Industry Expertise | Why Asset Finance Firms Should Digitalize for Success
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Digital portals are the key to unlocking loyalty and efficiency for asset finance.
The asset finance industry faces significant challenges, including:
- Fragmented customer experiences
- Disjointed credit approval processes
- Operational inefficiencies
- Missed growth opportunities
- Regulatory complexity
Digital transformation, delivered through an integrated digital portal, can play a role in solving each of these challenges.
Fragmented customer experiences caused by disparate systems can lead to customer frustration and inefficiencies. Asset finance providers can leverage a digital portal to unify the customer experience, providing self-service capabilities, 24/7 support and tailored experiences for each customer. Look for digital portals that offer seamless, omnichannel experiences that are easy to navigate on multiple devices.
50% of financial service firms plan to use digital technologies that improve CX to become more competitive. 47% see them as a way to deepen customer relationships.1
Digital portals also simplify disjointed credit approval processes, allowing real-time communication and collaboration between brokers, dealers and financiers. This improves communication, expedites decision-making and automates workflows, enhancing customer satisfaction. Automated workflows further reduce approval times, improving customer acquisition and retention. By linking all credit and customer touchpoints in the same journey, you can update processes without changing core systems and integrate advanced technologies like AI and chatbots.
Operational inefficiencies can impede growth and increase costs. Digital portals automate routine tasks to streamline workflows and reduce administrative overhead, enabling businesses to scale efficiently. The right digital portal will allow you to launch campaigns faster without needing code changes or IT team involvement.
Failure to leverage available customer data can result in missed growth opportunities. Using AI and analytics, digital portals transform raw data into actionable insights that can help enable sustainable growth. With a deeper understanding of customers’ needs, asset finance companies can tailor personalized financing options and product recommendations, driving revenue through targeted cross- and upselling.
Digital portals also simplify complex regulatory compliance checks, reducing errors and minimizing the risk of breaches. They ensure adherence to global and local regulatory requirements and streamline your compliance processes. Choose a digital portal that tailors compliance mechanisms to specific regulatory requirements to meet the highest standards of data security and privacy.
98% of executives agree that innovation plays a role in managing the risks of their organization.
Your asset finance business is a complex operation with multiple stakeholders, numerous processes and an ever-growing list of challenges. In an increasingly competitive environment, it’s critical to optimize efficiency and enhance customer satisfaction.
Embrace the digital age with FIS® Asset Finance’s comprehensive, customer-centric and future-ready digital portals. FIS offers unified solution to streamline operations, improve customer experiences and unlock new growth opportunities. To learn more, visit fisglobal.com.
1FIS, Global Innovation Research 2024 surveyed 2,000 firms across financial services and other industries in the U.S., U.K., Singapore, Hong Kong and Australia.
March 10th, 2025
