10:38 am, February 9, 2016
DID you know that sunlight takes about eight minutes and 17 seconds to travel the average distance from the surface of the Sun to the Earth?
Did you know that Usain Bolt was clocked running at 28mph? That means he could soon be breaking our speed limits if he goes out running on our roads; now that’s fast.
The reason I’m talking about speed is that we all want quick and efficient service, whether we are at a restaurant waiting for our meal or ordering a taxi to get to an important meeting.
We all want things here and now, we live mainly in the present and almost everything is about convenience and speed. Look at the growth within the fast food restaurant market; people flock to them.
It’s the same with coffee shops; even they have found that drive-through sites are the way forward.
Amazon are looking at delivering books within 30 minutes via drones – I still remember the bus journey to the city centre to look for a book, then order it, wait a few weeks for a phone call, then go back into the city centre to pick up my new book.
It was the same with CDs and videos, but nowadays we download a new album on MP3 and play it within minutes, and for videos we just click the Netflix app and up pops a list of the latest films for us to choose from.
Anything is possible right? #NoLimit pic.twitter.com/uFfZ2VRQ6w
— Usain St. Leo Bolt (@usainbolt) January 8, 2016
Over the last three to four years at First Response, we’ve been working on efficiency gains, mainly in processing finance applications. But more recently, after assessing our dealer service levels, we are now working on how we can improve the service we can offer to you specifically.
We know that we have a lot of work to do to and, as a sub-prime lender, you may expect us to take a little longer than a prime finance company due to the additional checks involved.
However, more recently, a dealer had been paid their advance into their bank account within two hours of proposing the application. I then investigated further and found that we had recently paid a few dealers in well under an hour from receiving their application.
While I know that this not yet the norm and I wouldn’t expect it on every deal, it’s a great improvement in the sub-prime market. I remember in the past when an average sub-prime deal could take between five and10 working days.
One of the biggest reasons for our improvement in speed has been the implementation of faster payments. This instant payment service means that when we say that we’ve paid you, your bank account will have the advance showing within minutes. Some banks do have a lag but at worst it’s on the same day. Again, I remember when we paid by BACS and dealers didn’t see their money for at least three days. I’m glad those days have gone.
Maybe Usain Bolt will break to 30mph barrier soon and in the same breath, maybe we will pay your advance within minutes today!
Picture: Twitter
Who is Ben Garside? Ben is marketing manager for First Response Finance. Call him on 07817 518739 or email [email protected]
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