Digitalisation

Finance industry warned to take action after Travelex cyber attack

As a cyber attack continues to cause severe disruption to global currency dealer Travelex, chief executives and CIOs in the finance industry face a stark question in 2020 – will we be next? In a special report, John Maslen talks to industry experts about what business leaders must do to prevent successful attacks.

Finance industry warned to take action after Travelex cyber attack

Jan 13, 2020

As a cyber attack continues to cause severe disruption to global currency dealer Travelex, chief executives and CIOs in the finance industry face a stark question in 2020 – will we be next? In a special report, John Maslen talks to industry experts about what business leaders must do to prevent successful attacks.

Why companies need to embrace digital transformation to drive competitive advantage

Companies should take a “think big, start small, scale fast” approach as they incorporate the Internet of Things into their operations, says Anthony Casciano, president and chief executive officer of Siemens Financial Services. He explains why this involves driving IoT from a business case, not pushing a technology into operations simply because of its fascinating potential.

Why companies need to embrace digital transformation to drive competitive advantage

Jan 13, 2020

Companies should take a “think big, start small, scale fast” approach as they incorporate the Internet of Things into their operations, says Anthony Casciano, president and chief executive officer of Siemens Financial Services. He explains why this involves driving IoT from a business case, not pushing a technology into operations simply because of its fascinating potential.

Why 2020 is the year of subscriptions

The subscription model is the largest trend in retail, offering a new way to source goods and services that gives customers the flexibility to switch to new products as their needs change. As more businesses, big and small, roll out a subscription offering, Wagonex chief executive officer Toby Kernon explains why it is the largest trend in retail.

Why 2020 is the year of subscriptions

Jan 07, 2020

The subscription model is the largest trend in retail, offering a new way to source goods and services that gives customers the flexibility to switch to new products as their needs change. As more businesses, big and small, roll out a subscription offering, Wagonex chief executive officer Toby Kernon explains why it is the largest trend in retail.

 

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How Mobility-as-a-Service will transform fleet finance

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

How Mobility-as-a-Service will transform fleet finance

Jan 07, 2020

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

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.

Funding Xchange secures £8 million funding to roll out white label ‘lending in a box’ solution

Digital finance platform Funding Xchange has secured new funding of £8 million as it rolls out its white label ‘lending in a box’ service. The fintech already provides the digital decisioning technology for partners including MoneySuperMarket, Monzo and Experian, so they can offer their customers instant access to quotes for business funding. The new round of investment, led by Downing Ventures and Gresham House Ventures, supports development of the solution, which digitises key steps in the underwriting process so that banks and lenders can provide instant quotes to customers for the right products.

Funding Xchange secures £8 million funding to roll out white label ‘lending in a box’ solution

Nov 20, 2019

Digital finance platform Funding Xchange has secured new funding of £8 million as it rolls out its white label ‘lending in a box’ service. The fintech already provides the digital decisioning technology for partners including MoneySuperMarket, Monzo and Experian, so they can offer their customers instant access to quotes for business funding. The new round of investment, led by Downing Ventures and Gresham House Ventures, supports development of the solution, which digitises key steps in the underwriting process so that banks and lenders can provide instant quotes to customers for the right products.

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.”

Why leasing companies must adjust their skillsets to meet growing private customer demand

A growing army of employees are throwing off the chains of their company car schemes in favour of cash, so they are free to source their own vehicles instead. In response, the leasing industry is adapting to offer new services to retain their business as drivers change from fleet to retail customers, spurred on by higher company car taxes and limited choice lists. For suppliers, the shift is bringing a wide range of challenges as the market shifts from a B2B to a B2C environment, including the need for new skillsets among leasing company employees to manage a different type of customer journey. Miguel Cabaça, managing director of Arval UK, provides a briefing on the issues facing the leasing industry in this exclusive video, provided courtesy of global financial software supplier White Clarke Group.

Why leasing companies must adjust their skillsets to meet growing private customer demand

Dec 19, 2018

A growing army of employees are throwing off the chains of their company car schemes in favour of cash, so they are free to source their own vehicles instead. In response, the leasing industry is adapting to offer new services to retain their business as drivers change from fleet to retail customers, spurred on by higher company car taxes and limited choice lists. For suppliers, the shift is bringing a wide range of challenges as the market shifts from a B2B to a B2C environment, including the need for new skillsets among leasing company employees to manage a different type of customer journey. Miguel Cabaça, managing director of Arval UK, provides a briefing on the issues facing the leasing industry in this exclusive video, provided courtesy of global financial software supplier White Clarke Group.

