
Revolutionizing Motor Finance with AI
In a significant move for the automotive finance sector, Keyloop has announced a partnership with artificial intelligence firm Kortical to enhance how dealerships manage customer retention and boost their motor finance business. This collaboration aims to increase customer conversion rates for new financing contracts, targeting potential buyers more effectively.
The Role of AI in Customer Retention
Under this five-year agreement, Kortical will integrate advanced AI tools into Keyloop's existing software, allowing dealers to analyze customer records, online behaviors, and market trends. By identifying individuals most likely to renew their contracts, Kortical's technology prioritizes leads, enabling sales teams to focus their efforts where they are likely to achieve the highest returns, thus reducing wasted outreach or 'lead burn'.
Real-Time Data for Tactical Sales Strategies
One of the standout features of this partnership is the enhanced capability for real-time performance tracking. Sales managers will have access to digital dashboards that showcase the effectiveness of their renewal campaigns through Kortical's insights. This can help dealers adjust their tactics swiftly, tailoring their approach to groups demonstrating a higher intent to purchase—for example, customers in particular demographics interested in electric vehicle (EV) options.
Early Successes: Impressive Results
Initial users of the AI tools have reported an average improvement of 7.1% in finance renewal rates. Keyloop's Chief Product Officer Adrian Nash articulated the partnership's goal to provide both innovative solutions for finance providers and empowering tools for dealers, thereby improving efficiency and maximizing sales potential.
Looking Ahead: An AI Future in Motor Finance
Andy Gray, Co-Founder and CEO of Kortical, expressed optimism about the partnership's potential to revolutionize the UK automotive finance landscape and hinted at ambitions for global expansion. By aligning AI with customer-centric sales strategies, the collaboration seeks to foster deeper connections between dealerships and their customers at critical selling moments.
Write A Comment