Finance Technology Services launches in equipment finance market with cloud-based service

Finance Technology Services (FTS) undertook its public launch at the International Asset Finance Network conference in London, offering the asset finance and equipment finance sector a scalable, cloud-based workflow and contract administration system. Miles Rogerson reports.

Finance Technology Services launches in equipment finance market with cloud-based service

Jan 20, 2020

Finance Technology Services (FTS) undertook its public launch at the International Asset Finance Network conference in London, offering the asset finance and equipment finance sector a scalable, cloud-based workflow and contract administration system. Miles Rogerson reports.

Digital transformation in UK healthcare will require £4bn investment

The priority investment areas for digital transformation in UK healthcare will require nearly £4 billion of capital investment in the next three years, according to new research. Although the investment will generate efficiencies and improvements in healthcare that more than justify the costs, it is likely external finance will be needed to avoid budgets for frontline services being affected, experts say. Siemens Financial Services interviewed a range of experts, including specialist management consultants, academic commentators, national health departments, medical associations and care providers to understand the strategies needed to deliver change.

Digital transformation in UK healthcare will require £4bn investment

Jan 21, 2020

The priority investment areas for digital transformation in UK healthcare will require nearly £4 billion of capital investment in the next three years, according to new research. Although the investment will generate efficiencies and improvements in healthcare that more than justify the costs, it is likely external finance will be needed to avoid budgets for frontline services being affected, experts say. Siemens Financial Services interviewed a range of experts, including specialist management consultants, academic commentators, national health departments, medical associations and care providers to understand the strategies needed to deliver change.

APD Global launches new compliance solution for brokers, leasing companies, lenders and dealers

APD Global Research has launched a new compliance solution for leasing companies, brokers, dealers and lenders. Compliance 360 has been developed to monitor customer feedback in line with the UK’s Financial Conduct Authority guidelines to ensure suppliers actively process responses in areas of non-compliance, such as commissions, transparency and affordability. APD monitors feedback from customers in real-time using its customer service platform and provides evidence of satisfactory customer outcomes, which can be shared with the FCA when required.

APD Global launches new compliance solution for brokers, leasing companies, lenders and dealers

Jan 21, 2020

APD Global Research has launched a new compliance solution for leasing companies, brokers, dealers and lenders. Compliance 360 has been developed to monitor customer feedback in line with the UK’s Financial Conduct Authority guidelines to ensure suppliers actively process responses in areas of non-compliance, such as commissions, transparency and affordability. APD monitors feedback from customers in real-time using its customer service platform and provides evidence of satisfactory customer outcomes, which can be shared with the FCA when required.

 

How Mobility-as-a-Service will transform fleet finance

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

How Mobility-as-a-Service will transform fleet finance

Jan 07, 2020

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

 
 
 

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Asset Finance Europe 50 reveals key drivers of growth in €300bn industry

The third edition of the annual Asset Finance Europe 50 (AFE50) ranking survey has revealed strong growth for leading companies in the region. The unique European annual ranking survey, sponsored by Alfa, shows total business equipment and vehicle lease receivables in 2018 were €299 billion, up 5.4% compared to 2017. The previous year showed an increase of around 2.8%. Companies profiled in the top 50 account for around 85% of the wider industry, suggesting total business equipment and vehicle lease receivables of around £351 billion. The survey is based on the latest published financial accounts of listed companies, usually with December 2018 year-ends.

Asset Finance Europe 50 reveals key drivers of growth in €300bn industry

Dec 18, 2019

The third edition of the annual Asset Finance Europe 50 (AFE50) ranking survey has revealed strong growth for leading companies in the region. The unique European annual ranking survey, sponsored by Alfa, shows total business equipment and vehicle lease receivables in 2018 were €299 billion, up 5.4% compared to 2017. The previous year showed an increase of around 2.8%. Companies profiled in the top 50 account for around 85% of the wider industry, suggesting total business equipment and vehicle lease receivables of around £351 billion. The survey is based on the latest published financial accounts of listed companies, usually with December 2018 year-ends.

 
 

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Nordea offers carbon footprint summaries to 3 million digital banking customers

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Nordea offers carbon footprint summaries to 3 million digital banking customers

Jan 20, 2020

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Fisker puts flexible finance at heart of its new electric SUV

Eco-friendly vehicle start-up Fisker is aiming to rewrite the rules of finance with the launch of its Ocean electric SUV. Although the zero-emission car can be purchased outright for nearly $38,000 before tax incentives, the manufacturer is also offering a radical new leasing model, with reservations now open through the brand’s smartphone app and website. The Fisker Ocean will be offered in the US for a lease price of $379 per month, with a $2,999 initial payment, which can also be financed, giving drivers zero upfront payment.

