ELFA publishes guide to digital future

The Equipment Leasing and Finance Association (ELFA) has published its 2015 Software Guide which highlights the leading software solutions for the equipment finance industry and also outlines some key technology trends for equipment finance companies in 2015.

The association reports that as the US economy continues to improve and new technology solutions enter the marketplace, equipment finance companies are modernizing their IT systems and using technology in new ways to solve problems and create opportunity. Its research suggests the sector continues to close the digital transformation gap behind other comparable industries, such as retail banking and lending.

However, ELFA cautions that in order to maintain that trend and outperform the competition, equipment finance companies will need to develop more innovative and engaging service offerings and fully leverage rapidly evolving digital technologies.

Back-end technology

guide says that up until now, companies in the sector have focused on improving the front end, while the back-end technology has often been ignored and become outdated. As a result, the current back office is often overly paper-based and wrought with disconnected silos and manually intensive processes, resulting in ever-increasing operational costs and, most important, a significantly negative customer experience.

ELFA’s analysis shows digital technologies can help equipment finance companies streamline processes, achieve significant cost reductions and improve customer satisfaction. Transformational and tactical solutions will be driven by budget dollars available, level of investment and expected return on investment. With a portfolio of combined digital technology solutions, annual cost savings of as much as 30% are attainable.

Customer relationship management solutions will be a key component in the suite of platforms for forward-looking organizations expecting to take full advantage of the benefits of digital transformation.

Analytics and social, mobile and cloud technologies will be key change agents for digitally transforming organizations to be better equipped for conducting business in the future.

Transformational solutions offer benefits that extend beyond cost savings and position an organization for a digital future. Companies that seize the opportunities offered by digital transformation will possess a significant competitive advantage in the industry and will be equipped to lead their organizations well into the future.

ELFA’s 2015 Software Guide is available here: http://www.elfaonline.org/Directories/Software/2015SoftwareGuideFINAL.pdf