What’s Next in Equipment Finance’s Digital Journey?
Monitor Daily
The first decade or so of digital transformation in equipment leasing and financing companies has happened in bespoke fits and starts. But as that work continues into the next ten years, digital coordination with vendors and different industry partners will become even more important.
The equipment finance industry has come a long way on digital transformation in the past decade. As we enter a new one, the next frontier will be completing the digital journey to encompass all points in the leasing life cycle.
Between 2016 to 2019, the overall rate of adoption for digital sales in business banking globally surged from 7% to 37%, according to a recent report from banking software firm Temenos. However, this impressive progress still lagged significantly behind categories such as personal banking and wealth management; it’s no secret that equipment finance has plenty of work to do.
