Digitalisation

Banking in the future will combine technology and the personal touch

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner, says Josh Bottomley, global head of digital, data and development at HSBC.

Banking in the future will combine technology and the personal touch

Dec 04, 2019

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner, says Josh Bottomley, global head of digital, data and development at HSBC.

Oodle Car Finance CEO Jonny Clayton prepares to accelerate growth as company rolls out new technology

IAFN Award-winning funder Oodle Car Finance is developing innovative new technology to power the next stage of its rapid growth, led by chief executive officer and founder Jonny Clayton. Miles Rogerson reports.

Oodle Car Finance CEO Jonny Clayton prepares to accelerate growth as company rolls out new technology

Nov 27, 2019

IAFN Award-winning funder Oodle Car Finance is developing innovative new technology to power the next stage of its rapid growth, led by chief executive officer and founder Jonny Clayton. Miles Rogerson reports.

Number of companies selling via social media predicted to double in six months

The number of UK businesses selling through social media sites and smartphone apps is predicted to double in the next six months, according to new research from global payments giant PayPal. Its fourth annual Commerce Index estimates 24% of British businesses already sell via social media platforms and this will grow by another 600,000. The research found that 8.4 million British consumers shop via social media, with Facebook, Instagram and Snapchat being among the most popular channels.

Number of companies selling via social media predicted to double in six months

Nov 22, 2019

The number of UK businesses selling through social media sites and smartphone apps is predicted to double in the next six months, according to new research from global payments giant PayPal. Its fourth annual Commerce Index estimates 24% of British businesses already sell via social media platforms and this will grow by another 600,000. The research found that 8.4 million British consumers shop via social media, with Facebook, Instagram and Snapchat being among the most popular channels.

How technology is reshaping future mobility solutions

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

How technology is reshaping future mobility solutions

Nov 18, 2019

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

The journey to pay-per-mile and beyond

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

The journey to pay-per-mile and beyond

Oct 15, 2019

Leasing companies will have to prioritise partnerships if they are to deliver the connected services that consumers will expect in future. As customer interest in servitization grows, demand for broader mobility services beyond the car will also increase, so finance providers will need to offer joined up services that support a seamless switch from one transport option to another. This means providing smartphone-based applications that offer a bundle of services through a single solution, so customers can arrange cars, parking or public transport on the same platform.

Why ‘think digital’ is a vital strategy for servitization success

Finance providers and auto dealers will need to adapt their business offering as a growing proportion of customers switch from vehicle ownership to usage-based services. A vital element of this change is ‘thinking digital’ to ensure services remain relevant to the connected consumer. This growing community is already comfortable with pay-on-use services such as mobile phones and expects digital services to provide added value and a great user experience.

Why ‘think digital’ is a vital strategy for servitization success

Sep 30, 2019

Finance providers and auto dealers will need to adapt their business offering as a growing proportion of customers switch from vehicle ownership to usage-based services. A vital element of this change is ‘thinking digital’ to ensure services remain relevant to the connected consumer. This growing community is already comfortable with pay-on-use services such as mobile phones and expects digital services to provide added value and a great user experience.

Building the ‘value hill’ in asset finance

Asset finance companies are facing new types of risk as they adapt their business models to servitization. Customers are keen to adopt ‘pay-on-use’ services, but funders and suppliers will need to ensure that the deal remains profitable by maximising the utilisation of assets during their first use and also through developing business models focused on the circular economy to extend their working life and generate value from reuse, refurbishment and recycling.

Building the ‘value hill’ in asset finance

Sep 17, 2019

Asset finance companies are facing new types of risk as they adapt their business models to servitization. Customers are keen to adopt ‘pay-on-use’ services, but funders and suppliers will need to ensure that the deal remains profitable by maximising the utilisation of assets during their first use and also through developing business models focused on the circular economy to extend their working life and generate value from reuse, refurbishment and recycling.

