INNOVATION AND TECHNOLOGY are changing traditional busi- ness models and are eliminating inefficiencies within the current system, while a wave of new technologies is introducing rapid change across the sector. Digital customer engagement is fast becoming the norm for consumers, prompting lenders to experiment with using artificial intelligence (AI) and machine learning to revolutionise customer service. Finance companies are now in a technological arms race to develop new products that maintain customer loyalty and gener- ate new business. The key focus is data; how to use newly available data to transform products and develop seamless omni-channel experi- ences and services.That means taking the opportunities offered by the availability of growing volumes of customer data, along with new streams of information about how assets are used, to create new, highly-personalised services. This disruption covers every sector, from connected cars to plant, machinery and computers. In each case, the asset can communicate valuable data about usage, condition and performance, to enable a much more inter- active relationship between leasing companies and customers. However, this brings additional challenges, not least keeping data secure and then developing successful ways to monetise it. Leading finance technology firm White Clarke Group has identified four main areas of focus for technology innovation: Mobile & Pay-as-you-go Finance, Artificial Customer Service, Cryptocurrency, Blockchain & Mobility and Cyber Wars. Mobile and pay-as-you-go finance. Fintech start-ups are leveraging innovation to revolutionise the way in which both assets and asset finance are delivered. The challenge is to find ways of using technology to create compelling digital propositions which appeal to an increasingly sophisticated user base. Customers are demanding more immediate and more person- alised services from asset sellers and finance providers, using stream- lined processes that deliver what they want quickly and securely. Faced with exponential changes in demand, finance compa- nies are looking to new start-ups and established technology part- ners to help shape their future offering. Andy Hinrichs, co-founder of AutoGravity, explains: “The true value of a transaction lies in the treasure trove of data that becomes available when the whole transaction is digital.” This data can be used to launch highly-tailored marketing campaigns, refine financing options and build new customer services. For example, digital services can be used to slash approval times, through automated analysis of client accounts to speed up loan agreements or by using e-signatures to avoid scanning or faxing documents. Technology disruptors are also launching new business models which mark a step change. Examples range from flexible terms on auto lending and on-demand subscription services, to online marketplaces that connect consumers with leading auto finance providers and allow for the shared use of assets, ranging from cars to farm equipment. Artificial customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionise customer service. Existing options, such as phoning an agent in a call centre or chatting online, are expensive to provide and present chal- lenges in ensuring information is delivered and recorded so it is compliant with financial regulations. Now, lenders are using text-based chatbots and interactive virtual assistants that can hold a conversation to provide a person- alised customer experience via a company website or phone app. By combining machine learning, intelligent automation and predictive modelling, AI allows digital conversations to unfold more naturally in the way a human conversation would, with responsive, specific messaging at an individual level — all done with a high degree of accuracy, and matching brand marketing statements and compliance requirements. Gartner reports that consumers will manage 85% of their total business interactions with banks through chatbots and virtual assistants by 2020. Benji Stone, Customer Service Lead at UK start-up DigitalGenius, explains: “Chatbots and virtual assistants offer your customers simple, frictionless access to your brand. The vision is to use AI as a layer of technology in the contact centre, to help agents, to complement their work and raise the game in terms of 67 A new wave of technological innovaons is making a splash in the leasing and finance landscape By Brendan Gleeson, White Clarke Group
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INNOVATION AND TECHNOLOGY are changing traditional busi-ness models and are eliminating inefficiencies within the currentsystem, while a wave of new technologies is introducing rapidchange across the sector.
Digital customer engagement is fast becoming the norm forconsumers, prompting lenders to experiment with using artificialintelligence (AI) and machine learning to revolutionise customerservice.
Finance companies are now in a technological arms race todevelop new products that maintain customer loyalty and gener-ate new business.
The key focus is data; how to use newly available data totransform products and develop seamless omni-channel experi-ences and services. That means taking the opportunities offered bythe availability of growing volumes of customer data, along withnew streams of information about how assets are used, to createnew, highly-personalised services.
