iVendi repackages online tools to focus on Consumer Duty

Posted by: John Kirwan in Finance Hub, Latest News Wednesday, 7 June 2023 0

iVendi has repackaged its online tools to address the challenges presented by the new Consumer Duty rules.

Its Consumer Duty Lite, Classic and Ultimate packages gather together new and existing online tools to help dealers with the new rules.

Consumer Duty Lite includes a finance calculator, online finance eligibility checking, multi-lender quoting and submission, FCA and commission disclosure status, lender-specific product information, lender product videos, product suitability assessments, support services signposting for vulnerable customers, customer credit rating, stock engine, customer self-serve, online finance applications, application interceptions and comprehensive management information.

Classic adds iVendi's Digital Deal, which enables dealers to quickly create a tailored finance proposition for each customer, while Ultimate features showroom finance eligibility checking and online vehicle reservations.

Darren Sinclair, CCO, said: "Our view of Consumer Duty is that it is not just a question of meeting compliance but represents a genuine growth opportunity for dealers. If you are now working harder and more effectively to place customer needs first, as the FCA specifies, that should also result in better outcomes for your business.

"The new products reflect this. They provide what we believe are market-leading digital vehicle buying journeys that make car, van and motorcycle purchasing slick and easy for consumers while at the same time putting customers first when it comes to ensuring they are matched with motor finance solutions that meet their needs.

"All of this is recorded as management information that can be used both as proof that the dealer and lender are acting appropriately but also to drive the process of continuous improvement that is very much at the heart of Consumer Duty.

"The technology we are offering gives dealers not just a bolt-on means of compliance but a new approach to the digitalisation of their businesses that will help to drive vehicles sales and finance penetration, and which has the FCA's requirements built into every step of the customer journey."