Fisker puts flexible finance at heart of its new electric SUV

Jan 20, 2020

Eco-friendly vehicle start-up Fisker is aiming to rewrite the rules of finance with the launch of its Ocean electric SUV. Although the zero-emission car can be purchased outright for nearly $38,000 before tax incentives, the manufacturer is also offering a radical new leasing model, with reservations now open through the brand’s smartphone app and website. The Fisker Ocean will be offered in the US for a lease price of $379 per month, with a $2,999 initial payment, which can also be financed, giving drivers zero upfront payment.

Why the challenge of legacy systems must be addressed in 2020

The finance sector needs to embrace partnerships to cost effectively update its legacy systems and infrastructures to meet the future demands of consumers and businesses, industry experts warn. The comments follow industry analysis from GlobalData, which asked a range of experts about key finance trends for 2020.

Why the challenge of legacy systems must be addressed in 2020

Jan 20, 2020

The finance sector needs to embrace partnerships to cost effectively update its legacy systems and infrastructures to meet the future demands of consumers and businesses, industry experts warn. The comments follow industry analysis from GlobalData, which asked a range of experts about key finance trends for 2020.

 

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V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

Jan 21, 2020

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

Simply launches Simply Market to sell third-party assets

SME funder Simply is expanding the range of vehicles and machinery offered to potential buyers through its site by listing third-party assets. Simply Market is an extension of Simply Stock, where the finance company sells its own used assets. The new site will offer a selection of carefully curated equipment to help existing customers and partners sell equipment they no longer need.

Simply launches Simply Market to sell third-party assets

Jan 20, 2020

SME funder Simply is expanding the range of vehicles and machinery offered to potential buyers through its site by listing third-party assets. Simply Market is an extension of Simply Stock, where the finance company sells its own used assets. The new site will offer a selection of carefully curated equipment to help existing customers and partners sell equipment they no longer need.

Kim Brien joins Hitachi Capital (UK) as new chief information officer

Hitachi Capital (UK) has appointed Kim Brien as chief information officer to drive forward digital development at the leading financial services provider. Brien brings more than 20 years’ experience in IT to the AF50 UK top-10 company and has joined from global research and advisory company Gartner, having previously held senior positions at HML, MDA and Armature. As CIO, Brien (pictured) will oversee IT strategy and play a key role in using data from across the group to drive informed decisions and improve customer experiences.

Kim Brien joins Hitachi Capital (UK) as new chief information officer

Jan 20, 2020

Hitachi Capital (UK) has appointed Kim Brien as chief information officer to drive forward digital development at the leading financial services provider. Brien brings more than 20 years’ experience in IT to the AF50 UK top-10 company and has joined from global research and advisory company Gartner, having previously held senior positions at HML, MDA and Armature. As CIO, Brien (pictured) will oversee IT strategy and play a key role in using data from across the group to drive informed decisions and improve customer experiences.

 

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US equipment finance market outlook positive

The early 2020 outlook for the US equipment leasing market is upbeat, according to data from the Equipment Leasing and Finance Foundation, which says business confidence is on the rise for the third month in a row. The Foundation’s January monthly confidence index for the equipment finance industry (MCI-EFI) hit 59.9, an increase from the December index of 56.2. When asked about the outlook for the future, MCI-EFI survey respondent David Normandin, president and chief executive officer of Wintrust Specialty Finance said: “Demand for leasing in the segments we are involved in has remained strong with huge demand in Q4 2019. Credit quality has remained solid, and pull through has been good. Unemployment remains low and we see small business customers remaining optimistic.”

US equipment finance market outlook positive

Jan 20, 2020

The early 2020 outlook for the US equipment leasing market is upbeat, according to data from the Equipment Leasing and Finance Foundation, which says business confidence is on the rise for the third month in a row. The Foundation’s January monthly confidence index for the equipment finance industry (MCI-EFI) hit 59.9, an increase from the December index of 56.2. When asked about the outlook for the future, MCI-EFI survey respondent David Normandin, president and chief executive officer of Wintrust Specialty Finance said: “Demand for leasing in the segments we are involved in has remained strong with huge demand in Q4 2019. Credit quality has remained solid, and pull through has been good. Unemployment remains low and we see small business customers remaining optimistic.”

