Asset Finance Related News

TAO Asset Management and Administration Inc. (TAMA) Introduces Standby Servicing Capabilities.

The equipment finance industry is undergoing a seismic shift as automation and machine learning tools redefine traditional processes. One such innovation is AWS Textract, a powerful machine learning tool that extracts structured text and data from scanned documents. When combined with Amazon S3 buckets for secure storage, Textract transforms the way financial professionals analyze financial statements. At LeaseSpark, we leveraged these technologies to develop a solution that dramatically enhances the efficiency, accuracy, and usability of credit analysis workflows.

In the competitive world of equipment finance, speed, accuracy, and efficiency are essential. With the increasing demand for streamlined operations and fast decision-making, financial institutions are constantly seeking innovative solutions to stay ahead. One such innovation is the Credit AI Assistant, a game-changing technology that promises to transform the equipment finance landscape. By integrating AI into the credit evaluation process, lenders can drastically speed up deal origination while minimizing risk.

Technology is still leading the equipment finance industry to change rapidly; new businesses operate in the cloud, and companies are continuously looking for ways to become effective, efficient, innovative, intelligent and more. One of the emerging technologies that is disrupting the industry and changing the way business is done is Platform-as-a-Service (PaaS). PaaS is a fully cloud-based environment, accessible via the internet, which makes developing, deploying, running, and managing applications easier and faster. The numerous advantages of PaaS solutions could potentially shape the future of equipment finance companies with the option to adopt solutions that are on-premise, in the cloud or hybrid. Some of the key reasons for choosing PaaS solutions include scalability, cost-effectiveness, development efficiency, and improved security posture.

Nowadays, thanks to increased customer expectations and constant influence from the digital age, organizations are compelled to innovate rapidly using new technologies to sustain a cutting edge over their business competitors. Among the most rapidly evolving technologies transforming the way businesses interact with their customers are Chatbots and AI. Service providers use Chatbots and AI to make customer service more instant and intelligent. The rise of Chatbots and AI adoption in providing customer services promises a highly adaptive and scalable future for digital enterprises.

Blockchain technology, which underpins cryptocurrencies such as Bitcoin, has many benefits that aren’t linked directly to secure payments. As a ‘trustless’ digital ledger, blockchains can provide a distributed and secure alternative over legacy systems and through its key features – decentralization, transparency and immutability – blockchain is poised to spark many disruptions to different sectors, including equipment finance. Originating in banking and applied to a wide range of business scenarios such as supply chain management, blockchain is now taking the stage to solve many of the challenges of the equipment finance industry.

In recent years, RegTech (Regulatory Technology) has been transforming the equipment finance business. RegTech is the use of technology to improve regulatory processes, helping meet the demands of the evolving regulatory and legal frameworks for multiple industries. Today’s equipment finance industry involves multiple disciplines such as law, finance and technology. RegTech simplifies compliance in equipment finance by defining and implementing precise processes that adhere to the often complicated and strict compliance standards and requirements.

Over the last few years, new technologies leveraging artificial intelligence (AI) have been reshaping the customer experience in equipment finance and other industries. The user experience has been redesigned in a way that automates and improves many parts of the process. AI technologies are now increasingly being used to bring more value-added functionalities to lenders and end users enhancing customer interactions, streamlining operational processes, and improving customer satisfaction.

The equipment finance industry is continually evolving due to technological advances that improve processes, training and customer interaction. Among these technologies are Augmented Reality (AR) and Virtual Reality (VR), which could represent one of the most recent efficiency disruptors in the field. AR and VR are showing how the old way of thinking about training in lease finance can be improved to better shape sales strategy.