Is this the end of finance leasing?

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

Is this the end of finance leasing?

Nov 07, 2018

New financial models developed to challenge traditional funding products could mean the end for finance lease, experts are claiming. They say the linear economy is dying, ending the cycle of production, individual consumption and waste that has underpinned business development for centuries. Instead, the rise of the sharing economy will see much more intensive use of assets by multiple clients, enabled through innovations in software. This change also sees assets gain a new lease of life as they are repurposed following their initial period of use, finding new clients after they are refurbished and recycled. Find out more in this video provided courtesy of financial software provider White Clarke Group, which features Carmen Ene, CEO, 3 Step IT and Duncan Hullis, country manager UK, De Lage Landen.

NatWest launches trial of digital business banking for SMEs

UK bank NatWest, part of the Royal Bank of Scotland, has announced the launch of a new digital bank account for small businesses. The introduction of the smartphone-based account, called Mettle, responds to a growing appetite for digital banking services among consumers and businesses. Mettle combines a current account, including a debit card, with invoicing and bookkeeping capabilities. Customers open a business current account by downloading the app, which can be used to forecast their business performance, create invoices from their smartphone and provide reminders for chasing payments.

NatWest launches trial of digital business banking for SMEs

Nov 06, 2018

UK bank NatWest, part of the Royal Bank of Scotland, has announced the launch of a new digital bank account for small businesses. The introduction of the smartphone-based account, called Mettle, responds to a growing appetite for digital banking services among consumers and businesses. Mettle combines a current account, including a debit card, with invoicing and bookkeeping capabilities. Customers open a business current account by downloading the app, which can be used to forecast their business performance, create invoices from their smartphone and provide reminders for chasing payments.

White Clarke Group acquires equipment finance software specialist Insyston

Lending technology company White Clarke Group has announced the acquisition of equipment finance software provider Insyston. Founded in 1998, Insyston is an end-to-end asset finance software provider based in Sydney, Australia. The acquisition supports White Clarke Group’s expansion plans in the Australian, European and North American equipment finance sectors, and adds to its cloud hosting expertise.

White Clarke Group acquires equipment finance software specialist Insyston

Nov 01, 2018

Lending technology company White Clarke Group has announced the acquisition of equipment finance software provider Insyston. Founded in 1998, Insyston is an end-to-end asset finance software provider based in Sydney, Australia. The acquisition supports White Clarke Group’s expansion plans in the Australian, European and North American equipment finance sectors, and adds to its cloud hosting expertise.

ChannelNet reveals global ambitions following landmark deal

ChannelNet is planning a global roll-out of its Software-as-a-Service digital platform following its landmark strategic partnership with White Clarke Group. ChannelNet has pioneered the use of digital marketing tools to support customer acquisition and retention, through mobile and web-based solutions. Founded more than 30 years ago, the digital marketing specialist brands itself as a digital pioneer, as it has been at the forefront of automating and digitising customer communication for decades.

ChannelNet reveals global ambitions following landmark deal

Sep 04, 2018

ChannelNet is planning a global roll-out of its Software-as-a-Service digital platform following its landmark strategic partnership with White Clarke Group. ChannelNet has pioneered the use of digital marketing tools to support customer acquisition and retention, through mobile and web-based solutions. Founded more than 30 years ago, the digital marketing specialist brands itself as a digital pioneer, as it has been at the forefront of automating and digitising customer communication for decades.

Tech giants eclipse banks in fintech patent race

Banks are being left behind when it comes to fintech innovation because technology giants are leading the investment race to develop potentially disruptive technologies. Research has revealed that IBM alone has five times more fintech patents than the largest 15 banks put together, with 24,000 fintech innovations, while Microsoft has 20,000 and Google 10,000. Analysis of the world’s 15 largest banks found that Bank of America was leading the way by investing in technology patents for developing its business. Its 2,547 patents are nearly as many as the combined portfolio of the other 14 banks analysed.

Tech giants eclipse banks in fintech patent race

Aug 24, 2018

Banks are being left behind when it comes to fintech innovation because technology giants are leading the investment race to develop potentially disruptive technologies. Research has revealed that IBM alone has five times more fintech patents than the largest 15 banks put together, with 24,000 fintech innovations, while Microsoft has 20,000 and Google 10,000. Analysis of the world’s 15 largest banks found that Bank of America was leading the way by investing in technology patents for developing its business. Its 2,547 patents are nearly as many as the combined portfolio of the other 14 banks analysed.

