Why micro-credentials are good news for lenders and car buyers

Wintec has developed a series of micro-credentials to formally recognise skills and encourage best practice for personal lending, particularly within the automotive industry.

The new micro-credentials (short courses) were created in partnership with automotive and personal lending industry partners, to provide an industry-specific qualifications framework.

Executive Director Products and Planning at Wintec, Warwick Pitts says the new qualifications respond to a highly professional market with a need for formal recognition and flexible study options.

“We’ve consulted widely with industry partners on the provision of training options for people in personal lending, specifically within the automotive sector. They responded with a lot of high-quality feedback driven by a genuine desire to do the right thing by the customer.

 “For many people working in the industry, these qualifications will be the first step in gaining formal recognition.”

The three new courses, Personal Lending Skills (Automotive Industry), Contractual Requirements (Automotive Industry) and Legal Context (Personal Lending) are targeted to adults who are currently in work and may be new to tertiary education. Learning is 100 percent online with scheduled support from a facilitator – so study can fit around work, location and lifestyle.

The Financial Services Federation (FSF) represents responsible finance and leasing companies and credit-related insurance providers.  Executive Director, Lyn McMorran says that as many FSF members provide finance and insurance products for the purchase of motor vehicles via their dealer networks, they were pleased to partner with Wintec in the development and provision of the new micro-credentials.

“These courses build on the training our members provide to their networks to ensure their products are provided responsibly and the customer receives the best possible outcome. The new qualifications will raise the levels of professionalism within the industry by ensuring a greater understanding of responsible lending practices and they provide a stepping stone for people wishing to build their careers in the finance and insurance industry.”

There are currently no formal licensing requirements in New Zealand for the provision of finance products and insurance.

Enrolment is open now for two new micro-credentials Contractual Requirements (Automotive Industry) and Legal Context (Personal Lending) due to start on 28 September. A third course, introduced in July this year, Personal Lending Skills (Automotive Industry) will reopen in February 2021. Learners can opt for all three or a selection, depending on the skills they need.

Micro-credentials are small, stand-alone qualifications, approved by the New Zealand Qualifications Authority (NZQA), that certify skills and knowledge in a specific area. They are for people who want to upskill or get credit for skills they already have.

For adult learners wanting to upskill or qualify,  Wintec also offers a range of training opportunities through short courses,  Professional Programmes for workplaces  and postgraduate and master’s programmes that can take into account workplace experience as equivalent to a degree.