WesBank has developed a Web-based system for the signing of vehicle financing contracts online.
iContract is locally developed and lets potential vehicle owners sign their finance contracts online, at their leisure, and even in the dealership, says Chris De Kock, executive head of sales and marketing at WesBank.
SA has over 6.8 million Internet users, according to statistics by Internet World. Internet usage is growing rapidly, and research has shown an increased willingness by clients to interact financially online, at their leisure.
Easy access and user-friendly online services are what WesBank kept in mind when developing this system, says De Kock. iContract was purposefully designed by external consultants, in order to alleviate technical jargon, he says.
ITWeb Governance, Risk and Compliance conference 2012
ITWeb's Governance, Risk and Compliance conference takes place on 21 February 2012. For more information and to reserve your seat, click here.
“iContract guides the user through each section of the terms and conditions in a step-by-step and easy-to-read format. With the aid of 'tool tips', the client can hover the mouse pointer over certain legal terms, which are highlighted in a different colour, to open a textbox window that explains the terminology in plain English, if it is required,” De Kock says.
The service has been received well, he says, with nearly 1 000 customers signing up in three weeks. Customers have seen a decrease in the amount of time it takes to complete an application, with an average of 25 minutes saved, De Kock notes.
Clients can be assured that they are also completing a contract securely, he says, as the iContract service has the same level of security as online banking.
Additionally, the entire process is legally compliant, and there are continuous prompts guiding customers while completing the contract to acknowledge they understand the terms and conditions of each section, he says.
Cyril Zhungu, GM of WesBank's motor division, is a speaker at the ITWeb Governance, Risk and Compliance conference, taking place on 21 February, at The Forum, where he will provide attendees with an in-depth view of the iContract system. For more information, click here.
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