Digitalisation

How finance industry leaders must embrace change to drive future growth

Finance industry leaders are taking insights from the FinTech sector as they adapt their companies to a changing business environment. The competitive landscape of asset finance means that companies must embrace change to maintain differentiation and secure loyalty among customers, according to a leading panel of executives. Panellists present at the IAFN Conference included Nathan Mollett, director of Metro Bank Asset Finance, who remarked: “In equipment finance right now, there just isn’t enough innovation. In equipment finance I think increasingly there will be a bigger requirement to have on-demand models. “We are seeing a bit of that in construction and maybe agriculture, but traditional equipment financiers will have to develop pay-as-you-use models to create that differentiation.”

How finance industry leaders must embrace change to drive future growth

May 09, 2019

Finance industry leaders are taking insights from the FinTech sector as they adapt their companies to a changing business environment. The competitive landscape of asset finance means that companies must embrace change to maintain differentiation and secure loyalty among customers, according to a leading panel of executives. Panellists present at the IAFN Conference included Nathan Mollett, director of Metro Bank Asset Finance, who remarked: “In equipment finance right now, there just isn’t enough innovation. In equipment finance I think increasingly there will be a bigger requirement to have on-demand models. “We are seeing a bit of that in construction and maybe agriculture, but traditional equipment financiers will have to develop pay-as-you-use models to create that differentiation.”

Equipment finance could benefit from mirroring digital consumer services

The equipment finance industry should adopt levels of service more closely aligned with digital consumer companies to meet future customer needs, according to a senior industry leader. The move would ensure companies meet the expectations of a new generation of customer employees, who have grown up experiencing the benefits of services powered by technology. Mark Bainbridge, executive vice-president of Caterpillar's captive financial services arm Cat Financial, said as a new generation of executives join the workforce, they expect to have greater levels of digital interaction with finance companies in addition to personalised support.

Equipment finance could benefit from mirroring digital consumer services

May 01, 2019

The equipment finance industry should adopt levels of service more closely aligned with digital consumer companies to meet future customer needs, according to a senior industry leader. The move would ensure companies meet the expectations of a new generation of customer employees, who have grown up experiencing the benefits of services powered by technology. Mark Bainbridge, executive vice-president of Caterpillar's captive financial services arm Cat Financial, said as a new generation of executives join the workforce, they expect to have greater levels of digital interaction with finance companies in addition to personalised support.

Nissan launches online sales in Mexico

Nissan has begun selling passenger cars online in Mexico. The manufacturer has launched a digital store in a partnership with e-commerce specialist Mercado Libre, one of the largest online consumer retail platforms in the country.

Nissan launches online sales in Mexico

May 01, 2019

Nissan has begun selling passenger cars online in Mexico. The manufacturer has launched a digital store in a partnership with e-commerce specialist Mercado Libre, one of the largest online consumer retail platforms in the country.

[Report] Focusing On Customer Outcomes Through Servitization

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

[Report] Focusing On Customer Outcomes Through Servitization

Jun 18, 2019

An emerging key trend in the asset finance sector is the switch from ownership to usership, with consumers increasingly looking for pay-per-use assets rather than outright ownership. Leading software supplier White Clarke Group has sponsored a major piece of research into the implications of this process, dubbed “servitization”, to understand the impact on OEMs and lenders. The research was conducted by Aston Business School’s Advanced Services Group in partnership with White Clarke Group and consultancy firm Invigors. The study includes in-depth discussions and interviews with over 20 finance industry experts, with the first results having been presented at the International Asset Finance Network (IAFN) conference held in London on the 13th of June. The switch from ownership to usership has been most marked among younger consumers in the retail industry, who are increasingly moving to on-demand services. However, it is also now gaining traction across a wide range of industry sectors.

Jaguar Land Rover trials blockchain-powered smart wallets to offer payments and rewards through connected cars

Drivers will earn rewards by agreeing for their cars to automatically provide weather and road condition reports under a new blockchain-powered service being developed by Jaguar Land Rover. Using crytocurrency technology, vehicle owners earn credits by sharing data their cars are gathering, such as traffic congestion or potholes, which is then sold on to service providers including navigation companies or local authorities. Drivers can then redeem credits for rewards with financial ecosystem partners, which could include coffee shops or local authorities to pay for road tolls, parking or electric vehicle charging.

Jaguar Land Rover trials blockchain-powered smart wallets to offer payments and rewards through connected cars

Apr 29, 2019

Drivers will earn rewards by agreeing for their cars to automatically provide weather and road condition reports under a new blockchain-powered service being developed by Jaguar Land Rover. Using crytocurrency technology, vehicle owners earn credits by sharing data their cars are gathering, such as traffic congestion or potholes, which is then sold on to service providers including navigation companies or local authorities. Drivers can then redeem credits for rewards with financial ecosystem partners, which could include coffee shops or local authorities to pay for road tolls, parking or electric vehicle charging.

