“O7Fintech – The first fintech mobility platform incentivizing safe and eco driving” is a research project, co-financed by a grant from Iceland, Liechtenstein and Norway through the EEA Grants 2014-2021, in the frame of the Business Innovation Greece Programme. This research project is carried out by OSeven Single Member Private Company.
The COVID-19 pandemic perturbed and transformed mobility patterns. People are working from home, driving less, and are looking for cheaper insurance options. In this environment, people no longer want to finance the purchase and maintenance of a vehicle they will not use as much, opting for alternative solutions such as ridesharing, leasing or used vehicles, which have now become much more cost-competitive and hassle-free. In addition, as vehicles are getting smarter, drivers are increasingly looking for a personalised experience that maximises the value of their investment, starting from the initial purchase or lease of the vehicle all the way through to the end of its ownership and resale.
The goal of the O7Fintech project is to develop a financial technology platform that will provide services throughout the complete lifetime of the vehicle, enabling dynamic pricing of leasing and financing products based on driving behaviour scoring, as well as automation and digitization of existing paperwork processes. It will facilitate cheaper and better vehicle financing terms for safe and eco-friendly drivers and a seamless user experience, generating substantial benefits for all parties as well as less road fatalities/injuries and fewer CO2 emissions.
The main output of the project will be the O7Fintech Platform, which will utilize driving behaviour and vehicle usage data gathered from the driver’s smartphone sensors, to enable its clients to launch Pay-How-You-Drive and Pay-Per-Mile products for vehicle financing, insurance and leasing facilitating the vehicle’s entire lifecycle. The end customers of O7Fintech Platform will enjoy fully flexible digital products, and significant savings on their vehicle expenses, from the point of sale or lease, up to the moment of resale or end of the lease term. Furthermore, users of the O7Fintech Platform will save on fuel, as they will be incentivized to drive safely and eco-friendly keeping their vehicle in good condition, achieving lower maintenance costs and higher reselling value.
In addition, O7Fintech will provide both its corporate users and their customers with a set of tools that will streamline their administrative processes, reduce operating costs, and provide a fully digital and personalized experience for the whole duration of a vehicle’s ownership or lease.
The O7Fintech Platform will offer the following features to corporate clients and their customers:
- Dynamic pricing of leasing and financing products based on driving behaviour scoring
- Automation and digitization of existing paperwork processes
- Cheaper and better vehicle financing terms for safe and eco-friendly drivers
The features developed by OSeven during the O7Fintech project will be tested and validated in a series of commercial pilots during the project’s final phase.
o7fintech 