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

Currency CEO Charles Anderson focuses on unique role for fintechs in equipment finance journey

Aug 13, 2018

Equipment finance providers need to consider their future role in the industry as the market is reshaped by digitalisation and changing customer expectations. That’s the view of Charles Anderson, the chief executive officer and founder of technology platform Currency, which is driving the development of new digital channels in finance. Despite the size of the $1.7 trillion equipment purchase market, with $1.1 trillion in finance, the sector is ‘behind the curve’ compared to other finance verticals, such as credit cards, mortgage, auto loans and general consumer finance, he argues. Anderson believes it is not a question of ‘if’ the market will be reshaped by technology, but ‘when’, as the sector adapts to meet a huge unmet need for an updated, digital finance experience.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Crossing the ‘uncanny valley’ – A new era of machine-human engagement

Jul 17, 2018

The latest developments in machine-human engagement can offer auto finance customers an ‘almost human’ experience that could transform service levels. Meet Rachel, a ‘digital human’ created by Soul Machines as part of its work with IBM to enable greater levels of face-to-face interaction in business. According to chief business officer Greg Cross: “Humans can communicate in lots of ways. But when we actually want to have important conversations we always do those face to face.” Delegates at the Auto Captive Summit, hosted by global finance technology supplier White Clarke Group, were able to see Rachel first-hand during a presentation by Toby Woolfe, industry solutions business development executive at IBM.

Bank of America reaches customer milestone for AI-driven assistant Erica

Bank of America has revealed more than 1 million customers now use Erica, the first widely available AI-driven virtual assistant in financial services, available to clients in its mobile banking app. The milestone was reached within two months of completing its phased rollout, which made Erica available to mobile clients throughout the US.

Bank of America reaches customer milestone for AI-driven assistant Erica

Jun 26, 2018

Bank of America has revealed more than 1 million customers now use Erica, the first widely available AI-driven virtual assistant in financial services, available to clients in its mobile banking app. The milestone was reached within two months of completing its phased rollout, which made Erica available to mobile clients throughout the US.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

ING Group CEO Ralph Hamers commits to open digital culture to drive innovation

Jun 25, 2018

ING Group is to open its planned new Amsterdam campus to external fintechs and other partners in a bid to drive innovation and collaboration. Ralph Hamers, the chief executive officer of ING Group, said the move was part of an essential commitment that included the need for its digital platforms to be open. Speaking at Europe’s largest fintech gathering, Money20/20, he revealed that the Amsterdam campus, due for completion in 2019, would bring together thousands of the best and brightest minds, ranging from ING employees to external companies and collaborators, to help “invent the future”.

Yamaha Motor Finance USA signs up with White Clarke Group

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

Yamaha Motor Finance USA signs up with White Clarke Group

Jun 21, 2018

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

Dragons and disruption: how do we make innovation happen?

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

Dragons and disruption: how do we make innovation happen?

Jun 20, 2018

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

How blockchain and nudge economics could create the perfect customer

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

How blockchain and nudge economics could create the perfect customer

Jun 19, 2018

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

White Clarke Group announces strategic partnership with ChannelNet

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

White Clarke Group announces strategic partnership with ChannelNet

Jun 18, 2018

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

Make sense of digitalisation by exploring four key areas

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

Make sense of digitalisation by exploring four key areas

Jun 13, 2018

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

CIT point-of-sale digital platform wins global award

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

CIT point-of-sale digital platform wins global award

May 22, 2018

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

How Spotify and Netflix are disrupting auto finance relationships

Streaming services like Spotify and Netflix are now part of our everyday lives and are part of a wave of online products that are teaching consumers they can expect to get exactly what they want, the second they request it, and all through services provided at the touch of a button. These digital services are having a dramatic impact on customer service expectations in all industry sectors, as well undermining traditional customer loyalties with customers now, more than ever, prepared to change services to get what they want. According to Christer Holloman, CEO and co-founder of Divido, auto finance companies will have to respond quickly to the changing expectations of digital consumers when it comes to their funding requirements. He told delegates at the International Auto Finance Network Conference in London: “These companies are teaching customers to not hang around; they can get what they want.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

How Spotify and Netflix are disrupting auto finance relationships

Sep 06, 2017

Streaming services like Spotify and Netflix are now part of our everyday lives and are part of a wave of online products that are teaching consumers they can expect to get exactly what they want, the second they request it, and all through services provided at the touch of a button. These digital services are having a dramatic impact on customer service expectations in all industry sectors, as well undermining traditional customer loyalties with customers now, more than ever, prepared to change services to get what they want. According to Christer Holloman, CEO and co-founder of Divido, auto finance companies will have to respond quickly to the changing expectations of digital consumers when it comes to their funding requirements. He told delegates at the International Auto Finance Network Conference in London: “These companies are teaching customers to not hang around; they can get what they want.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

How to develop the innovators in your business

Finance companies need to create a culture of innovation to identify the employees who will develop the next generation of services for their businesses. This requires an understanding of how employee behaviour affects decision-making and business processes that allow the most suitable executives to thrive, according to Andy Follows, managing director of consultancy Aquilae. He warns that “uncorrected behavioural preferences” waste resources and can lead to a risk-averse culture where the dangers of keeping the status quo are not recognised. He told delegates at the International Auto Finance Network Conference in London: “Innovation is an outcome when we behave in a certain way, when we change things, and when we use appropriate levels of resources, and those are not default behaviours for many of us.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

How to develop the innovators in your business

Aug 22, 2017

Finance companies need to create a culture of innovation to identify the employees who will develop the next generation of services for their businesses. This requires an understanding of how employee behaviour affects decision-making and business processes that allow the most suitable executives to thrive, according to Andy Follows, managing director of consultancy Aquilae. He warns that “uncorrected behavioural preferences” waste resources and can lead to a risk-averse culture where the dangers of keeping the status quo are not recognised. He told delegates at the International Auto Finance Network Conference in London: “Innovation is an outcome when we behave in a certain way, when we change things, and when we use appropriate levels of resources, and those are not default behaviours for many of us.” You can watch key points from his presentation in a video provided courtesy of White Clarke Group.

