diluted continuing headline earnings a share to 205c for the year ended June, up from the 123c achieved during the prior year. Diluted earnings a share amounted to 305c, up from 245c...
Ebola is causing enormous damage to West African economies, draining budgetary resources and slashing economic growth by up to 4% as foreign businessmen leave and projects are cancelled, the African Development Bank president said. As transport companies suspend...
Low-cost pan-African airline fastjet on Wednesday announced that it had established a company in Kenya, which had already submitted its Air Service Licence (ASL) application to the Kenyan Civil Aviation Authority (KCAA). Fastjet held 49% in the new company, fastjet...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
MODDERFONTEIN NEW CITY Modderfontein New City will aim to exemplify an integrated city node and improve infrastructure utilisation through mixed-use spaces
The multibillion-rand development of the Zendai Modderfontein New City, east of Johannesburg, will aim to exemplify an integrated city node, says property group Zendai South Africa COO Wenhui Du. The development will focus on the Modderfontein Gautrain station to be...
The South African Civil Aviation Authority (CAA) hopes to have finalised regulations for the flying of Unmanned Air Vehicles (UAVs) – also designated Remotely Piloted Air Systems (RPAS) and popularly called drones – in the country’s civilian airspace by the end...
Various stakeholders have expressed optimism that the Small Business Development Ministry, created after the national elections in May, will add much needed impetus to enterprise development in South Africa, where a strengthening of the entrepreneurial culture is...
BOB SCHOLES To ensure that emissions plateau by 2020 and then decline until a net negative emission level is achieved by the end of the century, CO2 capture and storage in addition to major emission reduction efforts will be needed
Capturing and storing carbon dioxide (CO2) is the only way through which the world will achieve the lowest of the United Nations Framework Convention on Climate Change’s (UNFCCC) global warming predictions, called the representative concentration pathway (RCP) 2.6....
PARKS TAU Ongoing investigations had identified at least 30 large power users in Johannesburg as having defrauded the city
The City of Johannesburg has recovered R107-million following the arrest of 22 people allegedly involved in corruption, collusion, fraud and tampering with the city’s electricity systems, which had ultimately cost the city R200-million in lost revenue.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks