Is Your Consumer Finance Technology Stack Up to Par?
The success of modern retail businesses is highly dependent on the technology they use. Retailers that use slow, inefficient technology are, in turn, quite often slow and inefficient. In an era when so many verticals are saturated with businesses all competing for the same customers, a technological gap that might have once been considered minor can be a serious difference maker.
In short, modern retailers are really only as good as the technology they use. That goes double in the area of consumer finance, where the convenience of the process really defines how it is perceived by both your customers and your employees.
Is Your Hardware Up to Snuff?
Ever been to a garage sale and seen some old computers for sale for an incredibly low price? (Or just being given away?) At some point, those computers were considered the cutting edge, and very well may have been breathlessly gushed about by technology writers in computing magazines (remember when people used to read those all the time?) But nearly all computers come to the end of their usefulness at some point, as the demands of software – driven both by consumer demand and the desire of the hardware manufacturers and software developers to go on selling things – increase and hardware is rendered inadequate.
Keep that picture of those outdated, blocky computers in your mind. Now think about the customer-facing computer hardware in place at your retail store. Is any of it the kind of stuff you might expect to see in a garage sale or priced super low in an online marketplace ad? Does it stand out like a sore thumb drive when compared to the sleeker tech used by your competitors? (If you aren’t sure, it might be time for a little competitive research!) Do your team members or customers ever seem frustrated with its slowness or make disparaging comments about its performance?
If the answer to any of those questions is ‘yes,’ then it’s probably time for an upgrade. The best software solutions in the world can’t save you from clunky, outdated hardware that simply can’t keep up. Trying to streamline and improve your retail technology stack without addressing the foundational hardware that provides customer and employee access into that stack is a losing proposition.
As a first step in upgrading your retail technology, make sure that your computers, tablets, and other devices used both by your customers and your employees are ready for prime time. Otherwise, you will likely continue to struggle with hardware-driven issues as you pursue a higher tech standard going forward.
Examining Your Software
When it comes to the software side of things, it’s important to make sure that the software you use makes things easier for your customers and your retail team, rather than building on layers of complexity. Consumer finance is all about speed and convenience. You want to connect your customers with the financing they need without a whole lot of red tape or hassle.
Check out your current software and examine it in the context of your finance application process. If your current application process involves a lot of duplicate data entry – resulting in wasted time and frustration on the part of both your employees and your customers – then it is probably well past time to make a change.
Ultimately, you want software that does more than just work; you need a comprehensive solution for streamlining the consumer finance process. There are several offerings on the market that claim to make consumer financing easier. So how do you choose the one that’s right for your business?
The FormPiper Solution
When it comes to streamlining your consumer finance process, FormPiper is absolutely the way to go. FormPiper empowers retailers to remove the hassle and stress from finance applications by eliminating duplicate data entry – your team members will only need to press a single button to fill multiple forms at once, saving both you and your customers a lot of time.
With managed and self-managed services available, FormPiper also delivers when it comes to flexibility. You’ll be able to choose the solution that’s right for your needs, rather than accepting a one-size-fits-all package. Additionally, FormPiper provides convenient reporting and keeps customer data safe and secure through User Verification and PCI, HIPAA and CCPA compliance.
There is no better way to quickly upgrade your consumer finance technology stack than with the addition of FormPiper. Schedule a demo today and see what FormPiper can bring to the table for your business.