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 Analysis conducted by Forrester Consulting concluded that organisations with disjointed and outdated IT based on legacy tools and strategies are trapped in a perpetual ‘survival cycle’ that leaves them unable to innovate.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 Analysis conducted by Forrester Consulting concluded that organisations with disjointed and outdated IT based on legacy tools and strategies are trapped in a perpetual ‘survival cycle’ that leaves them unable to innovate.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.

Volvo completes first online car sale in UK

Volvo Car UK has completed the first fully online vehicle sale on its new digital finance platform. The manufacturer claims the platform, called Volvo Online, is the most complete online sales offering from any car manufacturer, with the entire purchase process taking as little as 20 minutes. The site offers customers a range of finance options including personal contract purchase, personal contract hire, conditional sale and outright purchase.

Volvo completes first online car sale in UK

Jul 12, 2019

Volvo Car UK has completed the first fully online vehicle sale on its new digital finance platform. The manufacturer claims the platform, called Volvo Online, is the most complete online sales offering from any car manufacturer, with the entire purchase process taking as little as 20 minutes. The site offers customers a range of finance options including personal contract purchase, personal contract hire, conditional sale and outright purchase.

Bright future for virtual banking assistants as Bank of America’s Erica reaches user landmark

Bank of America’s virtual assistant Erica has completed more than 50 million requests for 7 million users since its nationwide roll-out last year. The service uses artificial intelligence and predictive analytics to provide a more human experience for digital customers, who use everyday language to message or talk to the digital assistant to obtain bank services, ranging from a balance enquiry to paying bills. Since its nationwide rollout in June 2018, Erica has attracted around half a million new users a month and has doubled the ways in which clients can ask financial questions to more than 400,000.

Bright future for virtual banking assistants as Bank of America’s Erica reaches user landmark

Jun 25, 2019

Bank of America’s virtual assistant Erica has completed more than 50 million requests for 7 million users since its nationwide roll-out last year. The service uses artificial intelligence and predictive analytics to provide a more human experience for digital customers, who use everyday language to message or talk to the digital assistant to obtain bank services, ranging from a balance enquiry to paying bills. Since its nationwide rollout in June 2018, Erica has attracted around half a million new users a month and has doubled the ways in which clients can ask financial questions to more than 400,000.

Societe Generale leads exclusive AFE50 rankings as smaller players increase market share

Societe Generale has been named as the largest European asset finance company in the annual Asset Finance Europe 50 (AFE 50) which is released today. The 2018 AFE50 provides insights into the European business equipment and car leasing industry, whose 50 largest members make up a community with lease receivables of more than €271 billion, a year-on-year rise of nearly 4%.

Societe Generale leads exclusive AFE50 rankings as smaller players increase market share

Dec 19, 2018

Societe Generale has been named as the largest European asset finance company in the annual Asset Finance Europe 50 (AFE 50) which is released today. The 2018 AFE50 provides insights into the European business equipment and car leasing industry, whose 50 largest members make up a community with lease receivables of more than €271 billion, a year-on-year rise of nearly 4%.

Cloud first approach promises long-term growth for Alfa

Demand for cloud-based services has exceeded expectations at global financial software provider Alfa. The company revealed its ‘Cloud First’ sales approach last year and since then three quarters of customer wins have been securely hosted on the public cloud. Customers are increasingly convinced of the cost benefits of outsourcing infrastructure requirements so that software runs on external systems provided by trusted third-parties, with data being held off-site.

Cloud first approach promises long-term growth for Alfa

Sep 04, 2018

Demand for cloud-based services has exceeded expectations at global financial software provider Alfa. The company revealed its ‘Cloud First’ sales approach last year and since then three quarters of customer wins have been securely hosted on the public cloud. Customers are increasingly convinced of the cost benefits of outsourcing infrastructure requirements so that software runs on external systems provided by trusted third-parties, with data being held off-site.

Innovate or Die - A multinational asset lender’s perspective on digitalization

At a time of unprecedented change, Jonathan Andrew, Global CEO of the Commercial Finance business of Siemens Financial Services, will pose in his keynote speech at the International Asset Finance Network conference on 13 September whether the business finance industry is truly prepared for the challenges ahead. There is a clear and urgent need for the business finance industry to digitally transform in order to remain competitive in local and world markets. New business models are evolving and long-established industry thinking is being challenged as the sector wrestles with the need to innovate and create new revenue streams.

