The Featured Premier Business Partner for August is Lightico. We asked them a few questions about their goals for 2022 and the benefits of being an AFSA Business Partner. Learn more about Lightico.com.
What are some key initiatives for your clients in 2022 that you are planning to support?
Rising inflation and high oil prices are causing Americans to think twice before making major purchases. To maximize the chances of closing deals that are in the pipeline, auto lenders must differentiate themselves. The customer journey needs to eliminate all breakpoints in the customer journey. Complicated processes, ambiguity, slow time to funding, and requiring customers to bounce between channels are all reasons for deals to get lost.
That’s where Lightico comes in. Especially in 2022, we are laser focused on helping our clients fund deals faster. We ran a survey revealing that 89% of end-customers would be more likely to buy a car if they could complete the process entirely online. That’s why we offer easy-to-implement digital solutions that allow auto lenders to remove friction and physical paperwork from the buying experience. With Lightico, vehicle finance journeys begin and conclude online, with no bouncing of customers to email, clumsy IVRs, or brick-and-mortar locations. With this we hope to support a seamless experience that results in same-day funding for as many borrowers as possible.
At the same time, our clients have made us very aware of the increase in fraud incidents and know your client has become more important than ever. Fraudsters have also become more sophisticated and are applying ideas gleaned from Paycheck Protection Program loan and stimulus check scams to auto financing. Our automatic ID verification solution, tamper-proof eSignatures, document verification, one time password requirements and much more are all designed to combat fraud while keeping the customer journey frictionless and ensuring high rates of completion.
What’s the best part about being an AFSA Business Partner?
AFSA is the leading trade association representing the consumer credit and auto finance industry. AFSA members shape the industry’s direction and positions on a broad range of public policy issues that affect the consumer credit industry. No other association in America has more influence on consumer finance issues.
Lightico’s partnership with AFSA allows us to connect our technology offering with prospective clients’ needs, providing solutions for breakpoints that may come up on the consumer-facing part of their operations. Through AFSA’s meetings, webinars, and conferences, Lightico can connect and collaborate with auto finance peers, educate the industry on new innovations and gain a deeper understanding of industry changes, so that we can stay up to date with the dynamic business and compliance requirements of our clients.
What’s one thing about life and/or business that you have learned from your clients?
We’ve learned how to really listen to our clients’ needs, and to be curious about what’s important to the person with whom we’re connecting. Sometimes we make assumptions about what clients care about, when really something else is top of mind. Because our platform covers nearly all aspects of the customer journey, we can choose what topics to prioritize when coaching clients. Customer priorities are also reflected in how we design our product roadmap.
In addition, clients appreciate it when we share our knowledge. They know it’s a result of hundreds or thousands of conversations with similar companies. So, finding the right balance between listening and teaching is key.
What might people be surprised to know about your company?
Lightico is a multi-million-dollar company that started off as an MBA project. The company’s founders Zviki Ben Ishay and Omri Braun worked on a solution together at university after identifying a genuine need. From the beginning, they knew it was going to turn into a real business. Now, Lightico’s Digital Completion Cloud is used to collect thousands of stips every month and drastically reduce time to funding.
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