As asset finance grows in popularity, new technology is emerging. How can lenders and funders effectively adopt these to enhance their businesses?
That’s exactly what QV Systems are considering in their new Use Case: The Open Road for Asset Finance, available to download now.
The guide considers the changing face of finance, how the right tools can enhance efficiency in your financing process and the technology framework that could benefit your business.
This comprehensive use covers:
- How lenders and funders can seize the benefits of Open Banking and Digitisation
- The best technology frameworks and their benefits
- How to build long-term agility into your asset finance business
- The Open Road For Asset Finance
The Changing Face of Finance - an excerpt from the Use Case:
New routes for asset finance have developed on the strength of digital technology and fintech innovations, while the introduction of open banking in 2018 marked an industry turning point. With open banking, all bank data is available with the owner’s consent. It means banks can share data electronically with third parties through open APIs once owners have granted permission, enabling alternative finance providers to create new products and services. There is no need for photocopies, scanning and losable paper trails.
While new technology has already done much to change financial services, Covid-19 has accelerated the growth of digital business and the need to automate. Although the pandemic may have temporarily dented the demand for asset finance, with the AFL reporting in November 2020 that new business was 25% down on 2019, asset finance companies must be digitally enabled to succeed in a world that has been further changed by Covid-19.
As remote working increases, successful collaboration will depend on the availability, timeliness and relevance of information. Digital connectivity in today’s open environment allows for the free flow of electronic data, rather than paper-based formats, enriching and simplifying underwriting. This leads to speedier and more informed decision-making, greater consistency, and a better experience for customers.