Breakthrough Claimed in Remote, Electronic Signature on Auto Finance Contract
India is a price-sensitive market, especially when it comes to automobiles. The average buyer is often not interested in knowing why two or more automobiles in the same segment, targeted towards the same audience, are priced differently. They often tend to choose one make over the other because of a difference of a few thousand rupees. This buying behavior has driven the auto industry in India to be highly competitive. Every modern auto manufacturer in India has the same goal – providing a neat product at the cheapest price.
However, it’s not just limited to “product” nowadays. Businesses worldwide have been slowly shifting towards an “experience economy” for the last 20 years. Harvard defines this phenomenon as “An experience that occurs when a company intentionally uses their services as the stage and their goods as props to engage individual customers in a way that creates memorable events”. Commodities are fungible, goods are tangible, services are intangible, but experiences are memorable. As a product of this effect, we live in a full-fledged experience economy today because businesses all over the world have understood the tremendous positive impact it has on generating consistent repeat customers.
As a matter of fact, automobile sales dipped as low as 13% during last year’s pandemic, a pandemic that is still far from over. It might look like a small number, but the impact it had on manufacturers was massive.
Losses were huge which had to be recovered. The government recently approved to introduce a production-linked incentive to help boost manufacturing and improve exports. But the government can only do so much. Real efforts have to be put in by the stakeholders to take the automobile industry to newer heights.
One of the most effective methods of achieving this goal is by cutting down costs while increasing efficiency. The first place where this solution can be implemented is paper consumption.
The automobile industry in India uses a lot of paper. These are only some of the significant areas where paper is used in huge volumes:
- Insurance Documents
- Purchase Orders
- Handover Documents
- Vehicle Service Requests
- Non-Disclosure Agreements
- Vehicle Quotation
- Repair & Maintenance Requests
- Agreements with Distributors
- Warranty Check
- Quality Check Documents
Most automobile sales in India are made through dealer networks. To onboard a new dealer or renew a yearly contract with an existing dealer, both parties have to go through a cumbersome process of paper-based signing of contracts which sometimes takes days to get the right signatures of the right people based on their availability. All this hassle can be minimized to a few minutes.
Also read: FAQs – Digital Signatures in India
In the highly complex automobile manufacturing process, so many moving parts and variables need periodic tweaking based on a set of inputs. In addition to this complexity, manufacturers are under high scrutiny from regulatory bodies that overlook the quality of products, environmental damage, etc. This adds even more complexity to the existing process. Add paper-based workflows and authorization processes to this mess. This can quickly become overwhelming and inefficient in no time. A sophisticated digital signature provider like DrySign makes it easy to send and receive approvals while storing all documents safely in an online repository, making it easier to access in the future. It reduces human errors, delivers a high-quality product consistently, and allows operational flexibility. In addition, it also enables manufacturers to have a better understanding of everything under one roof.
The movement of automobiles or parts requires monitoring and tracking, which leads to a lot of paper consumption. Transparency and automation can be improved using digital documentation solutions and implementing real-time tracking and monitoring systems.
Last but not least, customer experience. As referenced at the beginning, we live in an experience economy. Customer delight is the ultimate goal. The last thing customers want to spend hours on is a fat stack of documents that need their signatures in a hundred different locations. Paperless workflow can help customers go through the entire KYC process remotely using laptops or phones. Dealerships that use digital signature providers like DrySign with Aadhaar KYC integrated into the signing process are sure to delight their customers because the signing process is typically completed in minutes.
Owing to the 2020 pandemic, Hyundai, Tata, Maruti Suzuki, MG Motors, Mahindra & Nissan all started their online stores in India, allowing customers to choose a car, buy insurance, get a loan, complete RTO formalities, and complete full KYC right from the comfort of their home. After completion of the process, customers get a thoroughly sanitized brand-new car delivered right to your doorstep!
This is how sophisticated digital signature and documentation solutions like DrySign are helping businesses deliver happy experiences for their customers. Try out all the premium features of DrySign today for free!
Sources: hbr.org | financialexpress.com | statista.com | cardekho.com