Digitisation is much more than merely improving organisation’s operational efficiency or cost-saving. It is also about fulfilling the needs as well as aspirations of the end consumers, and this stands true especially for the automotive industry. When people buy their brand new cars or scooters, it is beyond making a purchase. For some, it is a lifetime event that adds to their self-esteem.
The onus is on the stakeholders of the industry to redefine the customer experience that has been offered since decades. It is somewhat an expectation vs reality analogy but sadly what happens is that customers are burdened with a stack of paperwork and formalities while they should be cherishing a remarkable feat. All the more, this is now a very risky proposition given the fear of the pandemic.
Now visualise a situation where the car buyers perform all the required tasks and paperwork from the comfort of your home using mobile or laptop. Smart Document and Signature solution providers can make this a reality if headway is made at the dealership level.
To start with, let’s talk about the loan process, which can be skipped by paying entirely in cash. But if that’s not the case, this is a rigorous process in itself. On most occasions, the dealers have tie-ups with different banks for loan disbursements and the paperwork is also routed through their in-house executives.
This process requires you to put multiple signatures on various documents, which could be accessed by the banks. Digital signature solutions like Aadhaar Signature can remove all the bottlenecks here, be it identity verification or signature procurement. With the process, you can sign different documents digitally with the help of Aadhaar card and registered mobile.
The paperless technology can further allow a customer to go through the entire RTO-related documents and complete the formalities before stepping into the showroom. They can simply update their KYC remotely and once it’s approved, they can fill as well as sign all documents digitally. This also stands true in the case of insurance documents.
As for the correspondence between buyers and dealers, even that can be taken care of digitally by leveraging solutions like Hybrid Signatures and Web Forms. For instance, the dealers have varied internal documentation, requiring a number of signatures before sending out the final document with the buyer.
By implementing a Hybrid Signature solution, different departments at the dealership can sign the documents internally using Digital Signatures, following which the document can be shared digitally with the buyer, who would have the option to sign the same document using Electronic Signature. The Web Forms can also be very effective in further streamlining the whole process for customers. They would need to furnish and fill all the information at one dedicated place without the hassles of spending hours at the dealership.
In the most recent development, Manchester-based car marketplace Auto Trader Group declared a complete shift to online car buying resulting in its shares soaring by more than 6%. The move has certainly been triggered by the gruesome impact of the pandemic, as there have been significant changes in the buying behaviour of the current generation of car buyers. There is not an iota of doubt that document digitisation would improve, in fact, overhaul the buying experience for customers in the automotive sector.
Author: Samarth Bhardwaj, Digital Marketing Head, MSB Docs
Disclaimer: The views and opinions expressed in this article are solely those of the original author. These views and opinions do not represent those of The Indian Express Group or its employees.
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