Automation is an important topic for retail businesses these days, and there is plenty to discussion in relation to it. While it may be a controversial topic as relates to certain retail functions, such as customer interactions, most business owners would agree that automation is nothing but a positive when it comes to simplifying tedious tasks such as data entry.
In the area of consumer financing, there has been a lot of advancement over the years. Paper applications have largely been replaced by web portals, and forward-thinking retailers offer their customers the ability to apply for financing from their own device or from a tablet or kiosk inside the retail location.
It is in this particular area, the consumer financing process, where some of the benefits of automation are most readily visible. Automation simply makes things easier for consumers and businesses alike when it comes to customer financing. To further demonstrate this point, here are a few reasons why automation is the future of consumer finance.
#1 - Automation Means More Revenue for Retailers
A cumbersome, time-consuming financing process is going to lose you some customers over time, there's no way around it. If a customer feels dejected when they fail to secure an approval quickly, or has to wait around while your staff inputs duplicate data for multiple lenders, they are going to walk away a certain percentage of the time. It's hard to say what exactly that number will be, but in retail, any lost sale is a big deal, and those losses will add up over time. Automating your finance process will help you secure more sales and put more revenue in your pocket.
#2 - Automation Means Better Customer Service
Your retail business is at its best when you are delivering great customer service and making sales. By stripping away the more arduous parts of the consumer finance process through automation, you'll free up your team members to deliver the premier customer service that sets you apart from the competition. Far from making customer interactions impersonal, automating and streamlining your financing process will enable your team to deliver more attentive, personalized customer care.
#3 - Automation Frees Up Your Time
Imagine all the tasks you and your staff could get done with a faster, more streamlined consumer finance process. Whether it's planning a great new promotion, updating branded materials, or putting together training to help make your team's performance even better, an automated financing process doesn't just put money back in your wallet, it also puts time back on the clock. And that's time that you'll know just how to spend.
FormPiper Is Leading the Way
It's clear that automation is the way forward when it comes to consumer financing. FormPiper is right on the cutting edge when it comes to streamlining and simplifying the financing application process, and offer a range of great benefits that smooth over customer pain points through intelligent automation. Take advantage of all that FormPiper has to offer and start building a better future for your consumer finance program today.
