New research reports on a surge in new business and technology as UK brokers’ turnaround accelerates

In the words of Adam Tyler, chief executive of the National Association of Commercial Finance Brokers (NACFB): “In 2008, the commercial finance industry fell off a mountain and it has felt as though we are climbing the North Face to get back where we were.”

However, by topping £10 billion in the July ’12/June 2013 12-month period UK brokers are a little more than halfway back up, and if the same trend continues as over the past few years, the summer 2014 figures will exceed £12 billion.

The soon-to-be-published UK Asset Finance Brokers & Lessors Review 2014 includes a unique host of interviews with broker practitioners as well as industry specialists and senior trade association staff.

It provides a fascinating comprehensive and forward-looking assessment of the market, its current and future drivers and key industry issues. As before, it has been compiled with the assistance and support of the National Association of Commercial Finance Brokers (NACFB), the British Vehicle Rental and Leasing Association (BVRLA) and individual brokers and funders.

Integral component

A surge in interest and investment in technology is a major finding of this year’s review.

Although investing in technology has steadily grown to be an integral component of a broker’s business in recent years – most UK brokers now regard investment in updating technology as vital to efficiency and maintaining a competitive advantage.

Many funders are looking at introducing or improving proposal systems, particularly in the broker space where speed of service is critical. As one senior broker stresses: “A key area for technology has to be in terms of speeding up the time it takes from enquiry to getting a deal agreed. The sooner you can take a deal out of the market the better.”

Another adds: “IT in hand and use of cloud technology for back-up is business critical. As long as IT infrastructure, e.g. fibre optic broadband, across the UK is robust, this will be sufficient for many brokers.”

Another broker told Asset Finance International that investment in IT has been necessary to suit the business set-up, and has reaped rewards: “We have invested heavily in IT over the last five years (£90k) and developed our own systems with the help of our own IT consultants. We have a remote home-based sales force and this investment has allowed them to work faster and smarter with minimal downtime, which in turn has allowed them to do more front-line selling!”

Authoritative study

Over one third of the chief executives of UK’s leading brokers participated in the most authoritative study about brokers yet, produced by Asset Finance International and Nostrum Group.

This month, it will be made available, free of charge, to the global industry in an efficient and well-tried distribution method developed and used exclusively by Asset Finance International on behalf of their wide-base of global sponsorship clients.

Quite literally thousands of finance providers, funders and other key stakeholders to the asset finance industry worldwide will download this groundbreaking report.

Asset Finance International combines up-to-the minute technology with in-depth market understanding and the widest set of industry contacts to provide insights about the asset finance industry. Asset Finance International’s comprehensive global reach exceeds that of any other medium purely as a result of its consistently authoritative and insightful reporting. Market dominance only comes from regular and reliable reporting and research.

Asset Finance International was launched in 2009 and rapidly became the communication medium of choice for the global industry. It has long since overtaken traditional subscription-based magazines which are suffering from dramatically reduced readership.. In stark contrast, over 7,500 members have now registered to get full access to Asset Finance International, and asset finance stakeholders from their database of 29,000 executives download its white papers.

Asset Finance International also provides country surveys, legal and regulatory information, market surveys and technological insight free of charge. Its content is managed by experienced industry experts including ex-industry practitioner Brian Rogerson who demonstrates the value of experience and insider-knowledge when it comes to creating content in a site that people return to week in week out to keep their finger on the pulse of the equipment and auto finance market.

You can pre-order your copy of the broker review, by clicking on the pre-order button below right.

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