At the end of October, the Speedpay team traveled to Las Vegas for the annual Auto Finance Summit. When we were not engaging with peers in the exhibit hall and playing our “Disc Drop” game at the booth, we were attending sessions and panel discussions in which the best and brightest across the industry tackled issues that are top of mind for all of us. Not surprisingly, the overarching theme of the show was the latest emerging technologies.
We learned a lot during the conference, but our three key takeaways are:
#1. Mobile Is Indispensable
An entire session at AFS 2018 was dedicated to what we all know to be true – mobile is indispensable. Mobile has changed the face of financing, giving auto lenders and consumers the ability to bill and make payments in real time. Thanks to this 24/7 access, lenders need to be able to keep up through real-time APIs. This new digital lending ecosystem will be top-of-mind moving into 2019 and beyond.
#2. Ridesharing Remains Relevant
The sharing economy is still a hot topic of discussion, especially with Tesla recently announcing its new ridesharing service. With multiple sessions dedicated to this topic, many of us were left to wonder how far away from full autonomy we really are. While we don’t have a concrete answer, one thing is for sure – navigating the transition to fully autonomous vehicles will dominate the industry-wide conversation for years to come.
#3. AI is (Still) Top-of-Mind
In a session presented by Toyota Financial Services, attendees were reminded of the importance of obtaining and retaining customer loyalty through positive customer engagement. The discussion focused on how the industry can target the next generation of consumers and use AI to improve the overall car-buying experience. AI can automate tasks, engage employees and customers through chat bots and intelligent agents and use algorithms to manage large quantities of data. Recently, AI has also emerged as another way for consumers to make payments.
After a successful second day of networking and discussion, Speedpay invited our peers to join us at the beautiful Eastside Lounge at the Wynn Las Vegas to continue the innovative conversations from the day.
For more information about how Speedpay can help your customers make their auto finance payments, visit our website.