FILED IN: SUMMER 2023 TRENDS IN EQUIPMENT FINANCE, EQUIPMENT LEASE FINANCE ASSOCIATION TRENDS, ASSET FINANCE, LTI TECHNOLOGY FINANCE, DIGITAL TECH, OMAHA, NE FINANCE
Key Trends in Equipment Finance Technology
The equipment finance industry is an essential part of the economy and is at the forefront of digital tech trends. Digital platforms is the leading trend that is changing how we do business. Adapting, evolving and adopting new digital technology is key to remaining competitive in this market but understanding the role of technology, the trends for equipment finance companies and their customers, the challenges, and opportunities are all key to navigating these market trends successfully.
The key trends in equipment finance technology to look for in 2023 and beyond to look for:
- Automation: Streamlining processes and providing faster, more accurate decision-making.
- Digital Platforms: Transforming interactions with customers by enabling customers to apply for financing, manage accounts and access information and services online.
- Internet of Things (IoT): Providing data on performance and usage to improve maintenance schedules, predict equipment replacement timeframes, and identify opportunities for cost savings.
- Block-Chain Tech: Providing greater transparency and security enabling companies to create secure records of equipment ownership and transactions, reducing risk for fraud and errors.
Benefits of Digital Transformation for Equipment Finance
The benefits of these trends for equipment finance companies and their customers are significant. They offer:
- Increased Efficiency through streamlined processes, reducing time and effort to complete applications, finalize approvals and manage accounts
- Improved Decision-Making: allows for more informed decisions, faster, reducing risk and improving profitability
- Enhanced Customer Experience (CX): Enables a more personalized and easy customer experience (CX)
However, there are significant challenges and opportunities to be considered as well.
Equipment Finance Industry: Challenges & Opportunities
- Security Threats. Ensure you have strong security measures in place
- People: A skilled team is key. Companies will need to invest in training and development to succeed
- Underutilization: Companies must work to get education and training for both internal team & encourage customers to embrace the new technology