Digitalisation

How augmented intelligence can unlock growth in auto finance

User experience will prove critical to extracting the most valuable insights from data as companies generate ever-greater quantities of complex information about their businesses and their customers. Although robotic process automation, analytics, and artificial intelligence can generate a wealth of valuable business data, it will never become actionable insight unless it is transformed into a usable format that executives can understand. If data is not easy to digest and interpret, then it will not provide the benefits that companies need, according to Alex Plenty, vice-president, data and analytics, Genpact. He warned: “I hear a lot of times of people building ‘data lakes’ but the data is not getting out to the business fast enough.”

How augmented intelligence can unlock growth in auto finance

Jun 22, 2020

User experience will prove critical to extracting the most valuable insights from data as companies generate ever-greater quantities of complex information about their businesses and their customers. Although robotic process automation, analytics, and artificial intelligence can generate a wealth of valuable business data, it will never become actionable insight unless it is transformed into a usable format that executives can understand. If data is not easy to digest and interpret, then it will not provide the benefits that companies need, according to Alex Plenty, vice-president, data and analytics, Genpact. He warned: “I hear a lot of times of people building ‘data lakes’ but the data is not getting out to the business fast enough.”

White Clarke Group reveals changing shape of USA leasing market

Leading finance technology company White Clarke Group has launched a new USA leasing market report that profiles a robust industry well-placed to manage the economic challenges ahead. The annual survey, produced in association with the World Leasing Yearbook, assesses the performance of the national leasing market in the USA up to mid-2019. It uses in-depth research conducted on behalf of the Equipment Leasing & Finance Foundation by Keybridge Research and offers a wealth of economic and industry insights, including the size of the equipment finance market before the impact of the Coronavirus pandemic.

White Clarke Group reveals changing shape of USA leasing market

Jun 10, 2020

Leading finance technology company White Clarke Group has launched a new USA leasing market report that profiles a robust industry well-placed to manage the economic challenges ahead. The annual survey, produced in association with the World Leasing Yearbook, assesses the performance of the national leasing market in the USA up to mid-2019. It uses in-depth research conducted on behalf of the Equipment Leasing & Finance Foundation by Keybridge Research and offers a wealth of economic and industry insights, including the size of the equipment finance market before the impact of the Coronavirus pandemic.

Creating Mobility-as-a-Service Models

Leasing companies are focusing on their core strengths as they adapt to meet the new mobility needs of consumers. In carving a new role in the Mobility as a Service landscape, leasing companies can excel as specialist providers of vehicles to other mobility services, including global technology platforms such as Uber, in addition to their traditional role of providing vehicles direct to end-user customers. This plays to the strengths of leasing companies as vehicle management experts, particularly when it comes to serving the complex needs of large fleets.

Creating Mobility-as-a-Service Models

Jun 01, 2020

Leasing companies are focusing on their core strengths as they adapt to meet the new mobility needs of consumers. In carving a new role in the Mobility as a Service landscape, leasing companies can excel as specialist providers of vehicles to other mobility services, including global technology platforms such as Uber, in addition to their traditional role of providing vehicles direct to end-user customers. This plays to the strengths of leasing companies as vehicle management experts, particularly when it comes to serving the complex needs of large fleets.

 

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German Leasing Market Update Released

The German leasing sector reported a robust market ahead of the disruption caused by the Coronavirus, with growth in total volume to more than €60 billion, according to a new market report. The report has been released by White Clarke Group in association with the World Leasing Yearbook and provides an assessment of markets in the period up to mid-2019. It reveals that in 2018 the total volume of new business acquired in Germany was €60.7bn (as compared with €58.8bn in the preceding year).

German Leasing Market Update Released

Apr 27, 2020

The German leasing sector reported a robust market ahead of the disruption caused by the Coronavirus, with growth in total volume to more than €60 billion, according to a new market report. The report has been released by White Clarke Group in association with the World Leasing Yearbook and provides an assessment of markets in the period up to mid-2019. It reveals that in 2018 the total volume of new business acquired in Germany was €60.7bn (as compared with €58.8bn in the preceding year).

Breaking the 9-to-5: The rise of “anytime, anywhere” service in auto finance

Auto finance providers must be prepared to provide on-demand service to deliver the experience that customers now expect in return for their loyalty. The provision of a seamless, high quality and personalised service will be vital to future growth as there is an increasing focus on supporting customer interactions at any time of day. Nick Smith, partner with Deloitte Consulting, stated: “Customer centricity is absolutely vital; people expect an anytime, anywhere customer experience; it is not just 9-to-5.”

