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%.

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.

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.

The purpose of digital transformation is not to become more digital - it's to generate growth

Digital transformation is changing the shape of every industry sector, but many companies struggle when it comes to implementation. Recent research found that 90% of digital transformation projects have either fallen below planning expectations, delivered only minor improvements or altogether failed. Couchbase surveyed 450 CIOs, CTOs and digital leaders at companies with more than 1,000 employees in the US, UK, France and Germany.

The purpose of digital transformation is not to become more digital - it's to generate growth

Jun 26, 2018

Digital transformation is changing the shape of every industry sector, but many companies struggle when it comes to implementation. Recent research found that 90% of digital transformation projects have either fallen below planning expectations, delivered only minor improvements or altogether failed. Couchbase surveyed 450 CIOs, CTOs and digital leaders at companies with more than 1,000 employees in the US, UK, France and Germany.

AF50 Banners Europe 2018

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.”

GDPR drives growing interest in Robotic Process Automation

Finance companies are focusing on automation as the arrival of the European Union’s General Data Protection Regulation (GDPR) next month has prompted global warnings about rocketing administration costs for businesses trying to manage the complexities of the new law. So-called Robotic Process Automation (RPA) uses technology to configure computer software or a 'robot' to independently carry out core tasks such as capturing and interpreting data, then acting on it, without the need for human involvement.

GDPR drives growing interest in Robotic Process Automation

Apr 23, 2018

Finance companies are focusing on automation as the arrival of the European Union’s General Data Protection Regulation (GDPR) next month has prompted global warnings about rocketing administration costs for businesses trying to manage the complexities of the new law. So-called Robotic Process Automation (RPA) uses technology to configure computer software or a 'robot' to independently carry out core tasks such as capturing and interpreting data, then acting on it, without the need for human involvement.

How affordability software is reshaping the customer journey

The growing sophistication of affordability software has the power to transform the way lenders interact with customers, but organisations should avoid an over-reliance on technology, experts warn. Affordability software automates whole elements of the creditworthiness assessment process when considering finance applications, to effectively deliver a self-service solution to customers that slashes approval times from days to minutes. In addition, the risk of default can also be reduced because of the sheer scale of the customer information collected directly from their bank accounts for analysis.

How affordability software is reshaping the customer journey

Mar 27, 2018

The growing sophistication of affordability software has the power to transform the way lenders interact with customers, but organisations should avoid an over-reliance on technology, experts warn. Affordability software automates whole elements of the creditworthiness assessment process when considering finance applications, to effectively deliver a self-service solution to customers that slashes approval times from days to minutes. In addition, the risk of default can also be reduced because of the sheer scale of the customer information collected directly from their bank accounts for analysis.

Why open banking creates a new landscape for asset finance

A new era in finance has started as the deadline passes for major banks to comply with new open banking legislation that promises to revolutionise consumer and business funding. In truth, the revolution has started with a whimper rather than a bang, as many of the major banks have secured an extension beyond the January 13 deadline for the new regulations, but over the long-term, it has the potential to change how businesses and consumers source finance.

Why open banking creates a new landscape for asset finance

Jan 11, 2018

A new era in finance has started as the deadline passes for major banks to comply with new open banking legislation that promises to revolutionise consumer and business funding. In truth, the revolution has started with a whimper rather than a bang, as many of the major banks have secured an extension beyond the January 13 deadline for the new regulations, but over the long-term, it has the potential to change how businesses and consumers source finance.

Interactive video will enhance your interaction with finance customers

Interactive video ticks many boxes when it comes to auto and asset finance. The technology feeds growing demand for video content among consumers because it can deliver personalised and relevant content in a way that is interesting and engaging. This is important when it comes to dealing with technical or dry content. If a video can make things simpler and easy to understand for the viewer, then the more compelled they are to respond to it.

Interactive video will enhance your interaction with finance customers

Nov 01, 2017

Interactive video ticks many boxes when it comes to auto and asset finance. The technology feeds growing demand for video content among consumers because it can deliver personalised and relevant content in a way that is interesting and engaging. This is important when it comes to dealing with technical or dry content. If a video can make things simpler and easy to understand for the viewer, then the more compelled they are to respond to it.

Banks team up with IBM to build blockchain platform

A group of banks are teaming up with IBM to build a new global platform for trade finance which is based on blockchain technology. Bank of Montreal, CaixaBank, Commerzbank and Erste Group have joined an initiative launched by UBS and IBM to build a new platform called Batavia.

Banks team up with IBM to build blockchain platform

Oct 30, 2017

A group of banks are teaming up with IBM to build a new global platform for trade finance which is based on blockchain technology. Bank of Montreal, CaixaBank, Commerzbank and Erste Group have joined an initiative launched by UBS and IBM to build a new platform called Batavia.

Boards need battleplan to combat cyber-attacks

More than two-thirds of FTSE 350 boards have never received any training to deal with a cyber-attack and 10% have no plans in place to respond to an incident, UK government research has revealed. Undertaken in the wake of recent high-profile cyber attacks, the survey of the UK’s biggest 350 companies found 68% of boards had not received training despite 54% saying it was a top risk to their business.

Boards need battleplan to combat cyber-attacks

Oct 20, 2017

More than two-thirds of FTSE 350 boards have never received any training to deal with a cyber-attack and 10% have no plans in place to respond to an incident, UK government research has revealed. Undertaken in the wake of recent high-profile cyber attacks, the survey of the UK’s biggest 350 companies found 68% of boards had not received training despite 54% saying it was a top risk to their business.