The key to AI success in asset finance

Seamless integration and practical use cases

As artificial intelligence (AI) continues to reshape industries, the asset finance sector faces a unique challenge: harnessing AI’s transformative power without disrupting core systems or losing sight of the principles that put customers and intermediaries first. This challenge took centre stage at the Fintech Innovators Session at the AFC Autumn 2024 Conference, which explored “oven-ready” AI use cases for auto, equipment, and asset finance.

Picture this: A customer feeling the pinch reaches out, looking for options during a challenging period. Instead of enduring a frustrating back-and-forth, they’re met with immediate solutions tailored to their needs – all powered by an AI assistant seamlessly embedded into the finance provider’s existing operations. This isn’t just the promise of the distant future – it’s exactly what VAMOS demonstrated with their AI assistant, Lucero, which earned recognition as the winner of the prestigious Fintech Innovators Award. Congratulations once more to VAMOS on this well-deserved achievement!

While all the solutions pitching for the award were API-driven, Lucero’s ability to connect seamlessly with existing platforms highlighted a critical takeaway: successful AI adoption often hinges on robust, API-driven back-end readiness.

The magic ingredient: APIs

While AI may steal the spotlight as the source of enchantment or innovation, it’s the APIs (Application Programming Interfaces) – the unsung heroes of tech – that quietly bring the magic to life. At its heart, AI’s true potential lies in its ability to work harmoniously with existing data and workflows. Ignoring a completely greenfield approach, APIs bridge the gap between advanced AI models providing a recommendation and them taking supervised action in your operational systems, allowing finance providers to embrace innovative, cutting-edge tools without overhauling their infrastructure or sacrificing continuity.

As Lucero proved, rapid integration isn’t just a technical win – it’s a strategic one. In less than an hour, VAMOS connected its assistant to Lendscape’s API-first enabled asset finance platform, unlocking the power to streamline payment holidays and provide nuanced support for customers facing financial challenges, and consistently enforcing policy compliance. This rapid turnaround not only proved the technical readiness of both systems but also highlighted the strategic importance of investing in AI-ready infrastructure.

 With such infrastructure in place, businesses can unlock almost limitless possibilities for delivering diverse sets of use cases, realising far greater business value without the need for costly integrations to legacy platforms or reliance on users to manually encode AI recommendations.

This wasn’t a tech experiment; it was a real-world success story underscoring the value of a true API-first approach in maintaining compliance, trust, and operational efficiency.

Start small, scale smart

In asset finance, AI’s transformative power shines brightest when applied to focused use cases. Whether it’s automating repetitive administrative tasks or delivering real-time insights during customer calls, starting small can yield big wins. By tackling specific challenges, finance providers can gradually build confidence in AI, proving its value while aligning with business goals.

At Lendscape, we committed to cutting through the hype to deliver real-world results. This month, we’re hosting an exclusive workshop to help asset finance providers uncover AI’s potential in targeted use cases. This hands-on session will demonstrate how to integrate AI solutions with existing systems – ensuring innovation enhances, rather than disrupts, continuity and customer relationships.

As we’ve explored before, AI has moved beyond being a distant aspiration; its applications are now tangible and already reshaping the way we work. But true transformation doesn’t have to come with compromises. If you’re ready to explore how AI can elevate your operations while preserving the human touch that defines your business, connect with me on LinkedIn to learn more about our January workshop and take the first step in unlocking the future of asset finance.