Innovate or Die - A multinational asset lender’s perspective on digitalization

Aug 22, 2018

At a time of unprecedented change, Jonathan Andrew, Global CEO of the Commercial Finance business of Siemens Financial Services, will pose in his keynote speech at the International Asset Finance Network conference on 13 September whether the business finance industry is truly prepared for the challenges ahead. There is a clear and urgent need for the business finance industry to digitally transform in order to remain competitive in local and world markets. New business models are evolving and long-established industry thinking is being challenged as the sector wrestles with the need to innovate and create new revenue streams.

Rise of the ‘permissioned blockchain’ is key to delivering short-term value, says McKinsey

Finance companies need to take a structured approach to their blockchain strategies to start delivering value in the short-term, according to advisors McKinsey. In recently published analysis, it argues that blockchain does not have to be a disintermediator to generate value, as benefits from reductions in transaction complexity and cost, as well as improvements in transparency and fraud controls, can be captured by existing institutions using ‘permissioned blockchain’.

Rise of the ‘permissioned blockchain’ is key to delivering short-term value, says McKinsey

Aug 20, 2018

Finance companies need to take a structured approach to their blockchain strategies to start delivering value in the short-term, according to advisors McKinsey. In recently published analysis, it argues that blockchain does not have to be a disintermediator to generate value, as benefits from reductions in transaction complexity and cost, as well as improvements in transparency and fraud controls, can be captured by existing institutions using ‘permissioned blockchain’.

The digitalisation challenge – how auto finance companies need to respond

A skilled, diverse workforce is the key to successfully tackling the digitalisation challenge. By having different views and different backgrounds, a company can broaden its horizons and introduce new ideas and an enthusiasm for innovation that will lay the foundations for companies to adapt to change. According to Andy Denton, CEO of global financial software giant Alfa, companies need a cultural shift to embrace the potential of digitalisation.

The digitalisation challenge – how auto finance companies need to respond

Jun 25, 2018

A skilled, diverse workforce is the key to successfully tackling the digitalisation challenge. By having different views and different backgrounds, a company can broaden its horizons and introduce new ideas and an enthusiasm for innovation that will lay the foundations for companies to adapt to change. According to Andy Denton, CEO of global financial software giant Alfa, companies need a cultural shift to embrace the potential of digitalisation.

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.

Mining data: how successful is the asset finance industry at striking gold?

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

Mining data: how successful is the asset finance industry at striking gold?

Feb 12, 2019

Changing customer expectations are reshaping the asset finance industry. As Jochen Jehmlich, CEO, Societe Generale Equipment Finance (SGEF), points out, the key trend is a strong move away from traditional acquisition of equipment towards a usage and service-based approach, supported by innovations in technology. Disruptive start-ups such as ride hailing service Uber have led the way on this, but the switch from a focus on owning equipment to wanting to pay for outcomes is spreading, facilitated by the use of data collected from connected devices as part of the Internet of Things (IoT). Having a network of devices fitted to equipment and vehicles allows vendors, users and lenders to connect, interact and exchange data.

Alfa targets global growth amid focus on trusted partnerships with customers and suppliers

Financial software company Alfa has reported an increase in the number of customers requesting complex multi-country implementations of its systems and broader demand for cloud services that drive business efficiencies. While this means customer decision-making is becoming more complex, it also reflects the increasing value placed on trusted software suppliers that can manage complex international requirements as part of a focus on long-term partnerships, according to the company’s CEO Andy Denton.

Alfa targets global growth amid focus on trusted partnerships with customers and suppliers

Mar 12, 2019

Financial software company Alfa has reported an increase in the number of customers requesting complex multi-country implementations of its systems and broader demand for cloud services that drive business efficiencies. While this means customer decision-making is becoming more complex, it also reflects the increasing value placed on trusted software suppliers that can manage complex international requirements as part of a focus on long-term partnerships, according to the company’s CEO Andy Denton.

Planning a successful route to delivering global mobility services

There is a tough journey ahead for the hundreds of mobility innovators seeking to change transport, as they are whittled down to the successful few who create a new transport landscape for the masses. As an inspirational speech, it makes tough listening, but the wise words ring true from Brian Collie, a senior partner and managing director at Boston Consulting Group, where he is the global lead for the automotive and mobility sector.

