Regulation can often be a driver of innovation and the Financial Conduct Authority rules are creating an environment where new thinking and applications are coming to the fore, James Tew, CEO of iVendi will tell delegates at AM’s Digital Dealer Conference.

The popular event takes place on 15 September at Silverstone and explores the wide-ranging world of digital from the viewpoints of content; data and analytics; and the customer experience both on and off-line.

Tew will lead one of the conference’s masterclass sessions where dealers are given the opportunity to delve deeper into specific subject areas in the digital arena. The masterclass will highlight the growing importance of the role of finance online, how consumers are embracing finance online and how technology can help dealers meet FCA compliance requirements.

Tew commented: “In the same way that consumers are making the majority of their purchase decision online, they are also exploring finance options and our statistics show, many are pre-qualifying themselves before they walk into a dealership, if dealers are not providing such facilities on their websites, chances are the car-buyer will have sourced their funding elsewhere.

“When you think how guarded people are about their finances, it’s obvious we are more comfortable sharing our personal financial information anonymously online rather than telling a twenty something salesman in the showroom which is effectively a fairly open environment.

“But it’s not just the consumer who is driving the need for more sophisticated finance technology, the FCA requires dealers to ‘treat customers fairly’ and ensure they have a full understanding of the products they are buying including making comparisons and without feeling pressured. Enabling car-buyers to explore a variety of financial options in the comfort of their own home, compare the merits of each, check whether they would be accepted for finance and even receive an instant decision means customers are making their own decisions without any external influences.

“Arguably, the arrival of the FCA is driving more innovation as the industry seeks to develop solutions for the challenges the new regulations have created.”

Currently, the majority of franchised dealers which form iVendi’s client base have applied and been awarded full authorisation, but Tew sees the day when some and potentially more so in the independent sector, will come to the conclusion that adhering to the strict FCA regulations will simply become ‘too much’. However, finance and car-buying are inextricably linked making opting out completely practically impossible for most operators. By utilising technology those dealers can reduce the regulatory burden yet still provide finance, although some form of FCA authorisation is still required. One solution could be to provide consumers with the means to explore options and make a product decision online but in the showroom itself.

As well as exploring the FCA landscape and how technology can overcome some of the challenges, Tew will also share data collated by iVendi which illustrates consumer expectations and how they are ‘shopping’ online for finance.

Tickets are only available to dealers and vehicle manufacturers. To book, please contact Emma-Louise Kinnaird on 01733 395133, email emma-louise.kinnaird@bauermedia.co.uk or visit www.amdigitaldealer.co.uk

Suppliers wishing to exhibit please email sheryl.graham@bauermedia.co.uk or call 01733 366467.