UK invoice finance and asset-based lending grows despite economic uncertainty

The UK’s invoice finance and asset-based lending industry achieved modest growth, despite business uncertainty over the economy, new figures from UK Finance show. The association’s invoice finance and asset-based lending update shows that advances stood at £22.6 billion at the end of Q3 2018, a rise of 2.4% compared to the same period last year. Invoice finance accounted for 80% of lending by value, with most clients requiring factoring or invoice discounting.

UK invoice finance and asset-based lending grows despite economic uncertainty

Dec 14, 2018

The UK’s invoice finance and asset-based lending industry achieved modest growth, despite business uncertainty over the economy, new figures from UK Finance show. The association’s invoice finance and asset-based lending update shows that advances stood at £22.6 billion at the end of Q3 2018, a rise of 2.4% compared to the same period last year. Invoice finance accounted for 80% of lending by value, with most clients requiring factoring or invoice discounting.

Shared knowledge vital to tackling cyber-crime in financial sector

Cyber attacks on financial institutions are becoming increasingly frequent, so organisations must invest in continuous development of protection against threats, including shared knowledge, experts warn. The danger is that current developments in security may create an overly-optimistic view in the financial sector, which could lead to a spike in data breaches in future, warns Vyacheslav Kasimov, director for information security at Credit Bank of Moscow.

Shared knowledge vital to tackling cyber-crime in financial sector

Dec 14, 2018

Cyber attacks on financial institutions are becoming increasingly frequent, so organisations must invest in continuous development of protection against threats, including shared knowledge, experts warn. The danger is that current developments in security may create an overly-optimistic view in the financial sector, which could lead to a spike in data breaches in future, warns Vyacheslav Kasimov, director for information security at Credit Bank of Moscow.

Aldermore Asset Finance improves dealer experience with new online portal

Aldermore Asset Finance has significantly broadened its product range to UK equipment dealers by developing a new online dealer portal. Patrick Jelly, Aldermore Asset Finance’s commercial director, explained that the fully-mobile and optimised portal is the company’s latest move to augment its investment in both technology and people. The aim is to improve the service that it provides to UK small businesses by simplifying the relationship between lending partners and customers.

Aldermore Asset Finance improves dealer experience with new online portal

Dec 14, 2018

Aldermore Asset Finance has significantly broadened its product range to UK equipment dealers by developing a new online dealer portal. Patrick Jelly, Aldermore Asset Finance’s commercial director, explained that the fully-mobile and optimised portal is the company’s latest move to augment its investment in both technology and people. The aim is to improve the service that it provides to UK small businesses by simplifying the relationship between lending partners and customers.

 

How to create a seamless auto finance journey from home to the showroom

When customers buy cars and vehicle finance, their purchasing journey typically switches between online and offline methods four times before completion, and they expect this journey to be seamless. With 86% of car buyers starting their journey online, the challenge facing auto finance companies is how to integrate both the digital and physical experience, so the customer journey progresses smoothly without buyers needing to start again when they visit a showroom. A major initiative at FCA Bank has been tackling the ‘online to offline’ challenge by shaping a new digitalization journey. It began in 2013 and is expected to offer full e-commerce by 2020, with customers using a platform at home that can also be accessed at dealerships. You can hear more about the ‘O2O’ journey in this exclusive presentation by Giacomo Carelli, CEO of FCA Bank, provided courtesy of leading finance software provider White Clarke Group.

How to create a seamless auto finance journey from home to the showroom

Dec 05, 2018

When customers buy cars and vehicle finance, their purchasing journey typically switches between online and offline methods four times before completion, and they expect this journey to be seamless. With 86% of car buyers starting their journey online, the challenge facing auto finance companies is how to integrate both the digital and physical experience, so the customer journey progresses smoothly without buyers needing to start again when they visit a showroom. A major initiative at FCA Bank has been tackling the ‘online to offline’ challenge by shaping a new digitalization journey. It began in 2013 and is expected to offer full e-commerce by 2020, with customers using a platform at home that can also be accessed at dealerships. You can hear more about the ‘O2O’ journey in this exclusive presentation by Giacomo Carelli, CEO of FCA Bank, provided courtesy of leading finance software provider White Clarke Group.

