http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 16.86Change: -0.03
R/$ = 14.69Change: -0.08
Au 1279.87 $/ozChange: -7.38
Pt 1060.50 $/ozChange: -7.00
 
 
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 Letters About Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Oct 07, 2011

Bank launches Web-based vehicle finance solution

Back
Africa|Finance|Paper|System|Africa|Contracting|Service|Services
Africa|Finance|Paper|System|Africa|Contracting|Service|Services
africa-company|finance|paper|system|africa|contracting|service|services



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
Creamer Media Senior Deputy Editor

To subscribe email subscriptions@creamermedia.co.za or click here
To advertise email advertising@creamermedia.co.za or click here
 
Comment Guidelines (150 word limit)
 
 
 
 
 
 
 
 
Other News This Week News
The two spent-fuel pools at Eskom’s 1 800 MW Koeberg nuclear power station, in the Western Cape, will be full by 2018, increasing the urgency on the State-owned utility to begin pursuing alternative storage options. Koeberg has, over the past 32 years, accumulated a...
South Africa lacks the skills necessary to implement the government’s plan to build 9.6 GWe of new nuclear energy capacity, warns nuclear-qualified Quality Strategies International CEO David Crawford. “Apart from the concern about the affordability of the programme,...
DOROS HADJIZENONOS The 700-series devices provide network security monitoring, app control, URL filtering, VPN security, antivirus, antispam, antibot, and advanced intrusion prevention and detection functionality
Cybersecurity multinational Check Point has released its latest 700-series cybersecurity systems for small businesses, which draw on its international threat intelligence to provide up-to-date cybersecurity, says Check Point South Africa country manager Doros...
More
 
 
Latest News
A new World Bank report warns that some regions of the world, including parts of Africa, could see their growth rates decline by as much as 6% by 2050 as a result of water-related losses, with water scarcity also exacerbated by climate change. Titled ‘High and Dry:...
Human Settlements Minister Lindiwe Sisulu
The Department of Human Settlements (DHS) has approved 101 “catalytic” public–private partnership (PPP) projects, valued at around R340-billion – more than half of which would be sourced from the private sector – that would mobilise and coordinate private-sector...
By 2050, agricultural productivity in Africa has the potential to increase by 70%, through technological innovation leveraged by the Internet of Things (IoT). This would meet the continent’s growing food demand which, based on population growth, is set to grow by...
More
 
 
Recent Research Reports
Automotive 2016: A review of South Africa's automotive sector (PDF Report)
Creamer Media’s Automotive 2016 Report provides an overview of South Africa’s automotive industry over the past 12 months. The report provides insight into local demand and production, vehicle imports and exports, investment and competitiveness in the sector, as well...
Energy Roundup – April 2016 (PDF Report)
The April 2016 roundup covers activities across South Africa for March 2016 and includes details of a North Gauteng High Court Judge’s dismissal of a court application to postpone the 9.4% electricity tariff increase, which the National Energy Regulator of South...
Electricity 2016: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2016 report provides an overview of South Africa’s electricity sector, focusing on State-owned power utility Eskom and independent power producers, electricity planning, transmission, distribution and the theft thereof, besides other issues.
Energy Roundup – March 2016 (PDF Report)
The March 2016 roundup covers activities across South Africa for February 2016 and includes details of the Department of Energy’s plans to announce the preferred bidders for the first tranche of the coal independent power producer procurement programme; the Council...
Steel 2016: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2016 Report examines South Africa’s steel industry over the past 12 months. The report provides insight into the global steel market and and particularly into South South Africa’s steel sector, including production and consumption, main...
Construction 2016: A review of South Africa's construction industry (PDF Report)
Creamer Media’s Construction 2016 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; key participants; local demand; geographic diversification; corporate activity; black economic...
 
 
 
 
 
This Week's Magazine
The two spent-fuel pools at Eskom’s 1 800 MW Koeberg nuclear power station, in the Western Cape, will be full by 2018, increasing the urgency on the State-owned utility to begin pursuing alternative storage options. Koeberg has, over the past 32 years, accumulated a...
South Africa lacks the skills necessary to implement the government’s plan to build 9.6 GWe of new nuclear energy capacity, warns nuclear-qualified Quality Strategies International CEO David Crawford. “Apart from the concern about the affordability of the programme,...
DOROS HADJIZENONOS The 700-series devices provide network security monitoring, app control, URL filtering, VPN security, antivirus, antispam, antibot, and advanced intrusion prevention and detection functionality
Cybersecurity multinational Check Point has released its latest 700-series cybersecurity systems for small businesses, which draw on its international threat intelligence to provide up-to-date cybersecurity, says Check Point South Africa country manager Doros...
Daimler Trucks and Buses Southern Africa (DTBSA) saw a marked slip in new-vehicle sales in 2015 compared with 2014, with sales dropping from 5 897 units to 5 300 units. The decline came as the South African new truck and bus market declined from 31 558 units in 2014...
Group of 20 (G-20) economies threatened to penalise havens that don’t share information on their banking clients after the leak of the Panama Papers provoked a global uproar over tax evasion. The G-20 will consider “defensive measures” against financial centers and...
 
 
 
 
 
 
 
 
 
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
Subscribe Now for $149 Close
Subscribe Now for $149