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.

BMW hosts first European meeting for Mobility Open Blockchain Initiative

The BMW Group is hosting the first European meeting of the Mobility Open Blockchain Initiative (MOBI). The meeting, taking place in Munich, will see members of the consortium, which was co-founded by BMW, meeting with major technology companies from around the world, plus blockchain start-ups and specialists. MOBI aims to establish standards for the use of blockchain in the automotive market, which is particularly important as cars become more connected and interact with their environment and each other. Since the consortium’s creation, more than 100 companies, including 70% of the world’s car manufacturers, have joined MOBI to work on universal standards.

BMW hosts first European meeting for Mobility Open Blockchain Initiative

Feb 14, 2019

The BMW Group is hosting the first European meeting of the Mobility Open Blockchain Initiative (MOBI). The meeting, taking place in Munich, will see members of the consortium, which was co-founded by BMW, meeting with major technology companies from around the world, plus blockchain start-ups and specialists. MOBI aims to establish standards for the use of blockchain in the automotive market, which is particularly important as cars become more connected and interact with their environment and each other. Since the consortium’s creation, more than 100 companies, including 70% of the world’s car manufacturers, have joined MOBI to work on universal standards.

How BMW is delivering a new era of urban mobility solutions

Innovative mobility solutions are attracting a new generation of customers to BMW as attitudes to vehicle ownership change. BMW Group now has a customer base of 25 million for its mobility services, which range from car and ride-sharing to parking apps and electric vehicle charging. Tony Douglas, head of brand, marketing and communications for BMW Group Mobility Services, said growth was driven by global factors, such as urbanisation and the universal use of smartphones, on which many new services are based. He said: “I personally believe we are getting into the on-demand economy. You’re not selling one customer one car. You’re basically selling one car 1,000 times.” A full briefing on BMW’s investment in mobility services is available in this exclusive three-minute video, provided courtesy of global equipment and auto finance software company White Clarke Group.

How BMW is delivering a new era of urban mobility solutions

Feb 13, 2019

Innovative mobility solutions are attracting a new generation of customers to BMW as attitudes to vehicle ownership change. BMW Group now has a customer base of 25 million for its mobility services, which range from car and ride-sharing to parking apps and electric vehicle charging. Tony Douglas, head of brand, marketing and communications for BMW Group Mobility Services, said growth was driven by global factors, such as urbanisation and the universal use of smartphones, on which many new services are based. He said: “I personally believe we are getting into the on-demand economy. You’re not selling one customer one car. You’re basically selling one car 1,000 times.” A full briefing on BMW’s investment in mobility services is available in this exclusive three-minute video, provided courtesy of global equipment and auto finance software company White Clarke Group.

Experimenting with Automated Intelligence in asset finance

Finance providers should embrace the potential for intelligent software to transform their business operations by automating manual tasks and allowing employees to focus more on customer service excellence. Through an iterative process, suppliers can work with their customers to quickly develop digitalised services that could transform the way enquiries are managed, according to Morgan Owen, innovation consultant at White Clarke Group. As part of an innovation lab experiment at White Clarke Group, Owen looked at how a basic enquiry, such as settlement quote, could be answered automatically utilising natural language processing and artificial intelligence, leaving employees in a finance company to tackle more complex customer enquiries.

Experimenting with Automated Intelligence in asset finance

Jan 23, 2019

Finance providers should embrace the potential for intelligent software to transform their business operations by automating manual tasks and allowing employees to focus more on customer service excellence. Through an iterative process, suppliers can work with their customers to quickly develop digitalised services that could transform the way enquiries are managed, according to Morgan Owen, innovation consultant at White Clarke Group. As part of an innovation lab experiment at White Clarke Group, Owen looked at how a basic enquiry, such as settlement quote, could be answered automatically utilising natural language processing and artificial intelligence, leaving employees in a finance company to tackle more complex customer enquiries.

BNP Paribas Personal Finance UK partners with White Clarke Group to create new car finance offering

BNP Paribas Personal Finance UK has collaborated with global equipment and auto finance software company White Clarke Group to create a new motor finance solution. The finance company worked with specialist teams at White Clarke Group to create the new digital solution, which includes investment in enhanced IT platforms. A wide range of auto financing products will be offered through the service, including hire purchase, personal loans, stock financing, personal contract purchase and personal contract hire.

