Legacy IT infrastructure holding back businesses

Legacy IT infrastructure is having a crippling impact on some businesses, limiting growth and driving up costs, according to new research. Analysis conducted by Forrester Consulting concluded that organisations with disjointed and outdated IT based on legacy tools and strategies are trapped in a perpetual ‘survival cycle’ that leaves them unable to innovate. The IT operations management survey said legacy tools are causing lengthened service disruptions and poor customer experience, while not supporting the shift to cloud-based operations or more modern infrastructure.

Legacy IT infrastructure holding back businesses

Sep 16, 2019

Legacy IT infrastructure is having a crippling impact on some businesses, limiting growth and driving up costs, according to new research. Analysis conducted by Forrester Consulting concluded that organisations with disjointed and outdated IT based on legacy tools and strategies are trapped in a perpetual ‘survival cycle’ that leaves them unable to innovate. The IT operations management survey said legacy tools are causing lengthened service disruptions and poor customer experience, while not supporting the shift to cloud-based operations or more modern infrastructure.

IRIS Software Group builds international capabilities with acquisition of Innervision

IRIS Software Group has acquired Innervision, a global provider of lease accounting software, lease management consultancy and services. The deal is the latest stage in IRIS Software Group’s global expansion and is its fourth acquisition during 2019. Since July 2013, IRIS Software Group has brought 19 companies into the group from sectors including accountancy, payroll, human resources, business accounting and education.

IRIS Software Group builds international capabilities with acquisition of Innervision

Sep 16, 2019

IRIS Software Group has acquired Innervision, a global provider of lease accounting software, lease management consultancy and services. The deal is the latest stage in IRIS Software Group’s global expansion and is its fourth acquisition during 2019. Since July 2013, IRIS Software Group has brought 19 companies into the group from sectors including accountancy, payroll, human resources, business accounting and education.

Nordea Bank appoints Frank Vang-Jensen as new president and group CEO

The board of directors of Nordea Bank has appointed Frank Vang-Jensen as new president and group chief executive officer. Vang-Jensen was formerly head personal banking for the group and a member of group executive management committee. He joined Nordea, the largest financial services group in the Nordic region and one of the biggest banks in Europe, in 2017 as head of personal banking and country senior executive for Denmark before taking his current role last year.

Nordea Bank appoints Frank Vang-Jensen as new president and group CEO

Sep 16, 2019

The board of directors of Nordea Bank has appointed Frank Vang-Jensen as new president and group chief executive officer. Vang-Jensen was formerly head personal banking for the group and a member of group executive management committee. He joined Nordea, the largest financial services group in the Nordic region and one of the biggest banks in Europe, in 2017 as head of personal banking and country senior executive for Denmark before taking his current role last year.

 

*****JOB OF THE WEEK*****

robinson toms recruitmentVP Sales America – IT, Healthcare & Industrial Finance - 2639

On target earnings $350,000 which are also totally uncapped. Earnings will be guaranteed at this level for at least 1 year potentially 2 years. Plus professional allowance of $12000 p/a.

Role Overview

As Vice President of Sales, you will lead the full execution of lease origination in the pursuit of driving growth and profitability our clients existing client base and securing prospects across the IT, Healthcare, and Industrial verticals within the United States for our client.

This position is integral to the growth of our client as it will have a direct impact on growing originations, maximizing profitability, optimizing sales processes, and increasing organizational performance by way of four performance indicators: Lease Origination, Gross Margin, Operating Expenses, and Net Profit.

To read more about this fantastic opportunity, click here

 

AF50 2019 reveals UK’s biggest asset finance companies

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

AF50 2019 reveals UK’s biggest asset finance companies

May 22, 2019

The current leaders of the UK’s dynamic asset finance market have been revealed in the exclusive 2019 Asset Finance 50. The annual AF50 is the UK’s most influential survey of business and equipment lessors, which tracks the health of the market and identifies the key trends that are set to have an impact on the sector. This year’s report, sponsored by Alfa, reveals that the total net investment in leasing for the top 50 firms is £38 billion, up 6.2% from £35.9 billion in last year’s report. The top 10 firms represent 60.6% of the AF50, up from 59.3% last year, with the largest company, Lombard, accounting for 15% of the market. In addition to profiling the largest companies in the UK asset finance arena, the report includes in-depth analysis of the industry.

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Fair acquires Canvas from Ford Credit

Innovative vehicle subscription app Fair is acquiring the assets of the Canvas vehicle subscription service from Ford Motor Credit Company for an undisclosed sum. The agreement enhances Fair’s position in the vehicle subscription market, enabling the company to continue plans to accelerate consumer adoption of its services through US expansion. Fair launched in 2017 and enables customers to complete the entire car sourcing process by smartphone. Users can shop pre-owned cars, sign for the one they want on their smartphone and have it delivered with breakdown cover and maintenance included, then hand it back without any early termination penalties.