Breaking the 9-to-5: The rise of “anytime, anywhere” service in auto finance

Apr 07, 2020

Auto finance providers must be prepared to provide on-demand service to deliver the experience that customers now expect in return for their loyalty. The provision of a seamless, high quality and personalised service will be vital to future growth as there is an increasing focus on supporting customer interactions at any time of day. Nick Smith, partner with Deloitte Consulting, stated: “Customer centricity is absolutely vital; people expect an anytime, anywhere customer experience; it is not just 9-to-5.”

FCA partners with Amazon to deliver cars by subscription

Car manufacturers are developing innovative new finance models as customers expect to move away from ownership towards usership. Among the leading innovators is FCA Bank, which is powering a range of new services for car users, including pay per kilometre and cars by subscription through its mobility arm Leasys. Marcella Merli, head of sales and marketing for FCA Bank, said: “Mobility services are really paramount for the future of our sector and the revolution is also coming from the customer.”

FCA partners with Amazon to deliver cars by subscription

Mar 16, 2020

Car manufacturers are developing innovative new finance models as customers expect to move away from ownership towards usership. Among the leading innovators is FCA Bank, which is powering a range of new services for car users, including pay per kilometre and cars by subscription through its mobility arm Leasys. Marcella Merli, head of sales and marketing for FCA Bank, said: “Mobility services are really paramount for the future of our sector and the revolution is also coming from the customer.”

White Clarke Group partners with Solutions by Text to enhance customer communications

Global finance technology company White Clarke Group is partnering with SMS software company Solutions by Text to support better communication between lenders, dealerships and customers. The integration coordinates White Clarke Group’s existing CALMS loan origination software with Solutions by Text’s automated outbound messaging services. This enables lenders to send SMS notifications on the progress of ongoing applications.

White Clarke Group partners with Solutions by Text to enhance customer communications

Mar 16, 2020

Global finance technology company White Clarke Group is partnering with SMS software company Solutions by Text to support better communication between lenders, dealerships and customers. The integration coordinates White Clarke Group’s existing CALMS loan origination software with Solutions by Text’s automated outbound messaging services. This enables lenders to send SMS notifications on the progress of ongoing applications.

White Clarke Group appoints Wayne Ross as group chief technical officer

White Clarke Group has appointed Wayne Ross as its group chief technical officer. Ross (pictured) has worked in engineering, technology development and business management for 25 years and will be supporting White Clarke Group’s executive board to lead the company’s strategic development of innovative technology.

White Clarke Group appoints Wayne Ross as group chief technical officer

Mar 13, 2020

White Clarke Group has appointed Wayne Ross as its group chief technical officer. Ross (pictured) has worked in engineering, technology development and business management for 25 years and will be supporting White Clarke Group’s executive board to lead the company’s strategic development of innovative technology.

White Clarke Group’s 2020 Global Leasing Report reveals nine years of continuous growth in leasing

The annual Global Leasing Report 2020, released by White Clarke Group in association with the World Leasing Yearbook, has revealed how nearly nine years of growth has shaped the market. The report, which is available for free download, is the definitive guide to the world’s top 50 leasing markets and provides detailed analysis of country trading environments and trends in auto and equipment finance. Highlights show that the global leasing industry has expanded by 131% in the past nine years, powered by Asia, North America and Europe, despite economic challenges. The three regions make up 95% of the world’s total leasing volume.

White Clarke Group’s 2020 Global Leasing Report reveals nine years of continuous growth in leasing

Mar 03, 2020

The annual Global Leasing Report 2020, released by White Clarke Group in association with the World Leasing Yearbook, has revealed how nearly nine years of growth has shaped the market. The report, which is available for free download, is the definitive guide to the world’s top 50 leasing markets and provides detailed analysis of country trading environments and trends in auto and equipment finance. Highlights show that the global leasing industry has expanded by 131% in the past nine years, powered by Asia, North America and Europe, despite economic challenges. The three regions make up 95% of the world’s total leasing volume.

