Digitalisation

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Aug 13, 2018

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

Jul 17, 2018

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Bank of America reaches customer milestone for AI-driven assistant Erica

Bank of America has revealed more than 1 million customers now use Erica, the first widely available AI-driven virtual assistant in financial services, available to clients in its mobile banking app. The milestone was reached within two months of completing its phased rollout, which made Erica available to mobile clients throughout the US.

Bank of America reaches customer milestone for AI-driven assistant Erica

Jun 26, 2018

Bank of America has revealed more than 1 million customers now use Erica, the first widely available AI-driven virtual assistant in financial services, available to clients in its mobile banking app. The milestone was reached within two months of completing its phased rollout, which made Erica available to mobile clients throughout the US.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

Jun 25, 2018

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

Yamaha Motor Finance USA signs up with White Clarke Group

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Yamaha Motor Finance USA signs up with White Clarke Group

Jun 21, 2018

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Dragons and disruption: how do we make innovation happen?

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

Dragons and disruption: how do we make innovation happen?

Jun 20, 2018

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

How blockchain and nudge economics could create the perfect customer

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

How blockchain and nudge economics could create the perfect customer

Jun 19, 2018

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

White Clarke Group announces strategic partnership with ChannelNet

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

White Clarke Group announces strategic partnership with ChannelNet

Jun 18, 2018

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

Make sense of digitalisation by exploring four key areas

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

Make sense of digitalisation by exploring four key areas

Jun 13, 2018

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

CIT point-of-sale digital platform wins global award

A point-of-sale platform from US-based CIT that allows business customers to finance their purchases in as little as five minutes has received a major award. The platform has been named Best Small Business Lending Solution by FinTech Breakthrough, an independent organisation that recognises the top companies, technologies and products in the global financial technology market. The FinTech Breakthrough Awards recognise fintech innovators, leaders and visionaries from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, insurtech and other sectors.

CIT point-of-sale digital platform wins global award

May 22, 2018

A point-of-sale platform from US-based CIT that allows business customers to finance their purchases in as little as five minutes has received a major award. The platform has been named Best Small Business Lending Solution by FinTech Breakthrough, an independent organisation that recognises the top companies, technologies and products in the global financial technology market. The FinTech Breakthrough Awards recognise fintech innovators, leaders and visionaries from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, insurtech and other sectors.

Digital transformation powers finance innovation in manufacturing sector

Digital transformation is driving change in manufacturing with equipment financing playing a key role in developments, according to a new report. Research from Siemens Financial Services (SFS) argues that finance has to adapt to the developing needs of the manufacturing sector, as it responds to the fundamental changes brought about by what experts are calling the fourth industrial revolution, or Industry 4.0.

Digital transformation powers finance innovation in manufacturing sector

May 22, 2018

Digital transformation is driving change in manufacturing with equipment financing playing a key role in developments, according to a new report. Research from Siemens Financial Services (SFS) argues that finance has to adapt to the developing needs of the manufacturing sector, as it responds to the fundamental changes brought about by what experts are calling the fourth industrial revolution, or Industry 4.0.

Safeguarding data is vital for sustainable digital financial services

The speed and scale of digitalisation in the financial services sector is contributing to the emergence of new non-financial risks, a new report has revealed. Sustainable Financial Services in the Digital Age, a joint report from UK Finance and Parker Fitzgerald, comes only days before the introduction of the European Union's General Data Privacy Regulation (GDPR) and highlights the need for firms to consider their exposure to risk and operational resilience in today’s digital age.

Safeguarding data is vital for sustainable digital financial services

May 21, 2018

The speed and scale of digitalisation in the financial services sector is contributing to the emergence of new non-financial risks, a new report has revealed. Sustainable Financial Services in the Digital Age, a joint report from UK Finance and Parker Fitzgerald, comes only days before the introduction of the European Union's General Data Privacy Regulation (GDPR) and highlights the need for firms to consider their exposure to risk and operational resilience in today’s digital age.

