Finance companies are focusing on automation as the arrival of the European Union’s General Data Protection Regulation (GDPR) next month has prompted global warnings about rocketing administration costs for businesses trying to manage the complexities of the new law. So-called Robotic Process Automation (RPA) uses technology to configure computer software or a 'robot' to independently carry out core tasks such as capturing and interpreting data, then acting on it, without the need for human involvement.
Finance companies are focusing on automation as the arrival of the European Union’s General Data Protection Regulation (GDPR) next month has prompted global warnings about rocketing administration costs for businesses trying to manage the complexities of the new law. So-called Robotic Process Automation (RPA) uses technology to configure computer software or a 'robot' to independently carry out core tasks such as capturing and interpreting data, then acting on it, without the need for human involvement.
A cloud-based UK challenger bank has revealed the critical role of partners including Microsoft in taking it from ‘birth to banking’ in less than six months. Redwood Bank partnered with Microsoft to deliver an IT system that was completely internet-based from the moment it opened its doors in August 2017. Redwood’s chief executive officer and co-founder, Gary Wilkinson, said: “We are very proud that Redwood Bank was not only ‘born in the cloud’, but also achieved one of the fastest ‘licence-to-launches’ in UK banking history.
A cloud-based UK challenger bank has revealed the critical role of partners including Microsoft in taking it from ‘birth to banking’ in less than six months. Redwood Bank partnered with Microsoft to deliver an IT system that was completely internet-based from the moment it opened its doors in August 2017. Redwood’s chief executive officer and co-founder, Gary Wilkinson, said: “We are very proud that Redwood Bank was not only ‘born in the cloud’, but also achieved one of the fastest ‘licence-to-launches’ in UK banking history.
Paul Gilshan has been named as the new chief executive officer of UK leasing company Tusker. He replaces David Hosking, who takes on the newly-created role of deputy chairman. Hosking has been CEO of Tusker for the past 15 years and has taken on a broader role recently with an additional focus on external lobbying and industry work.
Paul Gilshan has been named as the new chief executive officer of UK leasing company Tusker. He replaces David Hosking, who takes on the newly-created role of deputy chairman. Hosking has been CEO of Tusker for the past 15 years and has taken on a broader role recently with an additional focus on external lobbying and industry work.
Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.
Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.
Auto finance will be vital to driving future profit growth at Opel/Vauxhall as new owner PSA Group launches a Europe-wide review of the dealer network. Current dealer contracts will be terminated at the end of this month, affecting the entire 1,600-dealer network, including 400 in Germany and more than 320 in the UK, This will start a two-year notice period during which new contracts will be agreed, most likely with a smaller number of dealers.
Auto finance will be vital to driving future profit growth at Opel/Vauxhall as new owner PSA Group launches a Europe-wide review of the dealer network. Current dealer contracts will be terminated at the end of this month, affecting the entire 1,600-dealer network, including 400 in Germany and more than 320 in the UK, This will start a two-year notice period during which new contracts will be agreed, most likely with a smaller number of dealers.
Three-quarters of the US companies with the biggest leasing commitments have reported a material impact on their corporate balance sheet caused by changes to lease accounting standards. The claims are contained in analysis by software specialist LeaseAccelerator of regulatory disclosures made to the Securities and Exchange Commission (SEC).
Three-quarters of the US companies with the biggest leasing commitments have reported a material impact on their corporate balance sheet caused by changes to lease accounting standards. The claims are contained in analysis by software specialist LeaseAccelerator of regulatory disclosures made to the Securities and Exchange Commission (SEC).
Equipment finance companies need to be prepared to work with a new generation of employees that is very different from Millennials, according to research by the Equipment Leasing & Finance Foundation. Its report examines the impact of the next generation maturing into adulthood - Generation Z - from both an employee and customer perspective.
Equipment finance companies need to be prepared to work with a new generation of employees that is very different from Millennials, according to research by the Equipment Leasing & Finance Foundation. Its report examines the impact of the next generation maturing into adulthood - Generation Z - from both an employee and customer perspective.
The UK’s Financial Conduct Authority is set to approve key changes to fees for regulated hire agreements that could save asset finance providers millions of pounds. In a recent update on its consultation on regulated fees for the next year, the FCA has proposed making changes that would see fees for regulated hire agreements treated in a similar way to regulated credit agreements. Currently, the FCA ‘levy’ on a £20,000 hire agreement might be £20 per year compared to £5 per year for a similar credit arrangement.
The UK’s Financial Conduct Authority is set to approve key changes to fees for regulated hire agreements that could save asset finance providers millions of pounds. In a recent update on its consultation on regulated fees for the next year, the FCA has proposed making changes that would see fees for regulated hire agreements treated in a similar way to regulated credit agreements. Currently, the FCA ‘levy’ on a £20,000 hire agreement might be £20 per year compared to £5 per year for a similar credit arrangement.
Former founding director of Aldermore, Mark Stephens, has taken on the role of chief executive officer at new UK SME bank CivilisedBank. Stephens has had an extensive career in the banking and finance sector and previously held the role of CEO of Harrods Bank, where he oversaw strategy including its recent sale to challenger bank Tandem. Prior to this, he spent seven years at Aldermore where, as a founding director, deputy chief executive and group commercial director, he had responsibility for achieving business objectives and portfolio acquisitions. He was also instrumental in Aldermore’s flotation in 2015.
