By Per Högberg, Director of Asset Finance in Banqsoft

During the last 18 months, many organizations slowed down their rate of change in larger initiatives and investments to focus mainly on offerings driven from the characteristics and impacts of the pandemic on society. 

Some key trends were an increased market percentage penetration in consumer leasing as well as new initiatives in used car leasing. Short-term uncertainty on market outlook also put emphasis on robustness in dealer network stock finance programs.

Many programs on the early drawing board, such as for example establishing a fully digital 360-degree customer view on on-boarding, including dealership experience, got put on hold. Similar trends could be observed in direct sales initiatives, albeit we have seen some organizations going bold and playing the long game taking clear steps in that direction, to ensure their plans will not be slowed down. Will these players be the ones that capitalize from a head start?

In our minds at Banqsoft, we assess that many of the effects we’ve seen in the market during the pandemic period are here to stay. There is an increased customer demand for convenient solutions, which is impacting behavior also for customers not necessarily interested in car sharing or other new paradigm shifting mobility concepts. When an end-customer takes interest, whether a new business or retaining an existing financial services customer on a new contract, it needs to be convenient choosing the best vehicle matching the monthly cost setup. The service provider needs to focus on offering simplicity and a seamless experience where vehicle selection and financing options, with all required interaction points, are all coherently designed.

 

Is your financial services IT landscape ready to meet these requirements? And to meet evolving and changing requirements in the coming years?

In maintaining and developing an IT landscape meeting business requirements, we at Banqsoft see how different approaches over time can lead to very different results. To clarify, a pick-and-choose approach vs choosing a full-stack offering puts very different requirements on the financial services entity in terms of own resources and expertise, not only in terms of easily identifiable IT architectural expertise, but also in terms of driving changes across different partnerships, software products and delivering teams. Who believes it will be easer going forward for our financial services businesses in Europe attracting work force and developing needed expertise in these areas?

Banqsoft offers a complete end-to-end software suite and service offering for the asset finance industry, with long experience from both the market leading position in the Nordic region as well as financial services businesses in more then 30 markets around the globe powered by Banqsoft’s View21 financial software suite. Learn more about our Asset Financing services here.

Per Högberg, Business Area Manager Services & Customer Service Management

Per Högberg
Director of Asset Finance
per.hogberg@banqsoft.se

Is your automotive finance IT landscape and organization ready to capitalize on opportunities ahead?

By Per Högberg, Director of Asset Finance in Banqsoft