Automotive industry accelerates its financing with secure digital transactions

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Financing your car is possible from home in just 10 minutes

The automotive industry, like other economic sectors, has been affected by the restrictions of Covid 19. However, thanks to secure digital transactions, automotive financiers have been able to bring improvements to the consumer during the contracting process that are here to stay. 

The digital age in which we live is allowing companies that manage to stay in business to do so thanks to the implementation of new technological advances such as teleworking or video calls. The automotive world is no stranger to this reality and, for this reason, automotive financial institutions are committed to secure digital transactions as a mechanism to continue selling vehicles. 

Thanks to digital financing, the user will no longer have to make appointments, travel, human validation errors during the contracting process or the endless signing of contracts page by page. In short, a process that can take more than two hours or days, and even lead to heavy fines if fraudulent acts are committed. 

In just 15 minutes, secure, fast and fully online digital transactions allow customers to have their car finance sorted out. The steps to follow are simple, intuitive and efficient: 

1. It starts with the loan application, which can be made any day, anytime, anywhere. The customer decides the best time to do it and only needs a computer or a smartphone. Travel and waiting in queues at the dealership are a thing of the past.
2. Once the appointment has been requested, the user’s documents are verified by simply taking a photograph of them. In addition, some entities will have OCR (“Optical Character Recontition“) technology that facilitates and automates the uploading of documents into the company’s information systems in a matter of milliseconds, KYC (“Know Your Customer”) tools or document verification technology, which will verify that it is a non-fraudulent identity.
3. The next step is to verify the identity of the customer by checking that the person applying for financing matches the identity documents presented. This verification is carried out through assisted video identification processes, by recording the user to verify that it is indeed them; or through unassisted video identification, by making a video of the necessary documents themselves, with proof of life and other technology that will ensure that it is not a recording or a deep fake.

Finally, once the documents and the user have been verified as valid, it is time to sign the digital contract. The system generates it and, in less than three minutes, it will be signed by both the customer and the finance company. The customer will have completed the entire process and will have their car financed in just 10 minutes.