Mercedes-Benz Financial Service collection through mobile channels more-than-doubled to $14 million

Article by Christian Andrei, on May 28, 2012

Mercedes-Benz Financial Services (MBFS) is experiencing steady growth in the number of clients who use mobile channels in managing their accounts. Specifically, almost 10 percent of the online payments the firm receives today are sent through mobile channels. In particular MBFS received $14.1 million during the first three months this year.

This is more than double than the $6.5 million that it got in 2011. Since October 2009, the company has established itself as a pacesetter in mobile technology when it launched an Apple iPhone® app. MBFS sees significantly higher customer satisfaction index (CSI) scores, around 6 to 7 points, for clients who use mobile account management options.

Matt Wiethoff, Mercedes-Benz Financial Services' Business to Consumer Marketing Manager, shared that they "quickly recognized" mobile devices as preferred channels for their customer base, thus, they customized their account management offerings to suit the platforms. He made the statement to members of the Washington Automotive Press Association during its monthly meeting at the National Press Club in Washington, D.C.

In early 2010, the company launched a mobile version of its mbfs.com online portal, accessible from all smartphones and capable of accepting monthly payments on MBFS leases and loans. The following year, MBFS further enhanced the app to become compatible for iPad. By the end of last year, which was the first full year for both mobile payment channels were available, MBFS was able to collect $38 million in payments.

The company anticipates processing more than $68 million in mobile payments this year, surpassing the total funds received through mobile channels for the nearly three-year history of its mobile program.

MBFS had a growth rate of 127% in the mobile payment channel last year. It continues to study new technologies with the aim of offering account information anytime, anywhere. With more than 40% of the total retail portfolio of 530,000 accounts using self-service, online methods, MBFS sees the importance of emerging technologies in providing service to its clients.

Topics: mercedes-benz

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