This disruption covers every sector, from connected cars toplant, machinery and computers.
In each case, the asset can communicate valuable data aboutusage, condition and performance, to enable a much more inter-active relationship between leasing companies and customers.
However, this brings additional challenges, not least keepingdata secure and then developing successful ways to monetise it.
Leading finance technology firm White Clarke Group hasidentified four main areas of focus for technology innovation:Mobile & Pay-as-you-go Finance, Artificial Customer Service,Cryptocurrency, Blockchain & Mobility and Cyber Wars.
Mobile and pay-as-you-go finance. Fintech start-ups areleveraging innovation to revolutionise the way in which bothassets and asset finance are delivered.
The challenge is to find ways of using technology to createcompelling digital propositions which appeal to an increasinglysophisticated user base.
Customers are demanding more immediate and more person-alised services from asset sellers and finance providers, using stream-lined processes that deliver what they want quickly and securely.
Faced with exponential changes in demand, finance compa-nies are looking to new start-ups and established technology part-ners to help shape their future offering.
Andy Hinrichs, co-founder of AutoGravity, explains: “Thetrue value of a transaction lies in the treasure trove of data thatbecomes available when the whole transaction is digital.”
This data can be used to launch highly-tailored marketingcampaigns, refine financing options and build new customer services.
For example, digital services can be used to slash approvaltimes, through automated analysis of client accounts to speed uploan agreements or by using e-signatures to avoid scanning orfaxing documents.
Technology disruptors are also launching new businessmodels which mark a step change. Examples range from flexibleterms on auto lending and on-demand subscription services, toonline marketplaces that connect consumers with leading autofinance providers and allow for the shared use of assets, rangingfrom cars to farm equipment.
Artificial customer service. Digital customer engagement isfast becoming the norm, and lenders are already experimentingwith using AI and machine learning to revolutionise customerservice. Existing options, such as phoning an agent in a call centreor chatting online, are expensive to provide and present chal-lenges in ensuring information is delivered and recorded so it iscompliant with financial regulations.
Now, lenders are using text-based chatbots and interactivevirtual assistants that can hold a conversation to provide a person-alised customer experience via a company website or phone app.
By combining machine learning, intelligent automation andpredictive modelling, AI allows digital conversations to unfoldmore naturally in the way a human conversation would, withresponsive, specific messaging at an individual level — all donewith a high degree of accuracy, and matching brand marketingstatements and compliance requirements.
Gartner reports that consumers will manage 85% of theirtotal business interactions with banks through chatbots and virtualassistants by 2020.
Benji Stone, Customer Service Lead at UK start-upDigitalGenius, explains: “Chatbots and virtual assistants offer yourcustomers simple, frictionless access to your brand. The vision isto use AI as a layer of technology in the contact centre, to helpagents, to complement their work and raise the game in terms of
67
A new wave of technologicalinnovations is making a splash inthe leasing and finance landscapeBy Brendan Gleeson, White Clarke Group
67-70:WLY 29/11/2018 12:12 Page 67
Ass
et a
nd V
ehic
le C
onfig
ura
tor
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d S
upplie
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67-70:WLY 29/11/2018 12:12 Page 68
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67-70:WLY 29/11/2018 12:13 Page 69
quality. AI can tackle low value functionality such as routing, tag-ging, and information collection, which is often a distraction andprevents agents from spending their time where it counts.”
The latest developments in machine-human engagement caneven offer finance customers an ‘almost human’ experience thatcould transform service levels.
Soul Machines is generating increasing levels of interest inthe finance market with its incredibly life-like, emotionallyresponsive artificial humans with personality and character thatallow machines to hold face-to-face discussions with customersvia screens.
The race to develop a customer-centric but cost-effectiveapproach in the finance market means this area of technology isset to experience rapid growth in the future.