 
 

WCG tech report 2018 550x150

 

Looking ahead to 2019 – a big year for regulation

2018 will most likely end up being a more positive year than we might have expected – even considering the challenges around declining vehicle registration figures, WLTP, Bank of England interest rate increases and concerns over demand for diesel. For me, none of these issues have been the most interesting aspect of the year; rather, it’s the year’s developments in regulation that continue to be the big story and have the most potential to shape our industry in the future.

Looking ahead to 2019 – a big year for regulation

Dec 13, 2018

2018 will most likely end up being a more positive year than we might have expected – even considering the challenges around declining vehicle registration figures, WLTP, Bank of England interest rate increases and concerns over demand for diesel. For me, none of these issues have been the most interesting aspect of the year; rather, it’s the year’s developments in regulation that continue to be the big story and have the most potential to shape our industry in the future.

Nordic Finance partners with Tieto to disrupt leasing market

Swedish leasing broker Nordic Finance is expanding into asset finance with a focus on digitalisation and automation in partnership with software and services company Tieto. Nordic Finance, one of Sweden's fastest growing financial companies, will launch its asset finance offering at the end of Q1 2019 and expects to have reached SEK1.5 billion (€146 million) in funding by the end of the year, expanding to SEK6 billion (€582 million) by the end of 2022. A core part of its growth plan will be the Emric leasing platform from Tieto, with which it aims to disrupt conventional processes and provide a smoother customer experience, through digitalisation and automation.

Nordic Finance partners with Tieto to disrupt leasing market

Dec 13, 2018

Swedish leasing broker Nordic Finance is expanding into asset finance with a focus on digitalisation and automation in partnership with software and services company Tieto. Nordic Finance, one of Sweden's fastest growing financial companies, will launch its asset finance offering at the end of Q1 2019 and expects to have reached SEK1.5 billion (€146 million) in funding by the end of the year, expanding to SEK6 billion (€582 million) by the end of 2022. A core part of its growth plan will be the Emric leasing platform from Tieto, with which it aims to disrupt conventional processes and provide a smoother customer experience, through digitalisation and automation.

BMW Group Brazil appoints new CEO

BMW Group Brazil has appointed Aksel Krieger as its new CEO. He will take up the position in February 2019 and moves from the Brilliance-BEA Auto Finance Company in Shanghai, where he was also CEO.

BMW Group Brazil appoints new CEO

Dec 13, 2018

BMW Group Brazil has appointed Aksel Krieger as its new CEO. He will take up the position in February 2019 and moves from the Brilliance-BEA Auto Finance Company in Shanghai, where he was also CEO.

Bynx Australia 2018

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.

Alfa Digital Directions Part Two

  

NR Finance Mexico launches short-term flexible finance plan

NR Finance Mexico has launched a new short-term finance plan for Nissan customers, known as Selectiviti. Available through Credi Nissan finance, it offers loans of up to two years with lower monthly payments than traditional credit schemes. The firm, which is the second-largest leasing company in Latin America according to the 2018 Alta LAR 100, claims the plan will major on flexibility.

NR Finance Mexico launches short-term flexible finance plan

Dec 13, 2018

NR Finance Mexico has launched a new short-term finance plan for Nissan customers, known as Selectiviti. Available through Credi Nissan finance, it offers loans of up to two years with lower monthly payments than traditional credit schemes. The firm, which is the second-largest leasing company in Latin America according to the 2018 Alta LAR 100, claims the plan will major on flexibility.

Mixed results for Mexican auto finance companies as vehicle sales decline

Mexican new vehicle sales fell by 4% in November, according to the Asociación Mexicana de Distribuidores de Automotores (AMDA), leaving the market 6.7% down year-to-date. The organisation reported that 113,791 units were sold in the country last month, down 5.4% on the same period in 2017. AMDA’s deputy director general, Guillermo Rosales Zárate, said sales were 4% lower than industry expectations.

