GDPR drives growing interest in Robotic Process Automation

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.

GDPR drives growing interest in Robotic Process Automation

Apr 23, 2018

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.

Redwood Bank CEO Gary Wilkinson praises Microsoft and partners for support in record launch

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.

Redwood Bank CEO Gary Wilkinson praises Microsoft and partners for support in record launch

Apr 23, 2018

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 named new CEO of Tusker

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 named new CEO of Tusker

Apr 20, 2018

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.

White Clarke Group - Global Tech Report 2018

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.

White Clarke Group - Global Tech Report 2018

Apr 16, 2018

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.

 
 

WCG tech report 2018 550x150

Auto finance plays key role as Opel/Vauxhall reviews European dealer network

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 plays key role as Opel/Vauxhall reviews European dealer network

Apr 19, 2018

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.

Lease accounting changes hit balance sheets

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).

Lease accounting changes hit balance sheets

Apr 20, 2018

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 sector prepares for “Gen Z”

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 sector prepares for “Gen Z”

Apr 19, 2018

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.

Tieto Chatbot EHeader 600x230

Industry campaign secures key change to FCA fees for asset finance companies

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.

Industry campaign secures key change to FCA fees for asset finance companies

Apr 18, 2018

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.

Mark Stephens appointed CEO of CivilisedBank

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.

Mark Stephens appointed CEO of CivilisedBank

Apr 18, 2018

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.

Huge cost of poor retention strategies among auto dealers revealed

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.

Huge cost of poor retention strategies among auto dealers revealed

Apr 18, 2018

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.

 

AFI AFE50Banners 03.182

David Hammond joins Cazana as chairman

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.

David Hammond joins Cazana as chairman

Apr 18, 2018

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 appoints Rebecca McNeil as CEO

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 appoints Rebecca McNeil as CEO

Apr 17, 2018

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.

US equipment, software investment to rise 8.5%

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.

US equipment, software investment to rise 8.5%

Apr 16, 2018

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 appoints Nick Leader as CEO to drive international growth

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 appoints Nick Leader as CEO to drive international growth

Apr 16, 2018

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.

Dealflo demand rises in response to increasing auto finance compliance pressures

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.

Dealflo demand rises in response to increasing auto finance compliance pressures

Apr 16, 2018

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.

BMW and Toyota outpace auto lending challenges through digitalisation

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.

BMW and Toyota outpace auto lending challenges through digitalisation

Apr 16, 2018

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.

AFI AlfaBanners 03.184

Warning over interest rates as businesses left exposed

Asset and equipment finance lenders will have a key role to play in helping businesses plan to mit...

Uber acquires Jump Bikes to expand app services

Ride-hailing pioneer Uber has is acquiring Jump Bikes, an electric, dockless bike-sharing service,...

Ally partnerships support car subscription growth in US

Auto lender Ally Financial is putting itself at the heart of the mobility revolution with a growin...

Neil Bennett hired to lead CSI Leasing move into global aviation equipment

CSI Leasing (CSI) is to offer equipment lifecycle and leasing solutions for aircraft ground suppor...