Oct 07, 2011
Bank launches Web-based vehicle finance solutionBack
Africa|Paper|System|WesBank|Africa|South Africa|Ecommerce Market|Finance Contracts|IContract Product|Internet Usage|Internet Users|Internet World|Online Consumers|Secure Web-based System|Vehicle Finance Contracts|Chris De Kock
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Wesbank says this will give customers the luxury of signing their finance contracts at home, at work or at the dealership.
“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.
“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.
“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.”
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