Planning a successful route to delivering global mobility services

Feb 19, 2019

There is a tough journey ahead for the hundreds of mobility innovators seeking to change transport, as they are whittled down to the successful few who create a new transport landscape for the masses. As an inspirational speech, it makes tough listening, but the wise words ring true from Brian Collie, a senior partner and managing director at Boston Consulting Group, where he is the global lead for the automotive and mobility sector.

Does fintech have a diversity problem?

Fintech companies and their venture capital backers are limiting future growth because of a lack of diversity among employees and executives, industry experts warn. The issue affects areas ranging from gender and ethnicity to age, delegates heard at a recent event organised by FCA Innovate. Among the executives warning of a problem was Anne Boden, founder and CEO of Starling Bank, the digital, mobile-only UK challenger bank, which launched in 2014, received its banking licence in 2016 and now has 600,000 customers.

Does fintech have a diversity problem?

Feb 01, 2019

Fintech companies and their venture capital backers are limiting future growth because of a lack of diversity among employees and executives, industry experts warn. The issue affects areas ranging from gender and ethnicity to age, delegates heard at a recent event organised by FCA Innovate. Among the executives warning of a problem was Anne Boden, founder and CEO of Starling Bank, the digital, mobile-only UK challenger bank, which launched in 2014, received its banking licence in 2016 and now has 600,000 customers.

CEOs debate digitalisation and impact of AI at Davos conference

The impact of digitalisation on business has been highlighted as a key concern among industry leaders attending the World Economic Forum at Davos. Among the issues being debated by government heads and the top executives of hundreds of the world’s biggest companies is how to maximise the benefits of technology, including artificial intelligence (AI), and how to adapt to the changes it will bring to global business. In a survey launched ahead of the event in Switzerland, consultancy PwC revealed the results of its global CEO survey, which showed 85% of business leaders believe AI will significantly change the way they do business in the next five years.

CEOs debate digitalisation and impact of AI at Davos conference

Jan 22, 2019

The impact of digitalisation on business has been highlighted as a key concern among industry leaders attending the World Economic Forum at Davos. Among the issues being debated by government heads and the top executives of hundreds of the world’s biggest companies is how to maximise the benefits of technology, including artificial intelligence (AI), and how to adapt to the changes it will bring to global business. In a survey launched ahead of the event in Switzerland, consultancy PwC revealed the results of its global CEO survey, which showed 85% of business leaders believe AI will significantly change the way they do business in the next five years.

McKinsey suggests winning firms make digitalisation central to their company ethos

Strategy consultants McKinsey have suggested that companies which succeed in re-inventing themselves are those that invest more boldly and more broadly than less well performing counterparts. It found more than twice as many leading companies closely tie together their digital and corporate strategies than don’t. What’s more, winners tend to respond to digitalisation by changing their corporate strategies significantly, so that digitalisation is central to the company ethos, rather than simply a standalone project. Mckinsey's findings are likely to be of interest to the asset finance industry, in which a clear divide has opened up between 'traditional' companies who may have dipped a toe in the water but have not fully taken the plunge into digitalisation, and those who describe themselves as ‘progressive’, with a commitment to digital working throughout. This divide was studied by Alfa in their latest Digital Directions Research report which found that while 92.5% of progressive asset finance companies agree their organisation has a clearly defined coherent digital strategy that is aligned with the overall corporate objectives, only half (50%) of traditional companies can say the same. The majority of respondents to Alfa’s survey agreed that a major challenge is the need to recruit staff with different skills to take them on their digital journey.

McKinsey suggests winning firms make digitalisation central to their company ethos

Dec 17, 2018

Strategy consultants McKinsey have suggested that companies which succeed in re-inventing themselves are those that invest more boldly and more broadly than less well performing counterparts. It found more than twice as many leading companies closely tie together their digital and corporate strategies than don’t. What’s more, winners tend to respond to digitalisation by changing their corporate strategies significantly, so that digitalisation is central to the company ethos, rather than simply a standalone project. Mckinsey's findings are likely to be of interest to the asset finance industry, in which a clear divide has opened up between 'traditional' companies who may have dipped a toe in the water but have not fully taken the plunge into digitalisation, and those who describe themselves as ‘progressive’, with a commitment to digital working throughout. This divide was studied by Alfa in their latest Digital Directions Research report which found that while 92.5% of progressive asset finance companies agree their organisation has a clearly defined coherent digital strategy that is aligned with the overall corporate objectives, only half (50%) of traditional companies can say the same. The majority of respondents to Alfa’s survey agreed that a major challenge is the need to recruit staff with different skills to take them on their digital journey.