Apple’s giant leap into fintech – what Apple Card means for the future of finance

Global tech giant Apple aims to rewrite the rules of finance with the release of Apple Card, its first major move into banking services. The launch of the card illustrates the disruptive power that tech giants can wield and highlights how their direct access to customers through technology, such as smartphones, can accelerate take-up.

Apple’s giant leap into fintech – what Apple Card means for the future of finance

Apr 16, 2019

Global tech giant Apple aims to rewrite the rules of finance with the release of Apple Card, its first major move into banking services. The launch of the card illustrates the disruptive power that tech giants can wield and highlights how their direct access to customers through technology, such as smartphones, can accelerate take-up.

How new AI capabilities are opening up opportunities for finance companies

The financial services sector exists in a disrupted and highly uncertain space. In the decade since the 2008 financial crash, there has been a fundamental shift in how it is regulated, how we think about finance, and how players compete. For instance, the UK has led the way with initiatives such as Open Banking and the Financial Conduct Authority’s Regulatory Sandbox to encourage and fast-track product innovation.

How new AI capabilities are opening up opportunities for finance companies

Apr 16, 2019

The financial services sector exists in a disrupted and highly uncertain space. In the decade since the 2008 financial crash, there has been a fundamental shift in how it is regulated, how we think about finance, and how players compete. For instance, the UK has led the way with initiatives such as Open Banking and the Financial Conduct Authority’s Regulatory Sandbox to encourage and fast-track product innovation.

White Clarke Group announced as Headline Sponsor at IAFN 2019

This year’s International Asset Finance Network (IAFN) conference and awards is proudly sponsored by asset finance technology leader White Clarke Group. On the 13th June, at 155 Bishopsgate in London, key industry leaders and specialists will gather at the IAFN conference to consider the findings of a major new study conducted by Professor Tim Baines of Aston Business School on the changing roles of fleet, auto retail and equipment finance providers as digitalisation and servitisation begins to transform the auto and equipment finance industry. This conference is based on a Delphi study, conducted amongst twelve leading global banks and manufacturer captives, supported by White Clarke Group, as new service-focussed finance models including pay-per-mile, power-by-the-hour, device-as-a-service and even (in the case of one robot manufacturer) pay-per-pick start to emerge.

White Clarke Group announced as Headline Sponsor at IAFN 2019

Apr 09, 2019

This year’s International Asset Finance Network (IAFN) conference and awards is proudly sponsored by asset finance technology leader White Clarke Group. On the 13th June, at 155 Bishopsgate in London, key industry leaders and specialists will gather at the IAFN conference to consider the findings of a major new study conducted by Professor Tim Baines of Aston Business School on the changing roles of fleet, auto retail and equipment finance providers as digitalisation and servitisation begins to transform the auto and equipment finance industry. This conference is based on a Delphi study, conducted amongst twelve leading global banks and manufacturer captives, supported by White Clarke Group, as new service-focussed finance models including pay-per-mile, power-by-the-hour, device-as-a-service and even (in the case of one robot manufacturer) pay-per-pick start to emerge.

Blockchain innovation in mobility - how smart contracts can power the new mobility economy

Blockchain technology has the potential to revolutionise the way mobility solutions are delivered and financed, drastically reducing the cost of providing services. Vehicle-based services such as ride-hailing could have their finance processing costs slashed to a fraction of their current level using the technology and it could transform the type of payments being made, according to Chris Ballinger, chief executive officer and founder of the Mobility Open Blockchain Initiative. MOBI is a global consortium that works with companies throughout the industry to establish common standards for the use of blockchain in the mobility industry. It aims to build a worldwide network of cities, infrastructure providers, consumers, and producers of mobility services in order to accelerate the adoption of the technology.

Blockchain innovation in mobility - how smart contracts can power the new mobility economy

Apr 08, 2019

Blockchain technology has the potential to revolutionise the way mobility solutions are delivered and financed, drastically reducing the cost of providing services. Vehicle-based services such as ride-hailing could have their finance processing costs slashed to a fraction of their current level using the technology and it could transform the type of payments being made, according to Chris Ballinger, chief executive officer and founder of the Mobility Open Blockchain Initiative. MOBI is a global consortium that works with companies throughout the industry to establish common standards for the use of blockchain in the mobility industry. It aims to build a worldwide network of cities, infrastructure providers, consumers, and producers of mobility services in order to accelerate the adoption of the technology.

