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Robust Digital Lending for Superior Loan Origination Journeys.

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Integrated Transaction Banking Suite – FinnAxia®

FinnAxia®, End-to-end Global Transaction Banking Suite; optimally manages Receivables, Payments, Liquidity, Financial Supply Chains and Corporate Trade.

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FinnOne Neo® mFin

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ARTICLE

The Future of Automotive Finance: Digitization at the Wheel

Reading time: 5 minutes
13 January, 2025

The automotive finance industry will undergo significant transformation in 2025, driven by digital innovation and evolving consumer needs. The global automotive finance market, valued at approximately $300 billion in 2024, is projected to grow at a CAGR of 6.2%, reaching $554.1 billion by 2032. Digital platforms are now at the forefront, enabling online loan applications and approvals, enhancing customer convenience, and streamlining operations.

Emerging markets like Asia-Pacific and the Middle East are leading the charge, with China dominating electric vehicle (EV) adoption, with a 42% YoY growth. The surge in EV sales, which approached 16.7 million, a 19.2% increase in global units, has compelled financial institutions to offer specialized EV financing options, aligning with the shift towards sustainable mobility.

Additionally, advanced technologies such as AI, Machine Learning, Blockchain, Cloud Computing, are being leveraged to enhance credit risk assessments, ensuring faster and more accurate lending decisions. This digitization wave is revolutionizing automotive finance, reshaping it for a tech-driven future.

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