BNP Paribas Personal Finance UK partners with White Clarke Group to create new car finance offering

Jan 22, 2019

BNP Paribas Personal Finance UK has collaborated with global equipment and auto finance software company White Clarke Group to create a new motor finance solution. The finance company worked with specialist teams at White Clarke Group to create the new digital solution, which includes investment in enhanced IT platforms. A wide range of auto financing products will be offered through the service, including hire purchase, personal loans, stock financing, personal contract purchase and personal contract hire.

The future for equipment finance – pay for outcomes not assets

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, former global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. In a speech before he left his role, he argued that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.

The future for equipment finance – pay for outcomes not assets

Jan 16, 2019

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, former global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. In a speech before he left his role, he argued that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.

Why leasing companies must adjust their skillsets to meet growing private customer demand

A growing army of employees are throwing off the chains of their company car schemes in favour of cash, so they are free to source their own vehicles instead. In response, the leasing industry is adapting to offer new services to retain their business as drivers change from fleet to retail customers, spurred on by higher company car taxes and limited choice lists. For suppliers, the shift is bringing a wide range of challenges as the market shifts from a B2B to a B2C environment, including the need for new skillsets among leasing company employees to manage a different type of customer journey. Miguel Cabaça, managing director of Arval UK, provides a briefing on the issues facing the leasing industry in this exclusive video, provided courtesy of global financial software supplier White Clarke Group.

Why leasing companies must adjust their skillsets to meet growing private customer demand

Dec 19, 2018

A growing army of employees are throwing off the chains of their company car schemes in favour of cash, so they are free to source their own vehicles instead. In response, the leasing industry is adapting to offer new services to retain their business as drivers change from fleet to retail customers, spurred on by higher company car taxes and limited choice lists. For suppliers, the shift is bringing a wide range of challenges as the market shifts from a B2B to a B2C environment, including the need for new skillsets among leasing company employees to manage a different type of customer journey. Miguel Cabaça, managing director of Arval UK, provides a briefing on the issues facing the leasing industry in this exclusive video, provided courtesy of global financial software supplier White Clarke Group.

Nordea enhances Open Banking with instant reporting solution

Nordic bank Nordea has launched a new instant reporting service to enhance the benefits of Open Banking legislation for corporate customers. The service allows corporate clients to digitally access their accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in the second EU Payment Services Directive (PSD2) by offering a commercial product.

Nordea enhances Open Banking with instant reporting solution

Dec 17, 2018

Nordic bank Nordea has launched a new instant reporting service to enhance the benefits of Open Banking legislation for corporate customers. The service allows corporate clients to digitally access their accounts and integrate real-time data with their own systems and processes. It is the first offering from Nordea that moves beyond legal requirements in the second EU Payment Services Directive (PSD2) by offering a commercial product.

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.

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.

Digitalisation and robotic process automation boost Bancolombia results

Bancolombia increased total assets during the third quarter of 2018 as it reported digitalisation and automation were driving growth. Its Q3 results revealed that total assets reached 206,655 billion Colombian Pesos (COP) (USD$64 billion), a rise of 1.26% year-on-year, while asset growth between quarters two and three stood at 1.03%. The bank is the largest leasing company in Latin America, according to the Alta LAR 100, and has recently made a series of moves to digitise its services. It highlighted that 14% of new loans issued in Q3 were processed entirely online.

Digitalisation and robotic process automation boost Bancolombia results

Dec 04, 2018

Bancolombia increased total assets during the third quarter of 2018 as it reported digitalisation and automation were driving growth. Its Q3 results revealed that total assets reached 206,655 billion Colombian Pesos (COP) (USD$64 billion), a rise of 1.26% year-on-year, while asset growth between quarters two and three stood at 1.03%. The bank is the largest leasing company in Latin America, according to the Alta LAR 100, and has recently made a series of moves to digitise its services. It highlighted that 14% of new loans issued in Q3 were processed entirely online.

White Clarke Group provides new data insights through OpenText Analytics integration

Finance technology company White Clarke Group is providing new advanced data visualisation services, dashboards and intelligent analysis in a partnership with information management company OpenText. OpenText Analytics offfers a comprehensive set of analytics software which White Clarke Group will use to provide users of its CALMS platform with enhanced data insights. The CALMS platform is used by automotive, consumer and equipment finance companies around the world to manage their process flows for loan origination and loan servicing.

