Going Digital: Current Activities and Future Expectations
Equipment Leasing & Finance Foundation
Purpose of study:
Going Digital summarizes the impact of digital lending on the expectations of a growing number of end customers: “Better, Faster, Cheaper.” Some of the challenges facing the industry include: “Lenders are focusing on making the entire customer experience…frictionless, seamless, and easy…Digital investments offer the potential for improved customer experience, new revenue opportunities, reduced risk, and improved efficiency.”
With more automation, equipment finance lenders must preserve customer relationships and their ability to provide the expertise-based insights that differentiate them. Our interview group included banks, captives, and independents, serving all business segments. Our research suggests that equipment finance companies serving very similar customer segments approach digital initiatives from different starting points but also with different end goals.