Mixed results for Mexican auto finance companies as vehicle sales decline

Dec 13, 2018

Mexican new vehicle sales fell by 4% in November, according to the Asociación Mexicana de Distribuidores de Automotores (AMDA), leaving the market 6.7% down year-to-date. The organisation reported that 113,791 units were sold in the country last month, down 5.4% on the same period in 2017. AMDA’s deputy director general, Guillermo Rosales Zárate, said sales were 4% lower than industry expectations.

Revenues double for online used vehicle sales in Brazil

Online used vehicle sales in Brazil doubled in the first three quarters of 2018, according to a survey by Auto Avaliar. The digital sales and inventory specialist said used vehicle e-commerce generated 22 billion Brazilian reais (USD$5.6 billion) between January and September – double the revenue of the equivalent period last year.

Revenues double for online used vehicle sales in Brazil

Dec 13, 2018

Online used vehicle sales in Brazil doubled in the first three quarters of 2018, according to a survey by Auto Avaliar. The digital sales and inventory specialist said used vehicle e-commerce generated 22 billion Brazilian reais (USD$5.6 billion) between January and September – double the revenue of the equivalent period last year.

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More companies investigating vehicle solutions beyond the company car

UK companies are showing increasing interest in providing vehicle solutions for all employees, including those not entitled to a company car, according to vehicle leasing provider Arval. Employers increasingly want to offer a broader mix of vehicle solutions to more employees, with personal lease and salary exchange ideal to meet the demand, the company says.

More companies investigating vehicle solutions beyond the company car

Dec 12, 2018

UK companies are showing increasing interest in providing vehicle solutions for all employees, including those not entitled to a company car, according to vehicle leasing provider Arval. Employers increasingly want to offer a broader mix of vehicle solutions to more employees, with personal lease and salary exchange ideal to meet the demand, the company says.

US vehicle-to-vehicle communication market will grow to 62 million vehicles

More than 62 million vehicles in the US will be capable of vehicle-to-vehicle (V2V) communication by 2023, according to analysis by Juniper Research. The total will rise from just over 1.1 million in 2019, an average annual growth rate of 173% over four years, according to its research. Its study, Consumer Connected Cars: Telematics, In-Vehicle Apps & Connect Car Commerce 2018-2023, found that rollouts of 5G networks, anticipated to launch next year, will be the key to the expansion of V2V communications.

US vehicle-to-vehicle communication market will grow to 62 million vehicles

Dec 12, 2018

More than 62 million vehicles in the US will be capable of vehicle-to-vehicle (V2V) communication by 2023, according to analysis by Juniper Research. The total will rise from just over 1.1 million in 2019, an average annual growth rate of 173% over four years, according to its research. Its study, Consumer Connected Cars: Telematics, In-Vehicle Apps & Connect Car Commerce 2018-2023, found that rollouts of 5G networks, anticipated to launch next year, will be the key to the expansion of V2V communications.

AutoNation invests in online retailer Vroom

US online auto retailer Vroom has announced a $146 million Series G funding round led by AutoNation, a national dealership with over 360 outlets. Vroom offers thousands of low-mileage, reconditioned vehicles with delivery directly to consumers. It will use this new round of investment to invest in key technologies and processes, expand marketing and develop its management team.

AutoNation invests in online retailer Vroom

Dec 12, 2018

US online auto retailer Vroom has announced a $146 million Series G funding round led by AutoNation, a national dealership with over 360 outlets. Vroom offers thousands of low-mileage, reconditioned vehicles with delivery directly to consumers. It will use this new round of investment to invest in key technologies and processes, expand marketing and develop its management team.

Digital lender iwoca adds Barclays and HSBC to Open Banking connections

Digital small business lending pioneer iwoca has connected leading banks Barclays and HSBC to its platform through Open Banking. The finance company now has connections to three of country’s largest banks after it completed the first ground-breaking agreement with Lloyds Bank in November. As a result of the expansion, 60% of iwoca’s customers can now make use of Open Banking services, under which customers can give verified third-parties secure access to their bank data to speed up the lending process.

