iVendi revamps processes to focus on Consumer Duty

iVendi has revamped the processes used in its technology platform to take account of the new Consumer Duty rules.

Its “Connected Retailing” platform – used by dealers to sell motor finance both online and in the showroom now meets FCA aims of ensuring customers are provided with products that meet their needs and offer fair value.

A Consumer Duty process now covers the points from initial motor finance quote results through to the final application submission, with new pages added including lender product content, lender product understanding questions, lender privacy policies and finance product understanding questions.

Rob Severs, senior vice president products and insight, said: “In May, we revealed details of the new five step approach – lender-specific data, lender product videos, suitability assessments, signposting and interceptions – through which we would enable Consumer Duty compliance for dealers.

The new journey we’re launching now, introduced across our product range, is very much that theory made practice.

“These enhancements are designed to provide dealers with the very best means and opportunity of explaining motor finance products and services to customers. They illustrate the price and value of what is being offered, ensure the car buyer has a good understanding and show how they will be supported by the lender.

“Our process ensures lenders are introducing products correctly and consistently, while managing the task of digitising and automating lender introducer packs within the motor finance journey. Especially, it aims to help protect vulnerable customers through emphasising lender support and signposting additional resources.

“Getting all of these elements right is essential to satisfying the FCA’s requirements – you could call them ‘Consumer Duty 101’ – and these changes should make compliance as straightforward as possible for our more than 8,000 platform users.”

The enhancements to the Connected Retailing platform are the latest step in the company’s strategy designed to help dealers meet the new compliance demands.

Last month, three new Consumer Duty product bundles were introduced that also include the new customer motor finance journey.

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, enabling dealers to quickly create a finance proposition for each customer, while Ultimate features showroom finance eligibility checking and online vehicle reservations.

Rob said: “With Consumer Duty now in effect following the end of July deadline, there is considerable interest in these new products from dealers who recognise that digitalising the motor finance journey is really the only viable route through which to deliver the processes and management information that make compliance practical.”