Auto lenders haven’t kept up with the technical times, according to a study on their digital “storefronts” that shows the sector is behind other industries.

The business aspect is meaningful because it has a significant effect on customer satisfaction.

The recent J.D. Power poll of more than 6,000 consumers found that a meager 2% of the lenders’ websites and mobile applications provide “comprehensive digital experiences.”

“Lenders have a huge opportunity to build customer loyalty and advocacy by fostering streamlined, two-way communication, but far too many are treating their digital properties as a transactional portal that only exists for bill pay,” said J.D. Power Senior Director of Automotive Finance Intelligence Patrick Roosenberg. 

“These digital properties should be seen as two-way portals to communicate with customers on a month-to-month basis, while improving customer satisfaction and reducing cost to serve.”

The research revealed that 40% of auto finance digital portals fail to meet even borrowers' basic design, operation and navigation standards. And just 2% qualify as valuable experiences, including the ability to choose payment amount, verify payoff totals, and check account balances.

That contrasts with 83% of insurance sector digital offerings and 73% of wealth-management ones, J.D. Power said.

Captive auto lenders that do get digital right include top-ranked GM Financial, which scored 710 in the study, followed by BMW Financial Services at 706, and Lexus Financial Services at 697.

Top-ranked noncaptive lenders are Chase Auto at 715, Wells Fargo Auto at 698, and Capital One Auto Finance at 695.

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