Digital lender iwoca adds Barclays and HSBC to Open Banking connections

Dec 12, 2018

Digital small business lending pioneer iwoca has connected leading banks Barclays and HSBC to its platform through Open Banking. The finance company now has connections to three of country’s largest banks after it completed the first ground-breaking agreement with Lloyds Bank in November. As a result of the expansion, 60% of iwoca’s customers can now make use of Open Banking services, under which customers can give verified third-parties secure access to their bank data to speed up the lending process.

Volkswagen to move away from fossil fuels as part of €11bn investment in electrification, mobility, digitalisation and autonomous driving

Volkswagen has revealed radical plans that will mark the end of the fossil fuel era, as it focuses solely on developing electric vehicles with the next decade. As part of a €11 billion development programme, Volkswagen will spend €9 billion on its electrification offensive. Other funds will be spent on digitalization, introducing autonomous driving capabilities and expanding its mobility services.

Volkswagen to move away from fossil fuels as part of €11bn investment in electrification, mobility, digitalisation and autonomous driving

Dec 12, 2018

Volkswagen has revealed radical plans that will mark the end of the fossil fuel era, as it focuses solely on developing electric vehicles with the next decade. As part of a €11 billion development programme, Volkswagen will spend €9 billion on its electrification offensive. Other funds will be spent on digitalization, introducing autonomous driving capabilities and expanding its mobility services.

EE brings power of big data and connected cars to UK SMEs

EE, part of BT Group, one of the world’s biggest communications companies, is targeting millions of UK SMEs with a new connected car service that goes live this week. EE Auto Mate uses a plug-in telematics device combined with the BT Group’s ‘big data’ analysis capabilities to provide automated, cost-effective insights to companies about vehicle use and performance.

EE brings power of big data and connected cars to UK SMEs

Dec 12, 2018

EE, part of BT Group, one of the world’s biggest communications companies, is targeting millions of UK SMEs with a new connected car service that goes live this week. EE Auto Mate uses a plug-in telematics device combined with the BT Group’s ‘big data’ analysis capabilities to provide automated, cost-effective insights to companies about vehicle use and performance.

Customer education drives expansion at Independent Growth Finance

Product awareness is a critical foundation of business growth and it is especially important in the finance sector. Growing small businesses often use their bank as the first source for finance, but all too often this avenue can be a dead-end when dealing with risk-averse high street lenders. SMEs often perceive this as the end of their search for funding, as they aren’t aware of key alternatives that could drive future expansion.

Customer education drives expansion at Independent Growth Finance

Dec 11, 2018

Product awareness is a critical foundation of business growth and it is especially important in the finance sector. Growing small businesses often use their bank as the first source for finance, but all too often this avenue can be a dead-end when dealing with risk-averse high street lenders. SMEs often perceive this as the end of their search for funding, as they aren’t aware of key alternatives that could drive future expansion.

netsol digital

Charities benefit from finance company fundraising

Charities will benefit from donations worth thousands of pounds following initiatives from D&D...

Charities benefit from finance company fundraising

Dec 10, 2018

Aston Barclay develops industry-first Alexa-based auction briefing

UK remarketing company Aston Barclay has developed a new auction briefing service for users of Ale...

Aston Barclay develops industry-first Alexa-based auction briefing

Dec 10, 2018

BNP Paribas Personal Finance targets UK auto finance market through iVendi partnership

BNP Paribas Personal Finance has launched a new motor finance solution for the UK market. The con...

BNP Paribas Personal Finance targets UK auto finance market through iVendi partnership

Dec 10, 2018

There is more to asset finance than a slick interface and computing power

You don’t need to be a fan of the dystopian Terminator films to know that technology should be a m...

There is more to asset finance than a slick interface and computing power

Dec 10, 2018

Dealflo Agreement Automation