Using AI to innovate and drive loyalty through remarkable customer experiences

Artificial intelligence can play a key role in improving levels of customer service and satisfaction in auto finance to increase loyalty and revenue, according to a leading industry expert. Bob Beatty, executive vice-president, customer experience, at GM Financial has revealed how AI can revolutionise how thousands of customer interactions are handled, giving team members more time to manage more complex customer enquiries. “The mandate I was given was to innovate to drive loyalty through remarkable customer experiences from the dealer front and the customer front,” Beatty said. “I looked at what our customers were telling us and instead of taking it as exactly what they were saying, when I looked at it from a different perspective, they were saying, ‘make this easy, give me my time back.’ Time has become our customers’ greatest asset now.”

Using AI to innovate and drive loyalty through remarkable customer experiences

Feb 25, 2020

Artificial intelligence can play a key role in improving levels of customer service and satisfaction in auto finance to increase loyalty and revenue, according to a leading industry expert. Bob Beatty, executive vice-president, customer experience, at GM Financial has revealed how AI can revolutionise how thousands of customer interactions are handled, giving team members more time to manage more complex customer enquiries. “The mandate I was given was to innovate to drive loyalty through remarkable customer experiences from the dealer front and the customer front,” Beatty said. “I looked at what our customers were telling us and instead of taking it as exactly what they were saying, when I looked at it from a different perspective, they were saying, ‘make this easy, give me my time back.’ Time has become our customers’ greatest asset now.”

Simply completes first deal powered by open banking technology

SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data. The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data. Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.

Simply completes first deal powered by open banking technology

Feb 10, 2020

SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data. The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data. Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.

Ransomware gangs increase raids as car parts company Gedia becomes latest cyber-attack victim

German car parts manufacturer Gedia has shut down its IT systems after a cyber-attack. Industry experts are blaming the attack on the same hackers who crippled global travel money giant Travelex, which is still offline nearly a month after it was hit. The car parts manufacturer said it couldn’t comment on the source of the attack and said it had called in the police, while an emergency plan has been put in place to maintain deliveries. Gedia Automotive Group employs 4,300 people in seven countries and initially warned the attack could have far-reaching consequences.

Ransomware gangs increase raids as car parts company Gedia becomes latest cyber-attack victim

Jan 28, 2020

German car parts manufacturer Gedia has shut down its IT systems after a cyber-attack. Industry experts are blaming the attack on the same hackers who crippled global travel money giant Travelex, which is still offline nearly a month after it was hit. The car parts manufacturer said it couldn’t comment on the source of the attack and said it had called in the police, while an emergency plan has been put in place to maintain deliveries. Gedia Automotive Group employs 4,300 people in seven countries and initially warned the attack could have far-reaching consequences.

UK strengthens role as fintech leader

The UK has strengthened its role as a European leader in fintech through a flexible regulatory regime, supportive government policy and strong investment, new research reveals. As a European hub of the fintech ecosystem, it received total funding of $3.9 billion 2018, out of total investment of $6.9 billion across Europe. A new study by Accenture Strategy and Assifact, the Italian Factoring Association, analysed more than 250 companies in seven countries, with the aim of identifying the most innovative solutions and business models in supply chain finance.

UK strengthens role as fintech leader

Jan 27, 2020

The UK has strengthened its role as a European leader in fintech through a flexible regulatory regime, supportive government policy and strong investment, new research reveals. As a European hub of the fintech ecosystem, it received total funding of $3.9 billion 2018, out of total investment of $6.9 billion across Europe. A new study by Accenture Strategy and Assifact, the Italian Factoring Association, analysed more than 250 companies in seven countries, with the aim of identifying the most innovative solutions and business models in supply chain finance.

V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

Jan 21, 2020

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

Nordea offers carbon footprint summaries to 3 million digital banking customers

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Nordea offers carbon footprint summaries to 3 million digital banking customers

Jan 20, 2020

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Apple’s giant leap into fintech – what Apple Card means for the future of finance

Global tech giant Apple aims to rewrite the rules of finance with the release of Apple Card, its first major move into banking services. The launch of the card illustrates the disruptive power that tech giants can wield and highlights how their direct access to customers through technology, such as smartphones, can accelerate take-up.

Apple’s giant leap into fintech – what Apple Card means for the future of finance

Apr 16, 2019

Global tech giant Apple aims to rewrite the rules of finance with the release of Apple Card, its first major move into banking services. The launch of the card illustrates the disruptive power that tech giants can wield and highlights how their direct access to customers through technology, such as smartphones, can accelerate take-up.

