Customer Portal for Consumer Finance: Build vs. Buy Strategy Guide

In the consumer finance industry, digital expectations are constantly evolving. For many auto lenders and finance companies, the customer portal has become a key engagement channel – a digital touchpoint where clients make payments, review documents, and manage account details. 

But with rising customer expectations, tighter compliance requirements, and increasing pressure to modernize operations, one question often surfaces: Should we build our customer portal internally, or should we invest in a third-party solution? 

Building In-House: What’s Involved? 

Developing a customer portal from the ground up offers the advantage of full control over its features and appearance. But it also demands substantial resources and long-term planning. Organizations must factor in: 

• Extensive development timelines – often 1 to 3 years 

• High upfront costs tied to infrastructure, integrations, and security 

• Ongoing staffing needs for updates, testing, and compliance support 

• Risk of delays, overruns, or outdated features without continual investment 

And because the financial services sector is highly regulated, the stakes are even higher. Internal teams need deep knowledge of data privacy laws, PCI and SOC2 requirements, accessibility standards, and more – not just at launch, but for the life of the platform. 

Buying from a Vendor: A Scalable Alternative 

Opting for a proven vendor solution can significantly reduce the time and cost required to roll out a secure, compliant portal. These platforms are often purpose-built for financial institutions and come with pre-configured tools, user support, and baked-in compliance controls. 

Benefits of vendor solutions include: – Faster implementation – often within months 
Lower capital investment with predictable operational costs 

• Security frameworks that meet industry standards 

• Regular updates that keep pace with regulatory and technology changes 

• Integration with loan management and payment systems 

This approach also allows lenders to focus more on lending and customer service – and less on software development and maintenance. 

Strategic Questions to Guide Your Decision 

Every organization is different. Before deciding which direction to take, it’s worth asking a few critical questions: 

• Do we have the internal expertise to manage ongoing compliance and technical updates? 

• What is the long-term total cost of ownership, including development, hosting, and staffing? 

• How quickly do we need to deliver new digital capabilities to stay competitive? 

• Will our solution scale as our customer base and regulatory environment grow more complex? 

Answering these questions can help clarify whether your organization is better positioned to build or buy. 

Dive Deeper into the Decision-Making Process 

Choosing the right approach for your customer portal is a decision that touches nearly every part of your organization – from IT and compliance to operations and client success. 

To help guide your evaluation, we’ve developed an in-depth resource: Build vs. Buy: The Critical Customer Portal Decision That Impacts Your Operations and Bottom Line 

Download the eBook for a side-by-side comparison, risk assessment insights, and key factors to consider before moving forward.