The demands by consumers are not only changing these days but they are also becoming more demanding in the way they expect to be treated. This was the message from Ghana Msibi, the Executive Head of the Motor Division of WesBank, the country's leading vehicle and asset finance house.
Msibi was addressing the large number of delegates attracted to the annual NAAMSA Automotive Conference, in association with the Innovation Group and AutoTrader, held at the Kyalami Conference Centre, Midrand, on August 22. The conference was co-located with the Festival of Motoring, presented by WesBank, at the Kyalami Grand Prix circuit.
He said that despite many changes in the way companies did business some consumers still think they are lagging behind in meeting their needs.
"I believe the key words we must consider today are personalisation, simplification, consistency, relevance - customised around the right product at the right time and right price - and choice, in the realm of being available anywhere and at any time." Msibi explained. "A seismic shift in attitude is needed. We must move beyond convenience to provide real value, being very aware of the type and level of service they enjoy from companies such as Amazon, Airbnb, Uber and Google."
The WesBank senior executive said that the theme of this year's NAAMSA Conference, Re-imagining The Future Together," was very apt as what is needed is a true partnership between manufacturers or importers, dealers and the banks. "We are all totally inter-dependent,' he added.
Msibi said banks had made big improvements in meeting the demands of consumers in recent times, such as speeding up the approval of loans from days and hours to literally minutes.
In fact, WesBank launched its new digital journey at this year's Festival of Motoring, event, which was co-located with the NAAMSA Automotive Conference.
WesBank is using the theme 'Fastest Finance Ever' for its latest offering. One of the components of this journey is a digital application that provides consumers with a quick and seamless method of applying for vehicle finance. It comprises only five required data fields and provides an immediate outcome with further financial guidance on their application.
"As the country's leading vehicle and asset finance provider we are excited to introduce our new digital journey at the Festival of Motoring, as well as announcing our renewed three-year agreement of the largest and most prestigious motoring event of its kind in South Africa", said Ghana Msibi.
"Our new online application will revolutionise how consumers apply for vehicle finance, as well as how dealers interact with customers during the car buying journey. This is by far the fastest finance offered by WesBank, allowing for quality leads for our valued dealers and an increase in business prospects for our OEMs.
"The next step is to be proactive when the time comes that loans are settled, by being ready with suggestions as to what level of finance will be available when buying the next car and even what type of car might be most suitable. We must be ahead of the game," concluded Msibi.