Cryptocurrency, blockchain and mobility. With the trendtowards asset usage rather than outright ownership accelerating,manufacturers and others in the finance supply chain are lookingto create platforms which allow users to pick and choose from arange of offerings to match their needs at different times.
In transport, a broad suite of mobility products and servicesare currently being developed globally for personal vehicleowners, fleet owners and cities.
They leverage the data that comes from connected andautonomous cars as well as from mobile apps to refine services.
Broader mobility services allow users to pay-per-ride or optfor a monthly subscription to a wide range of transport options,from cars to buses, trains and bikes, all while having their journeysplanned and optimised for them, using a combination of optionsfrom different transport providers linked to a single mobile plat-form.
Technological innovations are also changing the paymentsecosystem and landscape of consumer rewards programmes thatincentivise certain behaviours.
One example of this is DOVU, which is combining a mobil-ity services platform with blockchain – the technology behindBitcoin, Ethereum and other cryptocurrencies.
Drivers sign up to a ‘smart contract’ to earn tokens to spendon different services based on their behaviour (such as minimisingcar usage or keeping a vehicle in good condition). These tokenscan then be spent on other services or rewards. Tokens can also beearned by agreeing to share vehicle data, including usage.
Recent research revealed that most finance organisations arepreparing to implement blockchain initiatives to exploit thepotential benefits of the technology.
The in-depth study of more than 1,000 finance professionalsby Onguard revealed that nearly one-quarter (23%) of the organ-isations polled were already using blockchain, with 27% in theprocess of working out their first ideas.
An additional 15% of those polled said that it is on theirshort-term agenda, but they were yet to begin developing an ini-tiative related to blockchain.
In asset finance, benefits will include transaction efficiencythroughout the supply chain, as all interested parties have a sharedview of an asset, creating substantial savings in middle and back-office processes and services.
Blockchain is reshaping the finance and leasing industry,
offering a way to manage supply chain interactions and to sharedata without requiring substantial additional investment in infra-structure.
Lenders need to ensure that their systems are sufficientlyflexible and agile to allow them to enter this new world.
Cyber wars. As increasing volumes of highly sensitive andcritical data move online, so do the criminals. Royce Curtin,Managing Director of Global Intelligence at Barclays, warns ofthe rise of “Crime-as-a-Service”, where encrypted communica-tions via the Dark Web are used to find insider information andhackers who are prepared to launch an assault on some of theworld’s biggest banks and retailers.
He said: “We are seeing more attacks than ever that steal ormanipulate data, compromise trading platforms, destroy data andservices, or that spread misinformation to hurt a brand’s reputa-tion, or by using social engineering to conduct massive fraud.
“Companies suffer an average 1.5% share price decline aftercyber-attacks are made public, with some drops of up to 15%.Financial services experience the biggest declines and the highestregulatory fines.”
But the biggest loss from a cyber-attack? TRUST – in anorganisation’s ability to deliver world class service through indus-try leading innovation at the speed of the market, and to keep alldata and financial information secure.
This growth of cybercrime highlights the importance ofadequate training at all levels of business to prevent simple secu-rity lapses that can often have substantial, and even crippling con-sequences to consumer trust.
Where next? Technological innovation is accelerating changein the leasing landscape and creating new challenges for thefinance industry.
White Clarke Group believes that, with the right technologyand partners, even traditional business models are able to close thegap. More aggressive outlooks suggest that traditional playerscould even become the disrupters themselves, if, and only if, theyaccept that evolution requires them to look critically at all aspectsof how they operate. The winners will be those that are able tobuild on their existing strengths, think bigger and adapt to thecurrent pace of innovation.
70
I N F O R M AT I O N T E C H N O L O G Y
Author:Brendan Gleeson, Group CEO
White Clarke GroupWhite Clarke House
Woodlands Business ParkBreckland, Linford Wood
Milton KeynesBuckinghamshire MK14 6FG
UKTel: +44 1908 576 710
Email: [email protected]
Website: www.whiteclarkegroup.com
67-70:WLY 29/11/2018 12:13 Page 70
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