New mobility trends force finance firms to shift focus to drivers
The rise of MaaS is forcing financial services firms to focus on the needs and expectations of drivers. Companies that can win driver loyalty by demonstrating their support, especially at critical moments such as breakdowns and accidents, will increase client retention and push up revenue.
The rise of mobility as a service (MaaS) is forcing financial services firms to shift their focus from vehicles to the people who drive them. They’re using increasingly abundant vehicle data to embed their services in the digital ecosystems drivers rely on while traveling. By improving the customer experience, they aim to strengthen client loyalty and grow revenue.
But it’s a move financial service providers can’t make on their own. To embed their offerings across MaaS ecosystems, they need to collaborate with vehicle manufacturers, dealers, rental companies, and other financial services firms. Alliances with vehicle manufacturers are especially important. Those companies control much of the data generated by their vehicles.
“Customers are moving more and more to MaaS platforms. They want embedded journeys and require services that are more intuitive, flexible, and digital,” says Anna Rycombel, Head of Global Sales Automotive at Allianz Partners. [8:47]
Cooperation across MaaS ecosystems will likely involve partners working together on a range of products and approaches, in parallel, to meet different customer needs, adds Rycombel.
She was speaking at an online event hosted by the Qorus Insurance Community and Allianz Partners. Also at the event were Sébastien Patard, GM and CFO at Hyundai Capital France and Lucia Čišková, MD at Business Lease Slovakia. They highlighted the opportunities and challenges service providers are facing with the rise of MaaS.
Key takeaways
Drivers come first: MaaS is pushing financial services firms to design products around the needs and expectations of drivers rather than vehicles.
Data opens opportunities: Increasingly abundant data allows service providers to embed products inside the apps and platforms drivers use.
Partnerships must align: Getting in sync with MaaS partners is one of the biggest challenges facing service providers.
Personalization requires big investment: Highly personalized offerings require major investment in data infrastructure.
Incidents build loyalty: Breakdowns and accidents are the customer experience moments that most shape client loyalty and retention.
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