Fair acquires Canvas from Ford Credit

Sep 16, 2019

Innovative vehicle subscription app Fair is acquiring the assets of the Canvas vehicle subscription service from Ford Motor Credit Company for an undisclosed sum. The agreement enhances Fair’s position in the vehicle subscription market, enabling the company to continue plans to accelerate consumer adoption of its services through US expansion. Fair launched in 2017 and enables customers to complete the entire car sourcing process by smartphone. Users can shop pre-owned cars, sign for the one they want on their smartphone and have it delivered with breakdown cover and maintenance included, then hand it back without any early termination penalties.

Is Barclays’ decision to retreat from motor finance sector a trend for the future?

Barclays Partner Finance has announced it will leave the motor finance market as part of a broader strategic review. In a statement, the company said: “Barclays Partner Finance has made a commercial decision to reduce its focus on motor point of sale finance. Given this outcome, the business will no longer invest in the motor portfolio as a growth area and will shortly cease to originate new business in this segment.” Barclays Partner Finance offered personal contract purchase (PCP) and conditional sale motor loans as part of its motor finance business, with loan values ranging from £1,500 to £50,000. Peter Cottle (pictured), head of automotive sector at industry consultancy Growcap, told Asset Finance International the decision may reflect a wish to deal more directly with end-user customers.

Is Barclays’ decision to retreat from motor finance sector a trend for the future?

Sep 13, 2019

Barclays Partner Finance has announced it will leave the motor finance market as part of a broader strategic review. In a statement, the company said: “Barclays Partner Finance has made a commercial decision to reduce its focus on motor point of sale finance. Given this outcome, the business will no longer invest in the motor portfolio as a growth area and will shortly cease to originate new business in this segment.” Barclays Partner Finance offered personal contract purchase (PCP) and conditional sale motor loans as part of its motor finance business, with loan values ranging from £1,500 to £50,000. Peter Cottle (pictured), head of automotive sector at industry consultancy Growcap, told Asset Finance International the decision may reflect a wish to deal more directly with end-user customers.

Speakers announced for Lease Conference Istanbul 2019

The Alta Group and Invigors have revealed some of the key speakers for their November conference in Istanbul, Turkey. Delegates have been invited to the event from more than 100 countries and regions, ranging from central and eastern Europe, the Middle East and Africa, to China and the USA.

Speakers announced for Lease Conference Istanbul 2019

Sep 13, 2019

The Alta Group and Invigors have revealed some of the key speakers for their November conference in Istanbul, Turkey. Delegates have been invited to the event from more than 100 countries and regions, ranging from central and eastern Europe, the Middle East and Africa, to China and the USA.

 

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Asset finance market grows by 8% in July

Asset finance new business (primarily leasing and hire purchase) overall grew in July by 8% compared with the same month last year, according to the UK Finance & Leasing Association. New business for deals of up to £20 million increased by 7% over the same period.

Asset finance market grows by 8% in July

Sep 12, 2019

Asset finance new business (primarily leasing and hire purchase) overall grew in July by 8% compared with the same month last year, according to the UK Finance & Leasing Association. New business for deals of up to £20 million increased by 7% over the same period.

Stripe launches new services as part of global expansion

Online payments platform Stripe has launched Stripe Capital to provide internet businesses with easier access to funding. The move is in response to banks cutting back on lending to small businesses, with 70% of companies saying they don’t have access to the level of funding they need to manage cash flow. The bank loan process is also lengthy, with reports of businesses spending more than 25 hours on applications and paperwork before waiting weeks to receive approved funds.

Stripe launches new services as part of global expansion

Sep 13, 2019

Online payments platform Stripe has launched Stripe Capital to provide internet businesses with easier access to funding. The move is in response to banks cutting back on lending to small businesses, with 70% of companies saying they don’t have access to the level of funding they need to manage cash flow. The bank loan process is also lengthy, with reports of businesses spending more than 25 hours on applications and paperwork before waiting weeks to receive approved funds.

Most UK small businesses well-versed in ‘no-deal’ Brexit implications

Most UK SME business owners claim to be ‘well-versed’ on what a no-deal Brexit would mean for the UK, according to the latest research from AF50-listed Close Brothers Asset Finance. Its survey of 850 UK-based SMEs showed the majority of owners have not changed their original views on the 2016 referendum on the UK’s membership of the EU, but 25% of former ‘remainer’ SME business owners now want to leave, while 13% of ‘leavers’ now want to remain.

Most UK small businesses well-versed in ‘no-deal’ Brexit implications

Sep 13, 2019

Most UK SME business owners claim to be ‘well-versed’ on what a no-deal Brexit would mean for the UK, according to the latest research from AF50-listed Close Brothers Asset Finance. Its survey of 850 UK-based SMEs showed the majority of owners have not changed their original views on the 2016 referendum on the UK’s membership of the EU, but 25% of former ‘remainer’ SME business owners now want to leave, while 13% of ‘leavers’ now want to remain.

 

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Strong performance for UK consumer car finance market in July

A strong month for point of sale (POS) consumer car finance new business in the UK has reduced its rate of decline over the past year, according to the Finance & Leasing Association (FLA). The POS consumer new car finance market reported new business in July up 1% by volume and 4% by value, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS was 91.2% in the 12 months to July.