Unleash the Iron Man in your auto finance customer service team

Artificial intelligence can be used to act as a ‘virtual Iron Man’ for finance companies, augmenting customer service teams allowing them to get back to human tasks. Robert Downey Jr. is empowered by the iconic suit’s J.A.R.V.I.S AI system to become a fan favourite superhero but AI can also be used to have the same impact within business, according to Benji Stone, customer success lead at DigitalGenius. Stone said: “You can either have AI trying to replace your staff, and trying to completely take away the human work, or you can have the AI trying to augment your staff, trying to aid your staff and make them more efficient.

Unleash the Iron Man in your auto finance customer service team

May 17, 2018

Artificial intelligence can be used to act as a ‘virtual Iron Man’ for finance companies, augmenting customer service teams allowing them to get back to human tasks. Robert Downey Jr. is empowered by the iconic suit’s J.A.R.V.I.S AI system to become a fan favourite superhero but AI can also be used to have the same impact within business, according to Benji Stone, customer success lead at DigitalGenius. Stone said: “You can either have AI trying to replace your staff, and trying to completely take away the human work, or you can have the AI trying to augment your staff, trying to aid your staff and make them more efficient.

Ford and GM among partners in global mobility blockchain initiative

Ford, General Motors, Groupe Renault and several other high-profile players in the automotive market have signed up to join the Mobility Open Blockchain Initiative (MOBI). The newly-formed alliance is dedicated to exploring blockchain for use in a new digital mobility ecosystem.

Ford and GM among partners in global mobility blockchain initiative

May 11, 2018

Ford, General Motors, Groupe Renault and several other high-profile players in the automotive market have signed up to join the Mobility Open Blockchain Initiative (MOBI). The newly-formed alliance is dedicated to exploring blockchain for use in a new digital mobility ecosystem.

White Clarke Group and Toyota Financial Services (UK) win award for digital innovation

Leading finance technology company, White Clarke Group, and Toyota Financial Services have received a joint accolade for their work on a digital innovation. The award is based on White Clarke Group’s CALMS Digital Processing Solution that went live with Toyota in October 2017. The CALMS Digital Processing Solution, including e-signature and e-identity capability, provides advanced digital processing capabilities for document generation and management, as well as helping streamline the customer experience and reduce operating costs.

White Clarke Group and Toyota Financial Services (UK) win award for digital innovation

May 04, 2018

Leading finance technology company, White Clarke Group, and Toyota Financial Services have received a joint accolade for their work on a digital innovation. The award is based on White Clarke Group’s CALMS Digital Processing Solution that went live with Toyota in October 2017. The CALMS Digital Processing Solution, including e-signature and e-identity capability, provides advanced digital processing capabilities for document generation and management, as well as helping streamline the customer experience and reduce operating costs.

“Systemically important” auto finance market should expect greater scrutiny

The auto finance industry has been urged to go “beyond compliance” to support consumers and reflect the growing importance of the industry in the UK economy. Richard Jones, managing director of Black Horse, who was recently named chairman of the Finance and Leasing Association, made the call to senior industry figures at the International Auto Finance Network conference in London recently. You can watch key points from his presentation below. The video is provided courtesy of White Clarke Group.

“Systemically important” auto finance market should expect greater scrutiny

Jun 27, 2017

The auto finance industry has been urged to go “beyond compliance” to support consumers and reflect the growing importance of the industry in the UK economy. Richard Jones, managing director of Black Horse, who was recently named chairman of the Finance and Leasing Association, made the call to senior industry figures at the International Auto Finance Network conference in London recently. You can watch key points from his presentation below. The video is provided courtesy of White Clarke Group.

Why auto finance providers can learn innovation lessons from Walt Disney

Companies can have dramatic results on the shape of their business and even the industry by reaching outside their businesses and importing innovators. That is the message from Liberty Mawhood, chief operating officer for tech investor L Marks, an innovation agency that helps large or established organisations to work with early stage businesses and start-ups to develop new products and ideas. She cites the example of Walt Disney, who looked outside the business during the development of Fantasia in the 1930s for help in producing better cinema sound.