Why digital retailing is reaching a tipping point

The online sale and purchase of used cars and vans has begun to reach a tipping point in the second half of 2019, where the vast majority of retailers are using digital avenues to retail used vehicles, according to epyx. Executives as the e-commerce solutions provider believe that the end-to-end digital processes have encompassed the world of stock acquisition and retail, and that as digital process become more comprehensive and reliable, more used car retailers are spending less time away from their desks.

Why digital retailing is reaching a tipping point

Sep 09, 2019

The online sale and purchase of used cars and vans has begun to reach a tipping point in the second half of 2019, where the vast majority of retailers are using digital avenues to retail used vehicles, according to epyx. Executives as the e-commerce solutions provider believe that the end-to-end digital processes have encompassed the world of stock acquisition and retail, and that as digital process become more comprehensive and reliable, more used car retailers are spending less time away from their desks.

Little progress on blockchain development for equipment finance, says Alta Group

The equipment finance industry is being left behind by other sectors on blockchain development, according to the latest Monitor report from The Alta Group. A blockchain is a data structure that makes it possible to create a digital ledger of data and share it among a network of independent parties. A suite of distributed ledger technologies that can be programmed to record and track anything of value. Valerie L. Gerard, senior managing director and leader of the Strategy & Competitive Alignment Practice for The Alta Group’s consulting services, said that while other sectors are diving or wading in to blockchain development, equipment finance companies aren’t there yet.

Little progress on blockchain development for equipment finance, says Alta Group

Aug 22, 2019

The equipment finance industry is being left behind by other sectors on blockchain development, according to the latest Monitor report from The Alta Group. A blockchain is a data structure that makes it possible to create a digital ledger of data and share it among a network of independent parties. A suite of distributed ledger technologies that can be programmed to record and track anything of value. Valerie L. Gerard, senior managing director and leader of the Strategy & Competitive Alignment Practice for The Alta Group’s consulting services, said that while other sectors are diving or wading in to blockchain development, equipment finance companies aren’t there yet.

Delivering the roadmap from product sales to servitization

Funders need to change and adapt to take maximum advantage of the financing opportunities related to servitization. The transition from financing products to delivering outcomes is lengthy and challenging but with a clear focus new services can thrive, according to Nick Feasey, former director of funding and strategy at Lenovo Financial Services. Speaking at the International Asset Finance Network conference, before he left the role, he said: “There’s a huge opportunity and a lot of those cash customers are now asking about this type of model, which I think is great for the asset finance industry.”

Delivering the roadmap from product sales to servitization

Aug 21, 2019

Funders need to change and adapt to take maximum advantage of the financing opportunities related to servitization. The transition from financing products to delivering outcomes is lengthy and challenging but with a clear focus new services can thrive, according to Nick Feasey, former director of funding and strategy at Lenovo Financial Services. Speaking at the International Asset Finance Network conference, before he left the role, he said: “There’s a huge opportunity and a lot of those cash customers are now asking about this type of model, which I think is great for the asset finance industry.”

Creating the Amazon of asset finance to overcome servitization barriers

Asset finance companies will need new skills and updated business models to meet the changing asset finance needs of their customers. Customer expectations are being influenced by the ‘Amazon effect’ as they want business solutions to be just as flexible as the services they use in private. Servitization is a major industry trend, through which business customers pay for outcomes instead of traditional assets. The medical industry is already seeing this impact, with some health authorities shifting their strategies from spending millions of pounds purchasing specialist equipment to paying per usage for the scans instead.

Creating the Amazon of asset finance to overcome servitization barriers

Aug 07, 2019

Asset finance companies will need new skills and updated business models to meet the changing asset finance needs of their customers. Customer expectations are being influenced by the ‘Amazon effect’ as they want business solutions to be just as flexible as the services they use in private. Servitization is a major industry trend, through which business customers pay for outcomes instead of traditional assets. The medical industry is already seeing this impact, with some health authorities shifting their strategies from spending millions of pounds purchasing specialist equipment to paying per usage for the scans instead.