Realising your digital journey - next steps for asset finance organisations

Download Alfa's latest research into asset finance digitalisation The asset finance sector, in common with the industries it serves, is experiencing a period of rapid and transformative change, driven by advancements in technology which have led to the emergence of the sharing economy and a new focus on usage rather than ownership. Alfa’s first Digital Directions report, published in 2017, explored leading industry opinion on how digitalisation was changing asset finance. In this follow-up, produced in association with Clarity and Asset Finance International, Alfa looks more closely at where companies have reached in their digital journey.

Realising your digital journey - next steps for asset finance organisations

Nov 06, 2018

Download Alfa's latest research into asset finance digitalisation The asset finance sector, in common with the industries it serves, is experiencing a period of rapid and transformative change, driven by advancements in technology which have led to the emergence of the sharing economy and a new focus on usage rather than ownership. Alfa’s first Digital Directions report, published in 2017, explored leading industry opinion on how digitalisation was changing asset finance. In this follow-up, produced in association with Clarity and Asset Finance International, Alfa looks more closely at where companies have reached in their digital journey.

Regtech helps finance industry meet compliance pressures

The finance industry is being stifled by legacy infrastructure and bureaucracy, leading to rapidly rising interest in the power of regtech solutions, according to industry analysts. This year has been a watershed when it comes to the legislative burden, with the arrival of the EU’s General Data Protection Regulation, the Second Payment Services Directive (PSD2) and numerous other pieces of disruptive legislation. With substantial fines for non-compliance, the finance industry faces rapidly rising costs unless new ways can be found to efficiently meet legal obligations while also minimising risk.

Regtech helps finance industry meet compliance pressures

Jun 05, 2018

The finance industry is being stifled by legacy infrastructure and bureaucracy, leading to rapidly rising interest in the power of regtech solutions, according to industry analysts. This year has been a watershed when it comes to the legislative burden, with the arrival of the EU’s General Data Protection Regulation, the Second Payment Services Directive (PSD2) and numerous other pieces of disruptive legislation. With substantial fines for non-compliance, the finance industry faces rapidly rising costs unless new ways can be found to efficiently meet legal obligations while also minimising risk.

How robotic process automation can empower CIOs

Proactive business leaders in the asset finance sector should assess the impact of robotic process automation (RPA) and its potential to revolutionise traditionally manual processes. RPA involves the use of software to replace business tasks that are repeatable, effectively mimicking the employee, who can then be deployed on tasks that provide more value to a business. Roles suitable for RPA might include gathering data from different sources or producing reports; replacing manual work with automated processes helps to manage business process complexity, increase efficiencies, and dramatically reduce costs.

How robotic process automation can empower CIOs

May 15, 2018

Proactive business leaders in the asset finance sector should assess the impact of robotic process automation (RPA) and its potential to revolutionise traditionally manual processes. RPA involves the use of software to replace business tasks that are repeatable, effectively mimicking the employee, who can then be deployed on tasks that provide more value to a business. Roles suitable for RPA might include gathering data from different sources or producing reports; replacing manual work with automated processes helps to manage business process complexity, increase efficiencies, and dramatically reduce costs.

Lloyds Banking Group CEO António Horta-Osório outlines four key trends in financial services

Lloyds Banking Group CEO António Horta-Osório has delivered his vision for the future of banking, saying the industry must be open to new ways of working, in partnership with fintech companies and other new players. Partnerships are the only way to “grasp the opportunity” of the digital revolution currently reshaping the market, he said in a recent speech. He said: “To truly reap the benefits of such innovation, we need to tap into the huge potential of the fintech sector. Partnerships between established banks and fintech providers will be of central importance. We know that these relationships can deliver true value.”

Lloyds Banking Group CEO António Horta-Osório outlines four key trends in financial services

May 08, 2018

Lloyds Banking Group CEO António Horta-Osório has delivered his vision for the future of banking, saying the industry must be open to new ways of working, in partnership with fintech companies and other new players. Partnerships are the only way to “grasp the opportunity” of the digital revolution currently reshaping the market, he said in a recent speech. He said: “To truly reap the benefits of such innovation, we need to tap into the huge potential of the fintech sector. Partnerships between established banks and fintech providers will be of central importance. We know that these relationships can deliver true value.”

Innovation