Former founding director of Aldermore, Mark Stephens, has taken on the role of chief executive officer at new UK SME bank CivilisedBank. Stephens has had an extensive career in the banking and finance sector and previously held the role of CEO of Harrods Bank, where he oversaw strategy including its recent sale to challenger bank Tandem. Prior to this, he spent seven years at Aldermore where, as a founding director, deputy chief executive and group commercial director, he had responsibility for achieving business objectives and portfolio acquisitions. He was also instrumental in Aldermore’s flotation in 2015.
A global study of auto dealer customer contact strategies has revealed how strategic failures are losing vehicle sales and finance deals. A study of current practices among dealers representing 17 automotive finance brands has found that while the most successful dealers achieve one new sale for every 1.4 customers contacted, in many other cases it can be one in 10 or even one in 20. Loyalty and retention specialist Chrysalis Loyalty argues that dramatic increases in customer retention are within reach for most funders through structured programmes, which would increase conversion rates.
A global study of auto dealer customer contact strategies has revealed how strategic failures are losing vehicle sales and finance deals. A study of current practices among dealers representing 17 automotive finance brands has found that while the most successful dealers achieve one new sale for every 1.4 customers contacted, in many other cases it can be one in 10 or even one in 20. Loyalty and retention specialist Chrysalis Loyalty argues that dramatic increases in customer retention are within reach for most funders through structured programmes, which would increase conversion rates.
Auto industry leader David Hammond has joined Cazana as chairman. He has previously been involved at very senior levels with key automotive businesses such as Camden Corporate Fleet Services, Car Shops, Allen Ford, Crystal Motor Group and currently CEO of Camden Ventures. Cazana combines an extensive vehicle database with technology that monitors every car on sale, using artificial intelligence to obtain vehicle history so customers can track a car’s value with a timeline of events from its manufacture to present day.
Auto industry leader David Hammond has joined Cazana as chairman. He has previously been involved at very senior levels with key automotive businesses such as Camden Corporate Fleet Services, Car Shops, Allen Ford, Crystal Motor Group and currently CEO of Camden Ventures. Cazana combines an extensive vehicle database with technology that monitors every car on sale, using artificial intelligence to obtain vehicle history so customers can track a car’s value with a timeline of events from its manufacture to present day.
Close Brothers Motor Finance has appointed Rebecca McNeil as its chief executive officer. In addition to leading the motor finance business, she will also join the executive committee for Close Brothers’ Banking division. McNeil was most recently chief operating officer for Barclays Business and was formerly managing director of lending for Barclays Corporate bank.
Close Brothers Motor Finance has appointed Rebecca McNeil as its chief executive officer. In addition to leading the motor finance business, she will also join the executive committee for Close Brothers’ Banking division. McNeil was most recently chief operating officer for Barclays Business and was formerly managing director of lending for Barclays Corporate bank.
After solid growth in 2017, investment in equipment and software is predicted to expand 8.5% during 2018, according to the latest data from the Equipment Leasing & Finance Foundation. Its 2018 US Economic Outlook survey puts the rate of increase at slightly below the 9.1% forecast in December, but its Q2 update remains positive.
After solid growth in 2017, investment in equipment and software is predicted to expand 8.5% during 2018, according to the latest data from the Equipment Leasing & Finance Foundation. Its 2018 US Economic Outlook survey puts the rate of increase at slightly below the 9.1% forecast in December, but its Q2 update remains positive.
Acquis Insurance Management, the UK based lease insurance services provider, has appointed Nick Leader as CEO. Leader has been a director of Acquis since 2013 and the appointment is part of a senior management re-organisation. Aine Phillips, previously head of finance, is being promoted to chief financial officer with additional responsibility for corporate governance.
Acquis Insurance Management, the UK based lease insurance services provider, has appointed Nick Leader as CEO. Leader has been a director of Acquis since 2013 and the appointment is part of a senior management re-organisation. Aine Phillips, previously head of finance, is being promoted to chief financial officer with additional responsibility for corporate governance.
More than one-third of all motor finance agreements executed in the UK now pass through the Dealflo financial services automation platform, the company has revealed. The platform allows motor finance companies to digitise their end-to-end customer agreement process, including the use of e-signature technology.It also collects evidence at each stage of the transaction to prove that agreements have been executed to fully compliant standards. Among its recent customers is Santander Consumer, which signed up to the system to underpin its motor finance operations.
More than one-third of all motor finance agreements executed in the UK now pass through the Dealflo financial services automation platform, the company has revealed. The platform allows motor finance companies to digitise their end-to-end customer agreement process, including the use of e-signature technology.It also collects evidence at each stage of the transaction to prove that agreements have been executed to fully compliant standards. Among its recent customers is Santander Consumer, which signed up to the system to underpin its motor finance operations.
Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.
Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.
David Hammond joins Cazana as chairman 
Close Brothers Motor Finance appoints Rebecca McNeil as CEO
Acquis appoints Nick Leader as CEO to drive international growth
Dealflo demand rises in response to increasing auto finance compliance pressures
BMW and Toyota outpace auto lending challenges through digitalisation
Warning over interest rates as businesses left exposed
Uber acquires Jump Bikes to expand app services
Ally partnerships support car subscription growth in US
Neil Bennett hired to lead CSI Leasing move into global aviation equipment
