Société Générale Equipment Finance holds hackathon to inspire innovation

Global equipment and vendor finance specialist Société Générale Equipment Finance (SGEF) has brought together experts from around the world for a hackathon aimed at tackling the so-called ‘dinosaurs of the banking systems’. The event, held in Berlin, was designed to stimulate innovation and inspire new developments in areas including design of the user experience (UX) and user interface (UI) in digital services.

Société Générale Equipment Finance holds hackathon to inspire innovation

Apr 23, 2019

Global equipment and vendor finance specialist Société Générale Equipment Finance (SGEF) has brought together experts from around the world for a hackathon aimed at tackling the so-called ‘dinosaurs of the banking systems’. The event, held in Berlin, was designed to stimulate innovation and inspire new developments in areas including design of the user experience (UX) and user interface (UI) in digital services.

Putting customer satisfaction at the heart of your auto finance business strategy

The principle of ‘Treating Customers Fairly’ is now firmly positioned at the forefront of what car retailers and lenders do. We have always known this needs to be reflected in the way finance and insurance (F&I) salespeople are incentivised. Dealers and car finance brokers need to ensure that they are engaging with customers in a positive way and lenders must consider the most appropriate methods of incentivising their partners. Much needs to be considered and reviewed following the Financial Conduct Authority’s final report on motor finance, but that doesn’t stop us taking a proactive approach now.

Putting customer satisfaction at the heart of your auto finance business strategy

Apr 23, 2019

The principle of ‘Treating Customers Fairly’ is now firmly positioned at the forefront of what car retailers and lenders do. We have always known this needs to be reflected in the way finance and insurance (F&I) salespeople are incentivised. Dealers and car finance brokers need to ensure that they are engaging with customers in a positive way and lenders must consider the most appropriate methods of incentivising their partners. Much needs to be considered and reviewed following the Financial Conduct Authority’s final report on motor finance, but that doesn’t stop us taking a proactive approach now.

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.

 

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.

 

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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.

White Oak launches premium broker programme

White Oak UK, one of the country’s largest alternative providers of SME finance, has launched a premium broker programme to support its network of partners. The programme features a dedicated business development manager and back office support staff to ensure deals are progressed quickly. Additional enhancements will also include e-signature technology.

White Oak launches premium broker programme

Apr 15, 2019

White Oak UK, one of the country’s largest alternative providers of SME finance, has launched a premium broker programme to support its network of partners. The programme features a dedicated business development manager and back office support staff to ensure deals are progressed quickly. Additional enhancements will also include e-signature technology.

Private companies struggling with lease accounting standard

A first report on how private companies are prepared for the new lease accounting standards that come into use in January 2020 suggests many have significant work remaining to meet the new requirements. The research study of 350 finance and accounting leaders from US-based private companies with $1 billion or more in revenue looked at their plans for implementing ASC 842. Overall, almost 55% of companies are finding the lease accounting project to be more complex than originally anticipated. Collecting data, modifying business processes and project managing the enterprise-wide effort are the top three challenges.

Private companies struggling with lease accounting standard

Apr 15, 2019

A first report on how private companies are prepared for the new lease accounting standards that come into use in January 2020 suggests many have significant work remaining to meet the new requirements. The research study of 350 finance and accounting leaders from US-based private companies with $1 billion or more in revenue looked at their plans for implementing ASC 842. Overall, almost 55% of companies are finding the lease accounting project to be more complex than originally anticipated. Collecting data, modifying business processes and project managing the enterprise-wide effort are the top three challenges.

 

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Mining data: how successful is the asset finance industry at striking gold?

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

Mining data: how successful is the asset finance industry at striking gold?

Feb 12, 2019

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

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CIT lights up battery-based energy project

CIT Group has completed a third round of financing for an innovative battery-based energy storage project to boost renewable energy use in Southern California. This latest financing agreement for Macquarie's Green Investment Group follows two earlier rounds led by CIT’s power and energy business, bringing combined CIT-led funding for the project to more than $160 million. The loans support battery storage throughout the West Los Angeles Basin region, which totals about 63 megawatts across 89 different sites for 28 different host customers.