How new AI capabilities are opening up opportunities for finance companies

The financial services sector exists in a disrupted and highly uncertain space. In the decade since the 2008 financial crash, there has been a fundamental shift in how it is regulated, how we think about finance, and how players compete. For instance, the UK has led the way with initiatives such as Open Banking and the Financial Conduct Authority’s Regulatory Sandbox to encourage and fast-track product innovation.

How new AI capabilities are opening up opportunities for finance companies

Apr 16, 2019

The financial services sector exists in a disrupted and highly uncertain space. In the decade since the 2008 financial crash, there has been a fundamental shift in how it is regulated, how we think about finance, and how players compete. For instance, the UK has led the way with initiatives such as Open Banking and the Financial Conduct Authority’s Regulatory Sandbox to encourage and fast-track product innovation.

Blockchain innovation in mobility - how smart contracts can power the new mobility economy

Blockchain technology has the potential to revolutionise the way mobility solutions are delivered and financed, drastically reducing the cost of providing services. Vehicle-based services such as ride-hailing could have their finance processing costs slashed to a fraction of their current level using the technology and it could transform the type of payments being made, according to Chris Ballinger, chief executive officer and founder of the Mobility Open Blockchain Initiative. MOBI is a global consortium that works with companies throughout the industry to establish common standards for the use of blockchain in the mobility industry. It aims to build a worldwide network of cities, infrastructure providers, consumers, and producers of mobility services in order to accelerate the adoption of the technology.

Blockchain innovation in mobility - how smart contracts can power the new mobility economy

Apr 08, 2019

Blockchain technology has the potential to revolutionise the way mobility solutions are delivered and financed, drastically reducing the cost of providing services. Vehicle-based services such as ride-hailing could have their finance processing costs slashed to a fraction of their current level using the technology and it could transform the type of payments being made, according to Chris Ballinger, chief executive officer and founder of the Mobility Open Blockchain Initiative. MOBI is a global consortium that works with companies throughout the industry to establish common standards for the use of blockchain in the mobility industry. It aims to build a worldwide network of cities, infrastructure providers, consumers, and producers of mobility services in order to accelerate the adoption of the technology.

Tomorrow’s Journey partners with LeasePlan UK ahead of mobility pilot

Global mobility start-up Tomorrow’s Journey has announced a partnership with LeasePlan UK to deliver a ground-breaking trial of its technology to maximise fleet utilisation. The company’s JRNY platform supports the use of shared assets, including fleet vehicles, to spread the benefits of new mobility options. The UK arm of LeasePlan, one of the world’s biggest leasing companies, has become the first partner in a live trial of the company’s technology by supplying vehicles for the pilot.

Tomorrow’s Journey partners with LeasePlan UK ahead of mobility pilot

Apr 05, 2019

Global mobility start-up Tomorrow’s Journey has announced a partnership with LeasePlan UK to deliver a ground-breaking trial of its technology to maximise fleet utilisation. The company’s JRNY platform supports the use of shared assets, including fleet vehicles, to spread the benefits of new mobility options. The UK arm of LeasePlan, one of the world’s biggest leasing companies, has become the first partner in a live trial of the company’s technology by supplying vehicles for the pilot.

Drivers to be offered mobility credits to give up cars in local authority scheme

Drivers in a UK trial are to be offered thousands of pounds in ‘mobility credits’ in return for giving up their cars to help tackle congestion and pollution. The scheme is part of a wide-ranging Future Mobility programme approved by West Midlands Combined Authority (WMCA) last week. Transport for West Midlands (TfWM), part of the WMCA, aims to encourage drivers to give up their private vehicles and opt for on-demand mobility solutions, such as car sharing, public transport and electric vehicle hire schemes.

Drivers to be offered mobility credits to give up cars in local authority scheme

Mar 28, 2019

Drivers in a UK trial are to be offered thousands of pounds in ‘mobility credits’ in return for giving up their cars to help tackle congestion and pollution. The scheme is part of a wide-ranging Future Mobility programme approved by West Midlands Combined Authority (WMCA) last week. Transport for West Midlands (TfWM), part of the WMCA, aims to encourage drivers to give up their private vehicles and opt for on-demand mobility solutions, such as car sharing, public transport and electric vehicle hire schemes.

Making finance sourcing as simple as booking a flight

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.

Making finance sourcing as simple as booking a flight

Mar 19, 2019

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.