Finance technology company iVendi has updated its recently-unveiled online motor finance decisioning tool to make sure it meets new Financial Conduct Authority (FCA) requirements.
Chief executive James Tew explained that the processes were being introduced by one of the leading motor finance lenders, that both they and iVendi were convinced that they were fully FCA compliant.
He said: “If online motor finance decisioning is to become the minor revolution in vehicle sales that we believe it can become, then ensuring that the customer’s needs are met in an FCA sense is crucial.
“We believe that the processes we have introduced meet this brief, providing customers with in-depth, easy to access information about a range of different products, obtaining additional information about the customer’s requirements as well as allowing them to look at as many different combinations of deposits, terms and payment as they like.”
Tew said there is a strong argument that this kind of online environment provides customers with “more control over the motor finance process than they have ever previously enjoyed”.
He added that the decisioning processes also delivered a large amount of auditable information for the motor finance provider and dealers.
Few said: “The processes record the customer’s behaviour online, so you can track exactly how individuals and users overall are making use of your finance tools.”