Executive Roundtable

Digital Transformation For Equipment Finance Matters

What is Digital Transformation and why does it matter? Digital transformation is the customer-centric reimagination of the future of digital technology into all areas of business. The transformation has brought many benefits to the equipment finance industry and has created a shift in the prevailing thinking and culture regarding adopting technology.

In the new reality of the post- COVID-19 economy, digital transformation has gone from a priority to absolutely critical for companies. Prior to COVID-19, companies took time with a slow and steady approach. However, the lessons learned by the disruption caused by the pandemic, has replaced the slow approach with need to accelerate digital transformation. It is now an imperative that companies begin driving a digital culture into their organization.

2023 & Beyond: Digital Tech Trends In The Equipment Finance Industry

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.

Digital Agility & Operating Equipment Finance

There are many benefits to adopting a framework that elevates digital agility and brings your equipment finance business into the digital age:

Empower Self Service with direct customer access of contract details, secure payments and quick communication

Quick Access to FAQ’s reduces Customer Service Inquiries and improves Customer Satisfaction

Improve Productivity by refocusing your workforce on revenue-generating tasks

 

Security Threats & How to Choose the Best Cloud Hosting

3 Key Criteria To Look For:
Security & Compliance to ensure confidentiality, integrity and availability plus regulatory compliance and multi-layered security

Availability with a 99.5% Service Level and Disaster Recovery

Scalability & Performance to allow for growth and expansion