White Clarke Group provides new data insights through OpenText Analytics integration

Nov 21, 2018

Finance technology company White Clarke Group is providing new advanced data visualisation services, dashboards and intelligent analysis in a partnership with information management company OpenText. OpenText Analytics offfers a comprehensive set of analytics software which White Clarke Group will use to provide users of its CALMS platform with enhanced data insights. The CALMS platform is used by automotive, consumer and equipment finance companies around the world to manage their process flows for loan origination and loan servicing.

Digital revolution “sounds the death knell for incrementalists”

Finance companies that compete by making only small improvements to their current services will come under threat from newer, more agile rivals, a leading industry expert has warned. Louise Beaumont, a start-up investor and industry advisor on open banking, points to the “democratisation of data” as the driving force behind fundamental changes in the finance eco-system.

Digital revolution “sounds the death knell for incrementalists”

May 01, 2018

Finance companies that compete by making only small improvements to their current services will come under threat from newer, more agile rivals, a leading industry expert has warned. Louise Beaumont, a start-up investor and industry advisor on open banking, points to the “democratisation of data” as the driving force behind fundamental changes in the finance eco-system.

Winning the war on cyber-crime — how your business should respond to online threats

Companies are fighting a cyber-war against criminals who carry out millions of daily attacks in a bid to steal personal data and defraud businesses of millions of dollars. That is the stark message from data security expert Royce Curtin, managing director of global intelligence at Barclays, who warns finance companies that they must constantly evolve their defences or risk falling victims to new scams. Gangs target companies to steal funds or increasingly to obtain customer data, which is then used to defraud consumers.

Winning the war on cyber-crime — how your business should respond to online threats

May 01, 2018

Companies are fighting a cyber-war against criminals who carry out millions of daily attacks in a bid to steal personal data and defraud businesses of millions of dollars. That is the stark message from data security expert Royce Curtin, managing director of global intelligence at Barclays, who warns finance companies that they must constantly evolve their defences or risk falling victims to new scams. Gangs target companies to steal funds or increasingly to obtain customer data, which is then used to defraud consumers.

Digital challenger bank Countingup attracts hundreds of SME customers

Countingup, the challenger bank that includes a built-in digital accountancy service, has attracted hundreds of SME customers since its launch this year. The online-only bank, which took just four months to come to market, offers a current account that can automatically carry out bookkeeping in real time. The company says this will save time, highlight tax savings and provide clarity to finance providers. The business was founded by Tim Fouracre, a chartered accountant who qualified with KPMG before setting up accountancy software company ClearBooks in 2008.

Digital challenger bank Countingup attracts hundreds of SME customers

Apr 30, 2018

Countingup, the challenger bank that includes a built-in digital accountancy service, has attracted hundreds of SME customers since its launch this year. The online-only bank, which took just four months to come to market, offers a current account that can automatically carry out bookkeeping in real time. The company says this will save time, highlight tax savings and provide clarity to finance providers. The business was founded by Tim Fouracre, a chartered accountant who qualified with KPMG before setting up accountancy software company ClearBooks in 2008.

BMW and Toyota outpace auto lending challenges through digitalisation

Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.

BMW and Toyota outpace auto lending challenges through digitalisation

Apr 16, 2018

Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.

White Clarke Group - Global Tech Report 2018

Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.

White Clarke Group - Global Tech Report 2018

Apr 16, 2018

Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.

BMW introduces car subscriptions with ventures in UK and US

BMW is offering new car subscription services on both sides of the Atlantic with the launch of two new initiatives. In the US, BMW Financial Services has launched a pilot vehicle subscription service called Access by BMW. The service will debut as a pilot program in Nashville, Tennessee and will operate through local BMW dealers, who are responsible for vehicle deliveries and maintenance.

BMW introduces car subscriptions with ventures in UK and US

Apr 09, 2018

BMW is offering new car subscription services on both sides of the Atlantic with the launch of two new initiatives. In the US, BMW Financial Services has launched a pilot vehicle subscription service called Access by BMW. The service will debut as a pilot program in Nashville, Tennessee and will operate through local BMW dealers, who are responsible for vehicle deliveries and maintenance.