Adapting asset finance to support servitization as lines blur between products and services

Manufacturers and their finance partners can exploit an important opportunity for growth by embracing the potential benefits of servitization. Servitization is the innovation of a manufacturer’s capabilities to compete through services rather than simply products alone, which enhances customer insights and generates long-term loyalty. The potential benefits to manufacturers and their asset finance partners were analysed during the International Asset Finance Network conference by Tim Baines, professor of operations strategy and executive director, The Advanced Services Group, at Aston Business School.

Adapting asset finance to support servitization as lines blur between products and services

Jul 25, 2019

Manufacturers and their finance partners can exploit an important opportunity for growth by embracing the potential benefits of servitization. Servitization is the innovation of a manufacturer’s capabilities to compete through services rather than simply products alone, which enhances customer insights and generates long-term loyalty. The potential benefits to manufacturers and their asset finance partners were analysed during the International Asset Finance Network conference by Tim Baines, professor of operations strategy and executive director, The Advanced Services Group, at Aston Business School.

Development of new fleet services 'hampered by poor access to connected car data'

Vehicle manufacturers are hampering the development of new services for connected cars by restricting access to data, an industry supplier claims. Technology provider epyx warns that connected car data is being processed and shared by manufacturers using outdated methods, which blocks access to live streams that could power new services. As a growing number of connected cars are launched by manufacturers, the row is likely to intensify. For most modern connected cars, the vehicle can establish direct links to the manufacturer, so the car can share a wealth of data if the owner approves. This can range from mileage information to data from any of the hundreds of processors now fitted to vehicles, which can then be used to provide added-value services such as predictive maintenance or even driving advice to improve fuel economy. While manufacturers are already making this data available to suppliers, such as leasing companies, epyx argues the delivery method is too cumbersome and limits its value.

Development of new fleet services 'hampered by poor access to connected car data'

Jul 23, 2019

Vehicle manufacturers are hampering the development of new services for connected cars by restricting access to data, an industry supplier claims. Technology provider epyx warns that connected car data is being processed and shared by manufacturers using outdated methods, which blocks access to live streams that could power new services. As a growing number of connected cars are launched by manufacturers, the row is likely to intensify. For most modern connected cars, the vehicle can establish direct links to the manufacturer, so the car can share a wealth of data if the owner approves. This can range from mileage information to data from any of the hundreds of processors now fitted to vehicles, which can then be used to provide added-value services such as predictive maintenance or even driving advice to improve fuel economy. While manufacturers are already making this data available to suppliers, such as leasing companies, epyx argues the delivery method is too cumbersome and limits its value.

iwoca launches real-time loan decisions with Funding Xchange and Funding Options

Innovative small business lender iwoca is partnering with two of the industry’s biggest finance marketplaces, Funding Xchange and Funding Options, to offer real-time loan decisions to customers. Typically, small business owners will receive loan decisions within 30 seconds, after which they are able to draw down funds. It says this improves on the traditional “approval in principle” offered by other business lenders and is aimed at providing an increased level of certainty to customers when it comes to making decisions based on available finance. Loans will initially be limited to amounts up to £15,000.

iwoca launches real-time loan decisions with Funding Xchange and Funding Options

Jul 03, 2019

Innovative small business lender iwoca is partnering with two of the industry’s biggest finance marketplaces, Funding Xchange and Funding Options, to offer real-time loan decisions to customers. Typically, small business owners will receive loan decisions within 30 seconds, after which they are able to draw down funds. It says this improves on the traditional “approval in principle” offered by other business lenders and is aimed at providing an increased level of certainty to customers when it comes to making decisions based on available finance. Loans will initially be limited to amounts up to £15,000.

[Report] Focusing On Customer Outcomes Through Servitization

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

[Report] Focusing On Customer Outcomes Through Servitization

Jun 18, 2019

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

White Clarke Group provides new data insights through OpenText Analytics integration

Finance technology company White Clarke Group is providing new advanced data visualisation services, dashboards and intelligent analysis in a partnership with information management company OpenText. OpenText Analytics offfers a comprehensive set of analytics software which White Clarke Group will use to provide users of its CALMS platform with enhanced data insights. The CALMS platform is used by automotive, consumer and equipment finance companies around the world to manage their process flows for loan origination and loan servicing.

