It might sound absurd, but your car probably knows you better than your friends do. Like an airplane’s black box, it knows your reaction times as well as how fast and how aggressively you tend to drive. And thanks to smart navigation systems – whether Apple
CarPlay or Google’s Android Auto – it knows more than ever; from the routes you prefer to those you avoid, the time you usually arrive into work and days you’re most frequently late.
Whilst this may seem a little daunting, the data stored in your car’s dashboard holds enormous potential for businesses and consumers alike, from improving automation and personalisation to reducing costs. One of the areas this data has potential to revolutionise
is the vehicle finance sector.
Current financing packages are rather inflexible; when drivers buy a car they pay for the vehicle no matter how often it is used, how many people share it, or how far it is driven. With better collaboration between vehicle finance software providers and
technology companies, however, that ownership model can, and will, change.
Picture a world where our financing packages are personalised and tailored to us, enabling us to get the most out of our car and our finances. One example is car-pooling: the younger generation might not be able to afford a car each, but perhaps a car per
household is a more achievable goal. But what if you use it less than your housemates – is it fair to pay the same amount as them towards the lease? In an ideal world, we will see car users log in to their cars from their dashboard using biometric authentication
before each journey, which will then calculate the amount due by each person at the end of the month.
Technology can drastically reduce the rigidness currently imposed by both insurance and auto finance software providers, increasing ease and speed whilst reducing costs for the consumer. Despite the benefits, however, there’s a lot of work to be done – both
on the technology, and the collaboration side of things. Vehicle services providers need to work together with technology companies to share data and discuss how this can be used to positively impact their lives.