WesBank's project, an online contracting product called iContract, enables people to contract for their vehicle finance electronically and is hoped to replace the current paper-based instalment sale contracts.
Cyril Zhungu, GM of WesBank's motor division, provided a demonstration of the product at this week's ITWeb Governance, Risk and Compliance event, held at The Forum, in Bryanston.
Zhungu explained that iContract substitutes the traditional paper-based instalment contract, but doesn't change the rules of engagement for vehicle finance. The product was released in August last year. He said iContract is part of WesBank's retail digitisation strategy and supports the bank's go-green initiatives.
“iContract provides improved bank and motor industry efficiencies, enhanced finance and insurance manager experience, enhanced customer experience, and improved customer service,” said Zhungu.
He said everything from applying for finance to completing debit authorisation forms can be done online.
“Governance and compliance stipulates that our customers have to sign a contract, and this can sometimes be in excess of 20 pages. iContract reduces the time a customer takes to sign a contract from three-quarters-of-an-hour to just 10 minutes.”
Zhungu added that WesBank, on a monthly basis, completes 18 000 contracts for financing of motor vehicles. “This includes between 18 and 20 pages per customer. If we translate that to the number of pieces of paper, we are processing in excess of 400 000 [pieces of] paper in a month. We hope to reduce this figure by 95% using the new system and expect to achieve this objective in the next 12 to 18 months.”
He said WesBank has also noticed an improvement in its data quality. According to Zhungu, there has been a dramatic reduction in errors - from 70% in July 2011, to 7.6% in January 2012. In addition, the average dealer payout time has been reduced from 240 minutes in November 2011, to less than 10 minutes recorded in December 2011.
Share