CIT lights up battery-based energy project

Apr 15, 2019

CIT Group has completed a third round of financing for an innovative battery-based energy storage project to boost renewable energy use in Southern California. This latest financing agreement for Macquarie's Green Investment Group follows two earlier rounds led by CIT’s power and energy business, bringing combined CIT-led funding for the project to more than $160 million. The loans support battery storage throughout the West Los Angeles Basin region, which totals about 63 megawatts across 89 different sites for 28 different host customers.

Nominate your organisation or leading innovator for an International Asset Finance Network Award

ACT NOW - Nominations close on 13 May 2019. Awards Announced at the IAFN Awards Dinner on 13 June 2019 at etc.venues, 155 Bishopsgate, London The IAFN Spring Awards 2019 celebrate leading finance providers and their suppliers. In addition to entries from UK we particularly welcome awards from European finance providers. IAFN awards nominations are judged by a panel of independent auto and equipment finance providers and the process is overseen as independent by Adrian Dally, Head of Motor Finance at the Finance & Leasing Association.

Nominate your organisation or leading innovator for an International Asset Finance Network Award

Apr 11, 2019

ACT NOW - Nominations close on 13 May 2019. Awards Announced at the IAFN Awards Dinner on 13 June 2019 at etc.venues, 155 Bishopsgate, London The IAFN Spring Awards 2019 celebrate leading finance providers and their suppliers. In addition to entries from UK we particularly welcome awards from European finance providers. IAFN awards nominations are judged by a panel of independent auto and equipment finance providers and the process is overseen as independent by Adrian Dally, Head of Motor Finance at the Finance & Leasing Association.

Bynx new mobility management platform “paves the way for the mobility landscape of the future”

Bynx has released v12.8 of its fleet and mobility management platform (also called Bynx). The new platform supports a number of important operational, legal and fiscal changes in various markets.

Bynx new mobility management platform “paves the way for the mobility landscape of the future”

Apr 11, 2019

Bynx has released v12.8 of its fleet and mobility management platform (also called Bynx). The new platform supports a number of important operational, legal and fiscal changes in various markets.

 

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IAFN reshapes leadership team as it prepares for future growth

The International Asset Finance Network (IAFN) has announced changes to its senior team as it prepares for future growth. IAFN was founded in 2013 by Edward Peck (pictured), chief executive officer of Asset Finance International, consulting editor Brian Rogerson, and Professor Colin Tourick, a specialist in the automotive fleet and asset finance markets. Since its first conference in 2014, it has grown to become the largest asset finance conference in Europe. Under the management changes, Asset Finance International will acquire Tourick’s 50% interest in IAFN.

IAFN reshapes leadership team as it prepares for future growth

Apr 10, 2019

The International Asset Finance Network (IAFN) has announced changes to its senior team as it prepares for future growth. IAFN was founded in 2013 by Edward Peck (pictured), chief executive officer of Asset Finance International, consulting editor Brian Rogerson, and Professor Colin Tourick, a specialist in the automotive fleet and asset finance markets. Since its first conference in 2014, it has grown to become the largest asset finance conference in Europe. Under the management changes, Asset Finance International will acquire Tourick’s 50% interest in IAFN.

White Clarke Group announced as Headline Sponsor at IAFN 2019

This year’s International Asset Finance Network (IAFN) conference and awards is proudly sponsored by asset finance technology leader White Clarke Group. On the 13th June, at 155 Bishopsgate in London, key industry leaders and specialists will gather at the IAFN conference to consider the findings of a major new study conducted by Professor Tim Baines of Aston Business School on the changing roles of fleet, auto retail and equipment finance providers as digitalisation and servitisation begins to transform the auto and equipment finance industry. This conference is based on a Delphi study, conducted amongst twelve leading global banks and manufacturer captives, supported by White Clarke Group, as new service-focussed finance models including pay-per-mile, power-by-the-hour, device-as-a-service and even (in the case of one robot manufacturer) pay-per-pick start to emerge.

