24% finance their cell phones.
Telecom providers are searching for ways to improve flat ARPU (average revenue per customer), and mobile financing can be a productive opportunity. 24% of consumers already finance their new smartphone, and this percentage will increase sharply as big carriers like Verizon, AT&T and T-Mobile move from the old business model where equipment was subsidized to a new business model where equipment must be paid-in-full or financed. In the near future consumers will expect to finance their mobile devices, and they’ll feel comfortable with the process. Telecom providers who don’t offer POS financing will lose substantial sales. In fact, 42% of consumers say they’re more likely to shop at the retail location where they can finance their purchase.
Financial technology is required equipment.
Big telco companies armed with sophisticated financial services technologies will push the smaller organizations out of the business. In order to succeed you must offer fast, easy financing options at checkout. Or a mobile-only application process.
Fintech award winning mobile loan software system.
Successful telecom companies are redefining their relationship with their customers by offering new services, like financing for expensive mobile devices. The industry is uniquely positioned to extend credit due to the type of information that’s captured during the account set-up process. In fact, most telco companies have been extending credit for the past 100 years when we consider the nature of your billing cycle. The mobile financing arena is evolving quickly. A few years ago the industry was limited to funding for equipment. As Millennials embrace the idea of digital banking this financial category has expanded to include mobile banking.
Transitioning from product sales to product financing or even full service banking doesn’t require a major business overhaul. It requires the right technology.
Turnkey Lender delivers a fully managed, cloud-based mobile loan platform that’s regulatory compliant. Our award winning system includes advanced application processing to approve new accounts instantly at check out. And our proprietary credit scoring model ensures each account is priced correctly for your level of risk tolerance. This program is easy to install, and easy for everyone to learn and use. The automated account management system tracks monthly billing, including secure online payments from mobile devices.
Turnkey Lender integrates with your database of customer usage patterns to fuel “pre-approved” up-sell and cross sell promotions. Premium offers that increase customer loyalty, reduce churn, and improve revenues and profits. And you can choose to add alternative scoring vehicles via APIs from our Turnkey Lender library, which enhances your ability to accurately profile buyers with thin credit history.
MoneyVeo is completely satisfied with the solution and recommends this company as a supplier in the area of lending, scoring, credit risk management, and consulting…
Jonathan Sarmina, CEO, MoneyVeo, Mexico
Telecom Financing Software System – Key Business Benefits
Click on Turnkey Lender Mobile Financing Software System to learn more about our key business benefits.