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This article delves into the necessity of integrating with 3rd party systems for finance companies within the manufacturing sector, focusing on RCI Financial Services and its brands Renault, Avtovaz, RCI FS (UK), and Samsung. It explores the challenges and benefits of this integration, emphasizing the importance of efficiency, profitability, and regulatory compliance. The text discusses the use of the EDISON system for improved functionality, equity profiling, CRM platforms, and the associated risks and rewards of 3rd party interfaces. It also touches on the impact of online sales and in-store experiences, hinting at the need for adaptation and embracing change in the industry.
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Integration with 3rd Party Systems: A Necessary Evil for a Manufacturer's Finance Company?
Renault Group Avtovaz (Lada) RCI FS (UK) Samsung Legal Structure 100% 100% RCI Banque 15% Dacia Nissan 99% 80% 25-50% 44%
Renault - Nissan 1 in 10 Vehicles Worldwide
Captive Finance Company? Affiliate?
RCI Growth • New Financings: • +37% 2011-2013 • £900M
RCI Vision The Partner of Choice: Simple Efficient Effective Profitable
RCI Vision The Partner of Choice: Simple Efficient Effective Profitable • Systems • Processes • Service levels
RCI Vision Vision
Service Levels Two Key Criteria: Speed of Turnaround Acceptance Rates
Service Levels Speed of Turnaround Proposals Payouts
Service Levels Acceptance Rates
EDISON EDISON - 3 main components: ID Scanner E-Signature Pad Self-billing Invoice
Point of Sale • Enhanced functionality: • Offer comparison • Post Code Look-up • Used Car Look-up • Bank A/C Check • Chassis Nr Check
Point of Sale • Communications Suite: • Real-time Info, at a glance 0
Equity Profiling • Monthly Alert of customers in positive equity • Bespoke Search facility • Export / Mail-merge • Phase 2: Parity Profiling
CRM Platform • 4 Months-to-go & • Settlement Requests • >10,000 customers contacted • > 50% had no Dealer contact
3rd Party Interface Risks • Loss of Functionality • Regulatory Compliance • Competition
3rd Party Interface Risks • Loss of Functionality • Regulatory Compliance • Competition 3 Options Refuse to Co-operate Reluctant Compliance Embrace 100%
3rd Party Interface Seem-less Instantaneous Accurate No Loss of Functionality Regulatory Compliance Key Criteria
3rd Party Interface Necessary Evil?
On-Line 3rd Party Interface • Sales + 7% • In-Store +1% • On-Line +23% • 1/3 of Turnover Stores Mobile • Customer Service • Embracing Change Home Delivery Collection
3rd Party Interface “If you do not change direction, you may end up where you are heading” Lao Tzu