Auto finance industry must promote positive message with ‘regulators at the door’

The auto finance industry must focus on generating positive messages as it endures a flurry of negative publicity and the growing attention of regulators. That was the message from industry leaders who recently reviewed the potential impact of an official review of the industry in the UK.Julian Rose, director of consultancy, Asset Finance Policy, explained that concerns were focused on the fact that UK household indebtedness remains high by historical standards. Regulators also want to know whether there is any sign of weaker underwriting standards that would cause a risk to lenders.Industry experts responded during a panel debate at the International Auto Finance Conference, in London. You can watch key points from their responses below in a video provided courtesy of White Clarke Group.

Auto finance industry must promote positive message with ‘regulators at the door’

Aug 08, 2017

The auto finance industry must focus on generating positive messages as it endures a flurry of negative publicity and the growing attention of regulators. That was the message from industry leaders who recently reviewed the potential impact of an official review of the industry in the UK.Julian Rose, director of consultancy, Asset Finance Policy, explained that concerns were focused on the fact that UK household indebtedness remains high by historical standards. Regulators also want to know whether there is any sign of weaker underwriting standards that would cause a risk to lenders.Industry experts responded during a panel debate at the International Auto Finance Conference, in London. You can watch key points from their responses below in a video provided courtesy of White Clarke Group.

Auto finance companies asked ‘why compete if you don’t have to?’

Auto finance companies need to ‘aim for the blue ocean’ when it comes to establishing their future strategy, to develop uncontested market space. Instead of fighting an increasingly costly battle for market share in current markets, more effort should be focused on identifying and servicing new business areas. Tim Porter, managing director of Lex Autolease, the UK’s biggest vehicle leasing company, said the industry could learn from leading professors at INSEAD business school. He made the comments during a presentation to delegates at the International Auto Finance Network Conference, in London. You can watch key points from his presentation below in a video presentation provided courtesy of White Clarke Group.

Auto finance companies asked ‘why compete if you don’t have to?’

Jul 27, 2017

Auto finance companies need to ‘aim for the blue ocean’ when it comes to establishing their future strategy, to develop uncontested market space. Instead of fighting an increasingly costly battle for market share in current markets, more effort should be focused on identifying and servicing new business areas. Tim Porter, managing director of Lex Autolease, the UK’s biggest vehicle leasing company, said the industry could learn from leading professors at INSEAD business school. He made the comments during a presentation to delegates at the International Auto Finance Network Conference, in London. You can watch key points from his presentation below in a video presentation provided courtesy of White Clarke Group.

“Getting the right technology” imperative for new digitised auto finance marketplace

The car buying process is an increasingly online process, both for traditional manufacturers and also because of new online challengers ranging from Rockar to global internet shopping giant Amazon. Lenders shouldn’t delay because they are trying to pick a single winner in the technology platform race, according to Richard Jones, managing director of Black Horse, who was recently named chairman of the UK Finance and Leasing Association.

“Getting the right technology” imperative for new digitised auto finance marketplace

Jul 12, 2017

The car buying process is an increasingly online process, both for traditional manufacturers and also because of new online challengers ranging from Rockar to global internet shopping giant Amazon. Lenders shouldn’t delay because they are trying to pick a single winner in the technology platform race, according to Richard Jones, managing director of Black Horse, who was recently named chairman of the UK Finance and Leasing Association.

“Systemically important” auto finance market should expect greater scrutiny

The auto finance industry has been urged to go “beyond compliance” to support consumers and reflect the growing importance of the industry in the UK economy. Richard Jones, managing director of Black Horse, who was recently named chairman of the Finance and Leasing Association, made the call to senior industry figures at the International Auto Finance Network conference in London recently. You can watch key points from his presentation below. The video is provided courtesy of White Clarke Group.

“Systemically important” auto finance market should expect greater scrutiny

Jun 27, 2017

The auto finance industry has been urged to go “beyond compliance” to support consumers and reflect the growing importance of the industry in the UK economy. Richard Jones, managing director of Black Horse, who was recently named chairman of the Finance and Leasing Association, made the call to senior industry figures at the International Auto Finance Network conference in London recently. You can watch key points from his presentation below. The video is provided courtesy of White Clarke Group.