Tomorrow’s Journey partners with LeasePlan UK ahead of mobility pilot

Global mobility start-up Tomorrow’s Journey has announced a partnership with LeasePlan UK to deliver a ground-breaking trial of its technology to maximise fleet utilisation. The company’s JRNY platform supports the use of shared assets, including fleet vehicles, to spread the benefits of new mobility options. The UK arm of LeasePlan, one of the world’s biggest leasing companies, has become the first partner in a live trial of the company’s technology by supplying vehicles for the pilot.

Tomorrow’s Journey partners with LeasePlan UK ahead of mobility pilot

Apr 05, 2019

Global mobility start-up Tomorrow’s Journey has announced a partnership with LeasePlan UK to deliver a ground-breaking trial of its technology to maximise fleet utilisation. The company’s JRNY platform supports the use of shared assets, including fleet vehicles, to spread the benefits of new mobility options. The UK arm of LeasePlan, one of the world’s biggest leasing companies, has become the first partner in a live trial of the company’s technology by supplying vehicles for the pilot.

Drivers to be offered mobility credits to give up cars in local authority scheme

Drivers in a UK trial are to be offered thousands of pounds in ‘mobility credits’ in return for giving up their cars to help tackle congestion and pollution. The scheme is part of a wide-ranging Future Mobility programme approved by West Midlands Combined Authority (WMCA) last week. Transport for West Midlands (TfWM), part of the WMCA, aims to encourage drivers to give up their private vehicles and opt for on-demand mobility solutions, such as car sharing, public transport and electric vehicle hire schemes.

Drivers to be offered mobility credits to give up cars in local authority scheme

Mar 28, 2019

Drivers in a UK trial are to be offered thousands of pounds in ‘mobility credits’ in return for giving up their cars to help tackle congestion and pollution. The scheme is part of a wide-ranging Future Mobility programme approved by West Midlands Combined Authority (WMCA) last week. Transport for West Midlands (TfWM), part of the WMCA, aims to encourage drivers to give up their private vehicles and opt for on-demand mobility solutions, such as car sharing, public transport and electric vehicle hire schemes.

Making finance sourcing as simple as booking a flight

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.

Making finance sourcing as simple as booking a flight

Mar 19, 2019

Innovative finance company iwoca is bringing radical change to the way small businesses source funding with its new digital platform. The tech-enabled lender was developed by chief executive officer Christoph Rieche after he saw how much SME’s struggled to obtain finance when they needed it because banks were reluctant to lend or tied them up in paperwork. In response, iwoca used digitalisation and new technology to drastically reduce the administration involved in sourcing finance, so now an SME can obtain a loan using a digital device in a matter of minutes. Rieche said: “Part of our mission is to make it as simple as booking a flight ticket, which really brings us to the DNA of the company; we see ourselves much more as a technology company than a bank or finance company.” You can see how the process works in this exclusive video, provided courtesy of global automotive, consumer and equipment finance software company White Clarke Group.

Sixt launches global mobility strategy powered by new smartphone app

Sixt has launched a new smartphone app offering vehicle rental, car sharing and taxi/transfer services on a single platform as part of its strategic expansion to become a global mobility services provider. Sixt claims the app, called One, is the first integrated mobility platform in the world and can be used to book its services along with a range of affiliated partners, so customers have access to 240,000 vehicles, 1,500 mobility suppliers and more than one million drivers. In a key development, Sixt’s own connected car fleet will become multi-use, so vehicles can be used either for car sharing or rental.

Sixt launches global mobility strategy powered by new smartphone app

Mar 12, 2019

Sixt has launched a new smartphone app offering vehicle rental, car sharing and taxi/transfer services on a single platform as part of its strategic expansion to become a global mobility services provider. Sixt claims the app, called One, is the first integrated mobility platform in the world and can be used to book its services along with a range of affiliated partners, so customers have access to 240,000 vehicles, 1,500 mobility suppliers and more than one million drivers. In a key development, Sixt’s own connected car fleet will become multi-use, so vehicles can be used either for car sharing or rental.

Volkswagen reveals progress on strategic partnership with Microsoft as it aims to transform into software-driven mobility provider

Volkswagen will extend the reach of its major Automotive Cloud project to China and the US as part of its partnership with Microsoft, as the manufacturer transforms into a software-driven mobility provider. Initially, the project was focused on Europe, but the expansion reflects Volkswagen’s ambition to reinvent the business on a global scale. It also reflects the chosen markets for the future full-electric, fully connected ID. model family.

Volkswagen reveals progress on strategic partnership with Microsoft as it aims to transform into software-driven mobility provider

Mar 06, 2019

Volkswagen will extend the reach of its major Automotive Cloud project to China and the US as part of its partnership with Microsoft, as the manufacturer transforms into a software-driven mobility provider. Initially, the project was focused on Europe, but the expansion reflects Volkswagen’s ambition to reinvent the business on a global scale. It also reflects the chosen markets for the future full-electric, fully connected ID. model family.