Why auto finance providers can learn innovation lessons from Walt Disney

May 17, 2017

Companies can have dramatic results on the shape of their business and even the industry by reaching outside their businesses and importing innovators. That is the message from Liberty Mawhood, chief operating officer for tech investor L Marks, an innovation agency that helps large or established organisations to work with early stage businesses and start-ups to develop new products and ideas. She cites the example of Walt Disney, who looked outside the business during the development of Fantasia in the 1930s for help in producing better cinema sound.

Auto Captives to play central role in maximizing lifetime customer value

Finance captives currently play a critical role in driving loyalty and delivering higher customer spending, and will play a further increased role as manufacturers focus on providing mobility services in future. That was the message to delegates at the International Auto Finance Network conference from David Betteley, Global Financial Services Director at Jaguar Land Rover.

Auto Captives to play central role in maximizing lifetime customer value

Apr 19, 2017

Finance captives currently play a critical role in driving loyalty and delivering higher customer spending, and will play a further increased role as manufacturers focus on providing mobility services in future. That was the message to delegates at the International Auto Finance Network conference from David Betteley, Global Financial Services Director at Jaguar Land Rover.

Disruption in auto finance to be even more significant than in other sectors

“Customers today buy cars in a radically different way than they did a few years ago. They start from the internet. In fact, around 97% of car buyers in Germany start their purchasing journey on the internet and most of them [take] an omni-channel approach.” Only about 1% of people in Germany seem to believe that their car buying experience is the optimal one. As expectations increase and ‘online’ becomes embedded in the car buying process, brand loyalties will be challenged. This was the message from Edoardo Demarchi, partner with global consultancy, Roland Berger at the International Auto Finance Network conference.

Disruption in auto finance to be even more significant than in other sectors

Apr 03, 2017

“Customers today buy cars in a radically different way than they did a few years ago. They start from the internet. In fact, around 97% of car buyers in Germany start their purchasing journey on the internet and most of them [take] an omni-channel approach.” Only about 1% of people in Germany seem to believe that their car buying experience is the optimal one. As expectations increase and ‘online’ becomes embedded in the car buying process, brand loyalties will be challenged. This was the message from Edoardo Demarchi, partner with global consultancy, Roland Berger at the International Auto Finance Network conference.

Using Artificial Intelligence to provide personalized customer service

Artificial intelligence (AI) is beginning to transform the way credit and fraud decisions are managed by the global finance industry. The transformation is driven by an ‘eruption’ in the level of data being generated, coupled with computer and software advances that can filter and analyze this data to provide insights and trigger decisions.

Using Artificial Intelligence to provide personalized customer service

Mar 22, 2017

Artificial intelligence (AI) is beginning to transform the way credit and fraud decisions are managed by the global finance industry. The transformation is driven by an ‘eruption’ in the level of data being generated, coupled with computer and software advances that can filter and analyze this data to provide insights and trigger decisions.

How Auto Captive Finance professionals can become kick ass rock stars!

The arrival of the connected car has raised an important question in the automotive market – who exactly is the customer connected to? Historically, a customer’s brand experience was defined by the car manufacturer and the unique environment it created for the driver and passengers. However, in the rush to install smartphone-ready technology into modern cars, manufacturers have welcomed the two dominant brands, Apple and Google, into their vehicle ecosystems.

How Auto Captive Finance professionals can become kick ass rock stars!

Mar 14, 2017

The arrival of the connected car has raised an important question in the automotive market – who exactly is the customer connected to? Historically, a customer’s brand experience was defined by the car manufacturer and the unique environment it created for the driver and passengers. However, in the rush to install smartphone-ready technology into modern cars, manufacturers have welcomed the two dominant brands, Apple and Google, into their vehicle ecosystems.