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.
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.
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 € 12.000 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.
“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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