Ford Credit has largely performed very well in recent auto lending studies, ranking first in J.D. Power’s 2023 U.S. End of Lease Satisfaction Study, sixth in the 2023 U.S. Dealer Financing Study, and second in the 2023 U.S. Consumer Financing Satisfaction Study. Now, as Ford Credit continues to evolve the way it does business and markets itself to customers, J.D. Power’s 2023 U.S. Automotive Finance Digital Experience Study uncovered some interesting data about it and other auto lending websites.
While other, similar websites are handling the current climate of shrinking margins and profitability by delivering outstanding customer service, auto lenders aren’t quite following suit, this new study found. Rather, the study – which examines customer satisfaction with auto finance websites and apps used to manage auto loans and leases – found that that a mere 22 percent of customers are highly satisfied with the digital experience provided by their lender, while the average customer satisfaction score for auto finance websites is 643 out of 1,000 possible points, and the average score for mobile apps is 659, compared to an average overall satisfaction score of 656 for retirement plan websites and 728 for retirement plan apps; 719 for property and casualty (P&C) insurance websites and 716 for P&C insurance mobile apps; and 704 for wealth management websites and 738 for wealth management apps.
J.D. Power’s U.S. Automotive Finance Digital Experience Study evaluates customer satisfaction with auto finance websites and apps used to manage their accounts based on four criteria – information/content; navigation; visual appeal; and speed. This year’s study is based on the responses of 3,876 automotive finance customers who used their lender’s desktop website or mobile app.
“Strong digital engagement sustains self-service engagement, which is exactly what auto lenders need to do to increase profitability by reducing the cost to serve and retain customers in this challenging economic environment,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “Among customers who give their lenders top ratings for digital enablement, 95 percent say they ‘definitely will’ return to the lender’s website or app to manage their account. That percentage falls to just 60 percent when customers give their lenders low marks for digital enablement.”