Demand for used vehicle finance increases

Used vehicles are grabbing a larger share of the US automotive finance market, according to data from Experian, which says the trend is driven by a number of factors, including more prime customers choosing used vehicles and the increased availability of late-model vehicles. The consultancy’s Q3 2019 State of the Automotive Finance Market report found used financing increased 2.4% year-over-year, reaching 55.15% in Q3 2019, compared to 53.86% in Q3 2018. Used leasing saw a slight increase from 3.88% in Q3 2018 to 4.07% in Q3 2019.

Demand for used vehicle finance increases

Jan 20, 2020

Used vehicles are grabbing a larger share of the US automotive finance market, according to data from Experian, which says the trend is driven by a number of factors, including more prime customers choosing used vehicles and the increased availability of late-model vehicles. The consultancy’s Q3 2019 State of the Automotive Finance Market report found used financing increased 2.4% year-over-year, reaching 55.15% in Q3 2019, compared to 53.86% in Q3 2018. Used leasing saw a slight increase from 3.88% in Q3 2018 to 4.07% in Q3 2019.

Ally Financial recruits digital leader

Ally Financial has announced that Sathish Muthukrishnan has joined the company as chief information, data and digital officer, to lead its technology, data and digital transformation teams, with a focus on advanced technical capabilities including cyber security. Muthukrishnan has held a number of senior technology leadership roles, most recently as the chief digital and information officer for Honeywell Aerospace. Before that, he spent 10 years at American Express leading their digital transformation efforts.

Ally Financial recruits digital leader

Jan 20, 2020

Ally Financial has announced that Sathish Muthukrishnan has joined the company as chief information, data and digital officer, to lead its technology, data and digital transformation teams, with a focus on advanced technical capabilities including cyber security. Muthukrishnan has held a number of senior technology leadership roles, most recently as the chief digital and information officer for Honeywell Aerospace. Before that, he spent 10 years at American Express leading their digital transformation efforts.

Matt Rasul joins RedRidge Diligence Services as national director

Chicago-based financial diligence provider RedRidge Diligence Services has appointed Matt Rasul as national director, talent acquisition and employee relations. From his Dallas base, he will drive the company’s employment strategy and manage international employee relations.

Matt Rasul joins RedRidge Diligence Services as national director

Jan 17, 2020

Chicago-based financial diligence provider RedRidge Diligence Services has appointed Matt Rasul as national director, talent acquisition and employee relations. From his Dallas base, he will drive the company’s employment strategy and manage international employee relations.

FleetCor vows to “vigorously defend” itself against FTC plans for legal action

The US Federal Trade Commission (FTC) has indicated it plans to take legal action against fuel card services giant FleetCor alleging that it has charged customers at least hundreds of millions of dollars in hidden fees after making false promises about helping customers save on fuel costs. Headquartered in Atlanta, Georgia, FleetCor reported $2.4 billion in annual revenues in 2018. It markets its fuel card services in the US under its own ‘Fuelman’ brand name, as well as through co-branded cards, to businesses around the country.

FleetCor vows to “vigorously defend” itself against FTC plans for legal action

Jan 20, 2020

The US Federal Trade Commission (FTC) has indicated it plans to take legal action against fuel card services giant FleetCor alleging that it has charged customers at least hundreds of millions of dollars in hidden fees after making false promises about helping customers save on fuel costs. Headquartered in Atlanta, Georgia, FleetCor reported $2.4 billion in annual revenues in 2018. It markets its fuel card services in the US under its own ‘Fuelman’ brand name, as well as through co-branded cards, to businesses around the country.

BVRLA enhances senior management team

The British Vehicle Rental and Leasing Association (BVRLA) has appointed two of its senior employees to new director-level roles. Toby Poston, formerly the director of communications and external relations for the BVRLA, has been promoted to director of corporate affairs.

BVRLA enhances senior management team

Jan 16, 2020

The British Vehicle Rental and Leasing Association (BVRLA) has appointed two of its senior employees to new director-level roles. Toby Poston, formerly the director of communications and external relations for the BVRLA, has been promoted to director of corporate affairs.

 

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The complex future of the car leasing market

As car leasing companies embed telematics to improve cost efficiencies and markets remain healthy,...

Silicon Valley Bank bolsters speciality finance team

Silicon Valley Bank (SVB) has chosen Emily Barron, former head of finance at Branch International,...

Simply forms dedicated manufacturing team

SME funder Simply has formed a dedicated manufacturing unit to drive growth and better support exi...

Ultimate Finance sets annual lending record

Specialist asset-based lender Ultimate Finance broke its annual lending record last year, providin...

 

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