The second annual review of the UK asset ﬁnance brokers’ and independent lessors’ industry, authored by Asset Finance International and sponsored by Nostrum Group, reveals that UK asset finance brokers are experiencing a surge of new business demand in 2014 and this is coupled with a greater commitment to the benefits of investing in technology.
The soon-to-be-published UK Asset Finance Brokers & Lessors Review 2014 includes a unique host of interviews with broker practitioners as well as industry specialists and senior trade association staff.
It provides a fascinating comprehensive and forward-looking assessment of the market, its current and future drivers and key industry issues. As before, it has been compiled with the assistance and support of the National Association of Commercial Finance Brokers (NACFB), the British Vehicle Rental and Leasing Association (BVRLA) and individual brokers and funders.
Investment in leasing technology
The review reports a surge in interest and investment in technology. Although investing in technology has steadily grown to be an integral component of a broker’s business in recent years – most UK brokers now regard investment in updating technology as vital to efﬁciency and maintaining a competitive advantage.
Many funders are looking at introducing or improving proposal systems, particularly in the broker space where speed of service is critical. As one senior broker stresses: “A key area for technology has to be in terms of speeding up the time it takes from enquiry to getting a deal agreed. The sooner you can take a deal out of the market the better.”
Another adds: “IT in hand and use of cloud technology for back-up is business critical. As long as IT infrastructure, e.g. ﬁbre optic broadband, across the UK is robust, this will be sufﬁcient for many brokers.”
Another broker told Asset Finance International that investment in IT has been necessary to suit the business set-up, and has reaped rewards: “We have invested heavily in IT over the last ﬁve years (£90k) and developed our own systems with the help of our own IT consultants. We have a remote home-based sales force and this investment has allowed them to work faster and smarter with minimal downtime, which in turn has allowed them to do more front-line selling!”
WestWon leasing technology
WestWon has long been at the cutting-edge of technology investment in the leasing sector with the development of state-of-the art web-based technology for its online proposal system. It has also created the highly-successful WestWon Parent Portal for school parental donation schemes for iPads and tablets.
WestWon CEO Jeremy Hall comments, “Just a few years ago, finance and leasing was largely-conducted face-to-face and by phone. Today, these channels of communication remain an essential part of our client services. But we are also very much a technology-driven operation with a state-of-the-art quotation system, which allows us, our clients and our business partners to obtain instant rates for any type of equipment based on their specific requirements and business parameters.”
“Our purpose built lease administration system has been continuously developed over the years and is, without doubt, one of the most advanced client-based asset finance CRM systems in the UK. This powerful tool lies at the very heart of what we do, underpinning our success to date and future plans for growth, and offering a smooth and seamless transition from initial quote to final funding for our many clients. We also lay claim to offering one of the industry’s most user-friendly websites at www.westwon.co.uk .”
For more information call WestWon on Tel: 01494 611 456