AADA Convention & Expo
14th – 15th June, 2023
Case Study Panel: Achieving Growth Through an Omni Channel Buying and Financing Experience
We live in the age of increasing digitisation and personalisation. Consumers are moving from physical to online shopping experiences. Data collected by RFI Global found 44% of dealership customers thought about their financing options before commencing the purchasing process.
Join Anna Perera-Shaw from RFI Global, James Nipperess from Sime Darby Motors, Evange Epa from Angle Auto Finance and Toby Simmons, a leading market strategist, as they discuss the changing automotive buying and financing landscape and how Dealers can achieve growth through an omni channel finance experience.
Anna Perera-Shaw is Director – Consumer Credit, Deposits & Payments for global data-driven strategic insights provider, RFI Global. Anna joined RFI in 2016, working in the research team and conducting quantitative and qualitative analysis to answer key business issues for clients. As Director – CCDP, Anna presents RFI research to clients across a range of topics including consumer lending, auto finance, mortgages, youth banking and travel cards. Through these presentations Anna provides actionable insights to clients to highlight drivers of customer satisfaction, advocacy and loyalty, and provides tailored recommendations to assist clients with addressing customer pain points.
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Panel Announcement
Go Auto News quotes RFI Global, and announces the panel participants for this years AADA Convention and Expo. The panel, titled "Achieving growth through an omni-channel buying and financing experience" is part of the important first general session on the opening morning of the convention. Read the full release here.
Our Solutions
Australian Auto Finance Study
- Fieldwork for the Australian Auto Finance Program (AAFP) is conducted on a yearly basis and started in 2017, when new car sales were at their peak.
- The survey was created following client interest in a yearly research program that explored the car buying and car financing landscape, as well as new topics of interest such as the impact of the pandemic, growing interest in electric vehicles and appeal for online car buying and financing.
- The survey is completed by just under 1,000 current car loan holders who have purchased a car using finance in the last 2 years, and over 400 prospective car loan holders who are intending to buy a car using finance in the next 12 months. We speak to customers who are planning to or applied for their loan directly with a bank or lender, dealership, broker or their employer.
Australian Consumer Lending Council
New Zealand Personal Loans Council
RFI Global’s Australian Consumer Lending Solution offers customised data and market intelligence to gain valuable insights into the preferences, experiences, satisfaction levels, advocacy, switching tendencies, and motivating factors of individuals with personal loans.
RFI Global’s New Zealand Personal Loans Council provides customised data and market intelligence to gain a deeper understanding of the preferences and experiences of individuals with personal loans. This council also helps assess their satisfaction levels, advocacy, likelihood of switching, and the factors that influence their decision-making.
In the Press
Media Coverage on Australian Renters
Media round up on RFI Global's Press Release on Australian renters are struggling - but going under the radar due to focus on mortgage borrowers.
Australian Renters are struggling
Read RFI Global's latest Press Release on how Australian Renters are Struggling.
Media Coverage on Australian Mortgage Stress
Media round up on RFI Global's Press Release on Mortgages in Australia.
Mortgages in Australia
Read RFI Global's recent Press Release on how Mortgage stress in Australia remains as a hot topic as rates rise.
RFI Global’s Kate Wilson explains that consumer confidence in Australia has dropped significantly, hitting its lowest point since the pandemic. The research reveals a decline in financially secure customers as the cost of living rate rises erode savings buffers built during the pandemic. Australians from all demographics, including high-income earners, have been affected by the decline in confidence due to increases in mortgage rates. Although one-third believe things will improve over the next 12 months, the majority do not, prompting shifts in consumer behavior towards greater reliance on credit. Wilson stresses the importance of banks supporting their customers and providing reassurance during this time of declining confidence and eroding financial security.
Watch the full video here.
Alex Boorman from RFI Global sheds light on the challenges renters face in today’s housing market. Their research indicates that due to high rent prices, renters struggle to save for a deposit and enter the property market. Over the last year, capital city rents have increased by approximately 10%, and renters have only managed to raise their savings by roughly $5,000, compared to the $20,000 of mortgage holders.
Alex sees these challenges as an opportunity for lenders to address the needs of renters who will eventually become homeowners. By providing low deposit products and educating potential first-time buyers on the home buying process, lenders can forge long-lasting relationships with this significant customer segment.
Additionally, Alex proposes that collaboration between the government and lenders could alleviate some difficulties experienced by renters. As the forthcoming budget may have provisions focused on lower-income groups, this collaborative effort could be crucial in assisting renters in entering the housing market.
Watch the full video here.
RFI Global’s Kate Wilson sat down with Auzbiz TV to address concerns about mortgage stress among households, as interest rates continue to rise. RFI Global’s research reveals that 31% of consumers are worried about making their mortgage payments in the next 12 months, which is a 9% increase since December. This is due to escalating rates, living costs, and uncertainty about future rate hikes.
Kate highlights that borrowers whose fixed-rate term ends in the coming year are particularly at risk, with 43% experiencing mortgage stress as the fixed rate reset approaches. Despite savings accumulated during the pandemic, one in five mortgage clients have less than three months’ worth of repayments in savings.
Kate predicts a competitive banking environment in the latter half of the year, as one in three fixed-rate customers plan to refinance. She suggests that lenders should consider strategies to assist customers in this situation, as the full impact of rate hikes on household budgets is not yet known. With many customers considering switching lenders for better deals, it is essential for banks to engage proactively in conversations and provide competitive alternatives to reduce the risk of losing customers.
Watch the full video here.