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VOLKSWAGEN BANK

Case Study: FINANCE A BIKE

Mobility of the Future

Volkswagen Bank has mobility in their DNA: it is the largest automobile bank in Europe and has incredible market knowledge. However, in order to expand its product portfolio to include the booming bicycle industry, the company sought out external help as the new product was to be developed and brought to market maturity as quickly as possible.

The challenge

In order to offer customers a flexible financing solution for bicycles, Volkswagen Bank needed a partner who had the necessary market knowledge, understood the needs of a bank while at the same time supporting the vision from a customer perspective and had the technical ability to develop an innovative BNPL-solution.

  1. It was important to Volkswagen Bank to work with a partner who knows what is important for consumers when it comes to financial matters. In addition to favorable conditions, bicycle buyers require an application process that is particularly quick and easy and gives them full control over their data input.
  2. A fast time-to-market was crucial. A fully developed and functioning platform was incredibly helpful. The [credi2] platform provides all the modules needed to create and operate a pay later solution: 100% digital, market proven and compliant – and providing best-in-class-automation.
  3. Solutions which are tailored to Volkswagen Bank’s specific needs were vital. Our [credi2] platform consists of individually adaptable modules which make for a seamless and smooth integration into the banking system of Volkswagen Bank.

Our solution

FINANCE A BIKE – a simple and flexible way to finance bicycles

The cooperation with [credi2] not only made it possible for Volkswagen Bank to enter the bicycle market, but it also enabled the company to further expand its digitization strategy – all of that within only 4 months.

FINANCE A BIKE is a 100% digital financing solution for bicycles, with multiple benefits for both bicycle dealers and customers. Customers can choose their dream bike, worth between € 500 and € 10.000 and pay for it in flexible monthly installments, while being able to take their new bike home immediately.

The fully digital and straightforward customer portal enables customers to manage their contract on their own, preserving their financial privacy completely, as they walk through the application process independently without having to pass on personal data to the dealer. 

The digital process chain with connected front and back end, was primarily developed and designed by [credi2]. The speed and absolute customer orientation were extremely helpful in the process. The merchant portal, a web-based platform, enables merchants to easily create shopping baskets comfortably on a tablet or smartphone right by the customers’ side.

While the customer gets to pay the purchasing price comfortably over time the merchant enjoys 100% payment security and receives the full price immediately. The fact that customers perform the application process independently, relieves the dealer immensely who can now focus on their primary business – customer service and selling bicycles. 

As of August 2021, the product has been available and used by over 1.000 bicycle dealers in Germany, and counting. 

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The cooperation in numbers

4 months for the entire design and implementation process.
1.000 bicycle dealers in Germany offer FINANCE BIKE, and counting.
10 minutes for the entire application process.

“With the application process from [credi2] we are able to further automate our lending business, thereby saving cost and shortening our product launch times.”

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Dr. Michael Reinhart Management Spokesman of Volkswagen Bank GmbH

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