Fintech lender iwoca raises £150m to accelerate expansion

Innovative small business lender iwoca has raised £150m in new equity and debt capital, bringing its total funding to £350m. Its most recent fundraising included investment from Augmentum Fintech, the specialist fintech venture capital investor, NIBC Bank and Prime Ventures, along with other funders. The capital raised will be used to fund small business owners across iwoca’s markets in UK, Germany and Poland; iwoca reached profitability in 2018, while doubling its revenue in each of the last three years.

Fintech lender iwoca raises £150m to accelerate expansion

Feb 18, 2019

Innovative small business lender iwoca has raised £150m in new equity and debt capital, bringing its total funding to £350m. Its most recent fundraising included investment from Augmentum Fintech, the specialist fintech venture capital investor, NIBC Bank and Prime Ventures, along with other funders. The capital raised will be used to fund small business owners across iwoca’s markets in UK, Germany and Poland; iwoca reached profitability in 2018, while doubling its revenue in each of the last three years.

Yamaha Motor Finance USA signs up with White Clarke Group

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Yamaha Motor Finance USA signs up with White Clarke Group

Jun 21, 2018

Yamaha Motor Finance USA has announced a partnership with technology supplier White Clarke Group. The deal is part of plans Yamaha Motor Finance first unveiled a year ago to bring its floorplan financing in-house, with a vision to provide a complete range of finance company services. It has selected CALMS Compass Floorplan Finance Software, which is already in use in its Canadian arm, as the platform for the new initiative.  

Dragons and disruption: how do we make innovation happen?

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

Dragons and disruption: how do we make innovation happen?

Jun 20, 2018

On 13 September at the International Asset Finance Network conference 2018, I’ll be inviting three industry innovators to pitch their disruptive ideas for the future of auto, fleet or equipment finance to a group of judges who we have called, after the TV show, ‘The Finance Dragons’. Unlike Dragons’ Den, there’ll be no last minute investment deals to be done on stage, no-one will be trying to outbid each other and no-one is likely to say “I’m out” (although they may, given the right pitch, be in). Instead our dragons, and those pitching, are trying to do something that can only be a good thing: spending some time talking about, analysing, criticizing and hopefully applauding, new, innovative and disruptive ideas in front of an audience of senior finance professionals.

How blockchain and nudge economics could create the perfect customer

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

How blockchain and nudge economics could create the perfect customer

Jun 19, 2018

Blockchain-powered mobility tokens that reward the right behaviour could be a key tool in building loyalty amongst auto finance customers. The idea is based around the concept of nudge economics, where incentives are provided to change behaviour instead of punishments. Irfon Watkins, CEO and founder of blockchain-powered mobility currency DOVU, believes consumers will be influenced by the power of its crypto-tokens, which can be rewarded for everything from minimising damage on a lease vehicle to opting for greener transport and all managed via their app.

White Clarke Group announces strategic partnership with ChannelNet

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

White Clarke Group announces strategic partnership with ChannelNet

Jun 18, 2018

  A strategic partnership has been announced by customer engagement specialist ChannelNet and White Clarke Group, the global automotive, consumer and equipment finance software business. The partnership will enable White Clarke Group to offer digital marketing services to its client base, extending its current range of products that includes Calms, the end-to-end auto and asset finance software system. The partnership offers asset finance companies an integrated customer and dealer-facing platform that automates the overall management of the customer relationship for lenders and their dealers, serving the automotive, truck and heavy equipment markets.

Make sense of digitalisation by exploring four key areas

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

Make sense of digitalisation by exploring four key areas

Jun 13, 2018

In our recent Digital Transformation Study, we have found few success stories of “analog-native” companies developing digital strategies. Nearly 80% of companies surveyed said they were only “digitally adaptive”, and 50% considered lack of skills and competencies their major challenges in the digitalization journey. To make sense of digital and develop strategies, we suggest exploring four key areas.

CIT point-of-sale digital platform wins global award

A point-of-sale platform from US-based CIT that allows business customers to finance their purchases in as little as five minutes has received a major award. The platform has been named Best Small Business Lending Solution by FinTech Breakthrough, an independent organisation that recognises the top companies, technologies and products in the global financial technology market. The FinTech Breakthrough Awards recognise fintech innovators, leaders and visionaries from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, insurtech and other sectors.

CIT point-of-sale digital platform wins global award

May 22, 2018

A point-of-sale platform from US-based CIT that allows business customers to finance their purchases in as little as five minutes has received a major award. The platform has been named Best Small Business Lending Solution by FinTech Breakthrough, an independent organisation that recognises the top companies, technologies and products in the global financial technology market. The FinTech Breakthrough Awards recognise fintech innovators, leaders and visionaries from around the world in a range of categories, including personal finance, lending, payments, investments, regtech, insurtech and other sectors.