The right technology platform can help asset finance providers help businesses get money when they need it, boosting growth opportunities while leaving legacy processes behind.
In a previous blog post, we wrote about the challenge of maintaining affordable growth if you’re a motor finance provider. The same applies for asset finance providers. The solution involves using the right technology platform, so customers can enjoy the benefits of digital services. It’s these services that increase the likelihood of business growth, customer base growth, and the ability to outperform the competition.
The problem lies in being wedded to legacy systems, where specialist information sharing is inhibited by complex processes. As Apiramy Jeyarajah says in her article about stoicism in asset finance: “Companies may be hampered by a mode of organisational thinking that dates back more than a century. Historically, employees have been based in departmental silos and functioned as little more than cogs in a machine.”
People want to access finance more easily, faster than ever before, and usually online. Keeping a business up and running with the capital needed to remain competitive is a constant battle, especially when times are tougher than usual. A suitable technology platform provides the basis by which asset finance providers can offer uncomplicated, speedy services that can help businesses remain competitive. By emulating technology companies in adopting agile ways of working, and implementing the right tools to meet new working practices, asset finance providers can turn the tide and meet customer expectations. But what does that platform offer in terms of visible outcomes?
Specialist services need specific solutions
There are no ready-made templates for asset finance, and no off-the-shelf digital engagement platforms. A cookie-cutter platform doesn’t exist for something as niche as asset finance. Which is why rapidly developed features within a proven digital platform fit the specific needs of the business case. Let’s look at a particular feature that exemplifies this approach:
Via highly secure online checking processes, such as information analysis and identification verification, customers can access finance options quickly and easily. Instead of being offloaded to various parties to settle transactions, customers can go from application to quote, to Decision in Principle, in one slick process.
It’s this sort of feature that empowers asset finance providers to capitalise on being adaptable, busting through the boundaries of traditional ways of working. It’s about speed, adaptability and meeting customer demand for improved digital services. Technology platforms that help asset managers realise growth by providing these digital services is the logical outcome of adapting to organisational change.
The idea is that the right technology partner can help asset finance providers build processes that combine the power of automation with the empathy of human interaction, and when it’s needed most. It’s about enhancing the experience from the customer’s point of view, making sure businesses all over the world stay financially on track and future-proof.