What the Banking Industry Expects from Connected Cars

The American Banker recently looked at ways in which the connected car might affect not only the roads, but the finance world as well. People might be able to make “truly mobile-payments” as they go through toll booths, visit a drive-through, or stop for gas. Fully autonomous vehicles might even make purchases without human involvement. Customers might also be able to do their banking through the car, perhaps using a voice-activated “smart assistant.” As the sharing economy becomes more predominant, auto financing may need to adjust to keep up with new ownership models. However, the connected car will also collect data that banks and insurance companies may be able to use in their underwriting processes – though this raises a host of privacy issues.  Finally, banks may be involved in financing technology startups that are involved in various aspects of the connected car.

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