The digital customer experience provided by auto lenders is significantly lagging behind other industries, leaving room for improvement, according to the 2024 J.D. Power U.S. Automotive Finance Digital Experience Study.
Despite some lenders excelling, 40% of automotive finance websites and apps fail to meet even basic standards for design, functionality and ease of use.
The study highlights that while 60% of auto finance digital platforms provide a foundational user experience, only 27% excel in navigation and findability of information, and a mere 2% deliver a fully valuable user experience. This includes offering features like account balance verification, payoff calculations and flexible payment options.
“Lenders have a huge opportunity to build customer loyalty and advocacy by fostering streamlined, two-way communication,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “Far too many are treating their digital properties as a transactional portal that only exists for bill pay.”
Key Comparisons
Auto finance digital platforms fall behind other industries such as wealth management (73%), retirement plans (79%) and insurance (83%) in delivering strong foundational experiences. Non-captive lender apps, built on robust mobile banking frameworks, outperformed captive lender apps in customer satisfaction.
In rankings, GM Financial led captive lenders with a score of 710, followed by BMW Financial Services (706) and Lexus Financial Services (697). Among non-captive lenders, Chase Auto ranked highest at 715, with Wells Fargo Auto (698) and Capital One Auto Finance (695) close behind.
The J.D. Power study, now in its second year, evaluates customer satisfaction with auto finance websites and apps based on visual appeal, content quality, navigation and speed. Findings are based on responses from 6,090 automotive finance customers gathered in August and September 2024.
