Introduction to DFS
DFS refers to a wide range of financial services that can be accessed and delivered via digital channels, such as payments, credit, savings, remittances, and insurance. Mobile financial services are also included. Since its inception, AFI’s work has focused on digital financial services (DFS).
Furthermore, DFS’s rapid technological advancements have significantly expanded the scope of work in this area. Digital identity systems, data-driven financial Products/services, crypto-currencies, blockchain applications, new ways for governments to augment financial industry supervision, and for the industry to automate compliance, all have enormous potential for AFI’s member-base, thus creating new opportunities for AFI.
What is the DFS Finance approval procedure?
The following is the process of placing an order for DHS finance goes through the following process:
- Placing prerequisites: For placing an order, one must meet the following obligations:
- One must attain a minimum age of 18 for this.
- Act as a customer (which means you must be purchasing the Products for your own personal use). Please read clause 19b) below regarding business use if you need to purchase any Product from DFS on behalf of a business.
- Provide us with all the necessary information for us to successfully complete your order, which may include, but is not limited to, your name, address, phone number, and payment information.
- Purchase of Products to be delivered to a location where we are able to do so.
- Making Payment: You can pay in full, make a deposit, or request interest-free credit depending on the Product you’ve ordered. Whether you’re paying in full or just a deposit, your chosen payment method will be charged when you submit your Order. This includes deposits made before submitting a loan application (if this is your chosen method). We do not accept your order until we receive payment from you, and if we are unable to accept your Order, we will refund any payments made. Refunds are usually issued within 14 days and are made in the same manner as the original payment.
- Cross-check your contact information: You are responsible for the accuracy and completion of the form needed for submitting your Order details. You will have the chance to review and correct any errors in your Order before submitting it if you place it through the Website. Please note that if you are purchasing any Product with interest-free credit, the delivery address you provide in your finance application (as well as the address stated in your finance agreement) must be the same address where DFS will deliver the Products. If any of your personal information changes, please let us know as soon as possible.
- Confirmation of the order: Following the submission of your order, you will receive an email order acknowledgment from us with a description of the Products you have ordered; however, this is only an acknowledgment of your order, not acceptance. Please keep in mind that there is no legally binding contract between us at this time. At this point, we’ll usually assign you an order number, and it’ll be helpful if you can tell us that number whenever you contact us about your Order. If you place an order and request that the contract terms, be mailed to you, we will mail you all of your paperwork, which will arrive within 3 business days.
What Finance does DFS use?
DFS, a leading UK furniture retailer, has enlisted the help of Ikano Financial Services, a retail finance specialist, to provide consumer finance. Following a successful trial at DFS’s busy Northampton store, the Nottingham-based company was chosen to provide finance options to the retailer’s customers.
Thousands of DFS customers will be able to get ‘interest-free credit’ from Ikano at select stores across the UK. Following the success of its trial, where it was able to demonstrate strong service levels and account management, DFS, the UK’s largest credit provider in the furniture market, chose to work with Ikano.
Does DFS do a credit check?
DFS offers a wide range of payment plans, so you’re sure to find one that works for you. With no deposit, you can take out a completely interest-free loan for any length of time between 6 and 48 months.
You can pay nothing for a year and then get up to three years of interest-free credit, or you can start paying one month after shipment. You have the option of paying with cash, debit card, or credit card. Simply put, a 10% deposit is required, with the amount due prior to delivery.
Conclusion
As use-cases evolve with new and emerging technologies, and the overlap with other core mandates of regulatory and policymaking objectives of market conduct, consumer protection, financial inclusion data, and strategies, not to mention SME finance, DFS continues to be a key focus area for AFI members.