Nordea enhances Open Banking with instant reporting solution

Nordic bank Nordea has launched a new instant reporting service to enhance the benefits of Open Banking legislation for corporate customers. The service allows corporate clients to digitally access their accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in the second EU Payment Services Directive (PSD2) by offering a commercial product.

Nordea enhances Open Banking with instant reporting solution

Dec 17, 2018

Nordic bank Nordea has launched a new instant reporting service to enhance the benefits of Open Banking legislation for corporate customers. The service allows corporate clients to digitally access their accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in the second EU Payment Services Directive (PSD2) by offering a commercial product.

Digital lender iwoca adds Barclays and HSBC to Open Banking connections

Digital small business lending pioneer iwoca has connected leading banks Barclays and HSBC to its platform through Open Banking. The finance company now has connections to three of country’s largest banks after it completed the first ground-breaking agreement with Lloyds Bank in November. As a result of the expansion, 60% of iwoca’s customers can now make use of Open Banking services, under which customers can give verified third-parties secure access to their bank data to speed up the lending process.

Digital lender iwoca adds Barclays and HSBC to Open Banking connections

Dec 12, 2018

Digital small business lending pioneer iwoca has connected leading banks Barclays and HSBC to its platform through Open Banking. The finance company now has connections to three of country’s largest banks after it completed the first ground-breaking agreement with Lloyds Bank in November. As a result of the expansion, 60% of iwoca’s customers can now make use of Open Banking services, under which customers can give verified third-parties secure access to their bank data to speed up the lending process.

How to create a seamless auto finance journey from home to the showroom

When customers buy cars and vehicle finance, their purchasing journey typically switches between online and offline methods four times before completion, and they expect this journey to be seamless. With 86% of car buyers starting their journey online, the challenge facing auto finance companies is how to integrate both the digital and physical experience, so the customer journey progresses smoothly without buyers needing to start again when they visit a showroom. A major initiative at FCA Bank has been tackling the ‘online to offline’ challenge by shaping a new digitalization journey. It began in 2013 and is expected to offer full e-commerce by 2020, with customers using a platform at home that can also be accessed at dealerships. You can hear more about the ‘O2O’ journey in this exclusive presentation by Giacomo Carelli, CEO of FCA Bank, provided courtesy of leading finance software provider White Clarke Group.

How to create a seamless auto finance journey from home to the showroom

Dec 05, 2018

When customers buy cars and vehicle finance, their purchasing journey typically switches between online and offline methods four times before completion, and they expect this journey to be seamless. With 86% of car buyers starting their journey online, the challenge facing auto finance companies is how to integrate both the digital and physical experience, so the customer journey progresses smoothly without buyers needing to start again when they visit a showroom. A major initiative at FCA Bank has been tackling the ‘online to offline’ challenge by shaping a new digitalization journey. It began in 2013 and is expected to offer full e-commerce by 2020, with customers using a platform at home that can also be accessed at dealerships. You can hear more about the ‘O2O’ journey in this exclusive presentation by Giacomo Carelli, CEO of FCA Bank, provided courtesy of leading finance software provider White Clarke Group.

Digitalisation and robotic process automation boost Bancolombia results

Bancolombia increased total assets during the third quarter of 2018 as it reported digitalisation and automation were driving growth. Its Q3 results revealed that total assets reached 206,655 billion Colombian Pesos (COP) (USD$64 billion), a rise of 1.26% year-on-year, while asset growth between quarters two and three stood at 1.03%. The bank is the largest leasing company in Latin America, according to the Alta LAR 100, and has recently made a series of moves to digitise its services. It highlighted that 14% of new loans issued in Q3 were processed entirely online.

Digitalisation and robotic process automation boost Bancolombia results

Dec 04, 2018

Bancolombia increased total assets during the third quarter of 2018 as it reported digitalisation and automation were driving growth. Its Q3 results revealed that total assets reached 206,655 billion Colombian Pesos (COP) (USD$64 billion), a rise of 1.26% year-on-year, while asset growth between quarters two and three stood at 1.03%. The bank is the largest leasing company in Latin America, according to the Alta LAR 100, and has recently made a series of moves to digitise its services. It highlighted that 14% of new loans issued in Q3 were processed entirely online.

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.