Santander Consumer Finance has introduced a new Propensity Modelling tool which it claims will help dealers improve their finance renewal rates.
The system is said to predict customer likelihood of renewing their finance agreement by harnessing the power of the finance provider’s customer database.
Andy Green, director of marketing and innovation at Santander Consumer Finance, said: “Our unique approach in this area will help to deliver mutual sales growth.
“Propensity Modelling identifies which customers have the greatest probability of renewing, enabling dealers to focus their efforts where there is the greatest chance of making a sale.”
Santander’s new system is part of its free Customers for Life programme and should enable dealers to identify customers who are more likely to renew.
According to a stamen issued by Santander the platform the new platform is already delivering increases in renewal rates of up to three times the industry standard.