White Clarke Group announced as Headline Sponsor at IAFN 2019

Apr 09, 2019

This year’s International Asset Finance Network (IAFN) conference and awards is proudly sponsored by asset finance technology leader White Clarke Group. On the 13th June, at 155 Bishopsgate in London, key industry leaders and specialists will gather at the IAFN conference to consider the findings of a major new study conducted by Professor Tim Baines of Aston Business School on the changing roles of fleet, auto retail and equipment finance providers as digitalisation and servitisation begins to transform the auto and equipment finance industry. This conference is based on a Delphi study, conducted amongst twelve leading global banks and manufacturer captives, supported by White Clarke Group, as new service-focussed finance models including pay-per-mile, power-by-the-hour, device-as-a-service and even (in the case of one robot manufacturer) pay-per-pick start to emerge.

TimePayment buys LeaseQ

Fintech company TimePayment has acquired LeaseQ, the online equipment financing marketplace, for an undisclosed sum. The deal will provide expanded funding capabilities to TimePayment’s vendor business unit. Founded in 2011, LeaseQ was the first online equipment financing marketplace to show multiple competing financing offers to prospective borrowers.

TimePayment buys LeaseQ

Apr 09, 2019

Fintech company TimePayment has acquired LeaseQ, the online equipment financing marketplace, for an undisclosed sum. The deal will provide expanded funding capabilities to TimePayment’s vendor business unit. Founded in 2011, LeaseQ was the first online equipment financing marketplace to show multiple competing financing offers to prospective borrowers.

Monthly US new business volume declines for first time in two years

The US equipment finance sector has reported a sharp drop in new business volume in February, which was 24% lower year-over-year at $5.9 billion and 18% down month-to-month. The figures are contained in the latest monthly leasing and finance index (MLFI-25) from the Equipment Leasing and Finance Association (ELFA), and also show that year to date, cumulative new business volume was down 10% compared to 2018. Receivables over 30 days were 1.8%, up from 1.7% the previous month and up from 1.6% the same period in 2018. Charge-offs were 0.35%, unchanged from the previous month, and up from 0.28% in the year-earlier period.

Monthly US new business volume declines for first time in two years

Apr 08, 2019

The US equipment finance sector has reported a sharp drop in new business volume in February, which was 24% lower year-over-year at $5.9 billion and 18% down month-to-month. The figures are contained in the latest monthly leasing and finance index (MLFI-25) from the Equipment Leasing and Finance Association (ELFA), and also show that year to date, cumulative new business volume was down 10% compared to 2018. Receivables over 30 days were 1.8%, up from 1.7% the previous month and up from 1.6% the same period in 2018. Charge-offs were 0.35%, unchanged from the previous month, and up from 0.28% in the year-earlier period.

FICO pinpoints shift to online financing

The proportion of US consumers acquiring their most recent auto finance online has risen significantly, according to recent research. According to analytics firm FICO 13% of US consumers acquired their most recent auto loan online, compared to only 5% in 2018, representing an 8% year-over-year increase for online financing. More than a quarter of consumers (28%) listed online financing as their first choice for their next automotive loan, increasing from current online borrowers (13%). The key issues for consumers are ranked as their monthly payment, cited by 92%, length of loan term (90%), and interest rate (87%).

FICO pinpoints shift to online financing

Apr 08, 2019

The proportion of US consumers acquiring their most recent auto finance online has risen significantly, according to recent research. According to analytics firm FICO 13% of US consumers acquired their most recent auto loan online, compared to only 5% in 2018, representing an 8% year-over-year increase for online financing. More than a quarter of consumers (28%) listed online financing as their first choice for their next automotive loan, increasing from current online borrowers (13%). The key issues for consumers are ranked as their monthly payment, cited by 92%, length of loan term (90%), and interest rate (87%).

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.

 

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Jaguar Land Rover expands circular economy programme to support future of shared electric vehicles

Jaguar Land Rover is investing in a closed loop strategy for its vehicles to maximise recycling of...

Leasing Foundation reveals details of next Innovation Initiative event

The Leasing Foundation has announced details of its second Innovation Initiative event, which foll...

UK asset finance market grows by 15% in February

Asset finance new business (primarily leasing and hire purchase) grew by 15% in February compared ...

Companies unprepared for launch of Ultra-Low Emissions Zone in London

Thousands of businesses could face millions of pounds in unexpected costs from next week as London...

 

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