More polling results on equipment finance disruption and agility
Is disruption good or bad for business? To say the global pandemic was a disruption is an understatement as it changed the way the entire world worked, lived, and did business. As we begin to move toward a new normal, what lessons did we learn from this disruption and forced business agility? How are we in the equipment finance industry positioned for future growth?
As part of a special two-part equipment finance Monitor Daily Live+ event, we asked equipment finance and leasing industry professionals a series of questions around this topic. Here are the key findings about business disruption, agility, and growth.
Equipment finance decision-makers share their views on business disruption, agility, and growth
As we emerge from the pandemic, which of the following will best position you for growth?
With more than 55% of the vote, equipment finance professionals said they would expand their customer base with new clients and new sources of revenue.
We saw a significant rise in innovation over the past year – mainly out of necessity due to the pandemic. What areas of innovation are you prioritizing to remain competitive?
An overwhelming majority (nearly 78%) of equipment finance professionals plan to focus on digital transformation, automation, and cloud computing to remain competitive as they emerge from the pandemic.
How are you using data analytics to grow your business?
More than 44% of Monitor Live attendees indicated that they automated their credit and underwriting processes to grow their equipment finance business.
We’ve seen an increase in consolidations in the market. What impact will consolidations have on your business? Are these consolidations positive or negative?
More than half of polled equipment finance professionals said that consolidations will have some (37%) or significant (26%) impact to their business. And 84% consider the consolidations positive.
The current administration is advocating a significant investment in infrastructure (roads, bridges, cyber, etc.). The Equipment and Finance Leasing Association (ELFA) is projecting an 11% in equipment finance growth in 2021. How do you plan to capitalize on those positive trends?
Nearly 62% of equipment finance professionals polled plan to capitalize on these positive trends by investing in existing and new talent, new technology, and digitalization.
Related agile technology considerations for equipment finance post
- Part 1: How the Pandemic Accelerated Agile Business Solutions in Equipment Finance. Read more
- Part 2: Polling Results: How the Pandemic Accelerated Agile Business Solutions. Read more
- Part 3: Agile Technology Solutions for Equipment Finance. Read more
Moving equipment finance to the cloud
Automate and optimize your loan origination and portfolio management processes on the cloud in five easy steps.
Download our free guide now:
Moving to the cloud: 5 Simple Steps