Strong performance for UK consumer car finance market in July

Sep 12, 2019

A strong month for point of sale (POS) consumer car finance new business in the UK has reduced its rate of decline over the past year, according to the Finance & Leasing Association (FLA). The POS consumer new car finance market reported new business in July up 1% by volume and 4% by value, compared with the same month in 2018. The percentage of private new car sales financed by FLA members through the POS was 91.2% in the 12 months to July.

Visma Finance chooses Tieto’s platform for factoring

The new finance arm of Enterprise Resource Planning (ERP) provider Visma has chosen Tieto's platform ProFinance to offer factoring to its Swedish SME customers. The platform will provide Visma Finance with a modular automated platform to improve operational efficiency and user experience. The Visma group consists of more than 200 companies across 16 countries worldwide. The structure allows the business to remain close to local markets while sharing expertise globally as it delivers software that simplifies and digitises key business processes in the private and public sector.

Visma Finance chooses Tieto’s platform for factoring

Sep 13, 2019

The new finance arm of Enterprise Resource Planning (ERP) provider Visma has chosen Tieto's platform ProFinance to offer factoring to its Swedish SME customers. The platform will provide Visma Finance with a modular automated platform to improve operational efficiency and user experience. The Visma group consists of more than 200 companies across 16 countries worldwide. The structure allows the business to remain close to local markets while sharing expertise globally as it delivers software that simplifies and digitises key business processes in the private and public sector.

Price, range and recharging network remain a concern when considering EVs as demand grows

The cost of electric cars along with range and access to charging points remain prohibitive factors for many people when it comes to people choosing an electric car over a petrol or diesel vehicle. A survey of thousands of members of UK breakdown organisation, the AA, which has 15 million members, found that 35% of members would only buy a battery-electric vehicle when the price point was the same as or less than a fossil fuel car. Range and a lack of charging points are two of the other main reasons why people aren’t buying electric cars. One-third of members think that many electric vehicles will fail to deliver on the manufacturers’ predicted range once car lights, radio and other battery-draining factors are taken into consideration.

Price, range and recharging network remain a concern when considering EVs as demand grows

Sep 11, 2019

The cost of electric cars along with range and access to charging points remain prohibitive factors for many people when it comes to people choosing an electric car over a petrol or diesel vehicle. A survey of thousands of members of UK breakdown organisation, the AA, which has 15 million members, found that 35% of members would only buy a battery-electric vehicle when the price point was the same as or less than a fossil fuel car. Range and a lack of charging points are two of the other main reasons why people aren’t buying electric cars. One-third of members think that many electric vehicles will fail to deliver on the manufacturers’ predicted range once car lights, radio and other battery-draining factors are taken into consideration.

Strategic review at Ultimate Finance increases focus on asset-based lending

Specialist asset-based lender Ultimate Finance is withdrawing from the unsecured loan market as it focuses investment on core asset-based solutions. The company will concentrate on growing its invoice, asset, and bridging finance products and bespoke solutions for individual clients.

Strategic review at Ultimate Finance increases focus on asset-based lending

Sep 11, 2019

Specialist asset-based lender Ultimate Finance is withdrawing from the unsecured loan market as it focuses investment on core asset-based solutions. The company will concentrate on growing its invoice, asset, and bridging finance products and bespoke solutions for individual clients.

How a diverse culture helps move a business forward

Diversity and inclusion in the workplace has been a key subject of debate for a number of years, but despite its importance challenges remain. While many industries and individual organisations are succeeding in creating winning diversity strategies, others have struggled to create a culture of inclusion. Ylva Oertengren from Simply and Karima Haji from Auto Novo provide their view on the way forward as senior executives in the finance industry.

How a diverse culture helps move a business forward

Sep 11, 2019

Diversity and inclusion in the workplace has been a key subject of debate for a number of years, but despite its importance challenges remain. While many industries and individual organisations are succeeding in creating winning diversity strategies, others have struggled to create a culture of inclusion. Ylva Oertengren from Simply and Karima Haji from Auto Novo provide their view on the way forward as senior executives in the finance industry.

DLL races ahead on growth trajectory, despite turbulent market conditions

Asset-based finance provider DLL has reported strong growth in the first six months of 2019 as the business celebrates its 50th anniversary year. The lender maintained solid growth throughout H1 with a portfolio balance increase of more than 7% compared to the same period last year, totalling €34.6 billion (£31.4 billion).

DLL races ahead on growth trajectory, despite turbulent market conditions

Sep 06, 2019

Asset-based finance provider DLL has reported strong growth in the first six months of 2019 as the business celebrates its 50th anniversary year. The lender maintained solid growth throughout H1 with a portfolio balance increase of more than 7% compared to the same period last year, totalling €34.6 billion (£31.4 billion).

 

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Why digital retailing is reaching a tipping point

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Commercial Finance Association rebrands

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US dealer groups reveal weak new vehicle sales

Large dealer groups continued to see gains in used vehicle sales gains in Q2, but new vehicle sale...

Ford builds up on-demand services

Ford Smart Mobility (FSM), a division of Ford Motor Company, is to acquire Journey Holding Corpora...

 

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