White Clarke Group provides new data insights through OpenText Analytics integration

Nov 21, 2018

Finance technology company White Clarke Group is providing new advanced data visualisation services, dashboards and intelligent analysis in a partnership with information management company OpenText. OpenText Analytics offfers a comprehensive set of analytics software which White Clarke Group will use to provide users of its CALMS platform with enhanced data insights. The CALMS platform is used by automotive, consumer and equipment finance companies around the world to manage their process flows for loan origination and loan servicing.

Is this the end of finance leasing?

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

Is this the end of finance leasing?

Nov 07, 2018

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

NatWest launches trial of digital business banking for SMEs

UK bank NatWest, part of the Royal Bank of Scotland, has announced the launch of a new digital bank account for small businesses. The introduction of the smartphone-based account, called Mettle, responds to a growing appetite for digital banking services among consumers and businesses. Mettle combines a current account, including a debit card, with invoicing and bookkeeping capabilities. Customers open a business current account by downloading the app, which can be used to forecast their business performance, create invoices from their smartphone and provide reminders for chasing payments.

NatWest launches trial of digital business banking for SMEs

Nov 06, 2018

UK bank NatWest, part of the Royal Bank of Scotland, has announced the launch of a new digital bank account for small businesses. The introduction of the smartphone-based account, called Mettle, responds to a growing appetite for digital banking services among consumers and businesses. Mettle combines a current account, including a debit card, with invoicing and bookkeeping capabilities. Customers open a business current account by downloading the app, which can be used to forecast their business performance, create invoices from their smartphone and provide reminders for chasing payments.

White Clarke Group acquires equipment finance software specialist Insyston

Lending technology company White Clarke Group has announced the acquisition of equipment finance software provider Insyston. Founded in 1998, Insyston is an end-to-end asset finance software provider based in Sydney, Australia. The acquisition supports White Clarke Group’s expansion plans in the Australian, European and North American equipment finance sectors, and adds to its cloud hosting expertise.

White Clarke Group acquires equipment finance software specialist Insyston

Nov 01, 2018

Lending technology company White Clarke Group has announced the acquisition of equipment finance software provider Insyston. Founded in 1998, Insyston is an end-to-end asset finance software provider based in Sydney, Australia. The acquisition supports White Clarke Group’s expansion plans in the Australian, European and North American equipment finance sectors, and adds to its cloud hosting expertise.

Volvo Financial Services launches iLabX innovation Lab for Technology Entrepreneurs

Volvo Financial Services (VFS) has launched iLabX, an accelerator program designed to provide entrepreneurial companies from around the world in fintech and other fields with the opportunity to collaborate with VFS. The aim is to develop and implement new innovative solutions and technologies that can ultimately benefit customers, dealers, and partners.

Volvo Financial Services launches iLabX innovation Lab for Technology Entrepreneurs

Oct 25, 2018

Volvo Financial Services (VFS) has launched iLabX, an accelerator program designed to provide entrepreneurial companies from around the world in fintech and other fields with the opportunity to collaborate with VFS. The aim is to develop and implement new innovative solutions and technologies that can ultimately benefit customers, dealers, and partners.

Daimler Financial Services invests in avatar-based customer service

Daimler Financial Services has made a strategic investment in Soul Machines, the New Zealand start-up that is a world leader in digital avatar-based customer service. The investment will help Daimler Financial Services to develop ‘near human’ digital services based around on-screen avatars that display ‘emotional intelligence’. The company brings technology to life by creating incredibly realistic, emotionally responsive, artificial humans with personality and character that allows machines to talk to humans face-to-face.

Daimler Financial Services invests in avatar-based customer service

Oct 19, 2018

Daimler Financial Services has made a strategic investment in Soul Machines, the New Zealand start-up that is a world leader in digital avatar-based customer service. The investment will help Daimler Financial Services to develop ‘near human’ digital services based around on-screen avatars that display ‘emotional intelligence’. The company brings technology to life by creating incredibly realistic, emotionally responsive, artificial humans with personality and character that allows machines to talk to humans face-to-face.