I was happy to read that the 2016 Survey of Equipment Finance Activity (SEFA) Survey states that new business volume grew 12.4 percent in 2015 and assets under management climbed by 10 percent.
Driven by mid-ticket and large-ticket segments, this growth is yet another reason to adopt electronic chattel technologies, which, as we mentioned earlier this year, is viewed with increasing favorability by those in the industry responsible for electronic contracting and asset management on the secondary market.
Has Your Business Embraced Digital?
It’s no secret that the equipment leasing and finance industry has been slow to move away from paper and adopt electronic chattel practices. This is often due to an “fear of the unknown” state of mind when considering a transition to an all-digital process.
However, to accommodate growth and remain competitive, digital financing practices are now a business essential and the early adopters are already reaping the benefits, which include:
- Simplified loan origination process and the ability to pool contracts faster and more efficiently
- Significantly reduced sales cycles that provide a first-class customer experience
- Digitally managed leases from signature through secondary, which expedite funding cycles
In addition to vital post-signature asset management, the use of electronic signature enables signing anytime, anywhere and the elimination of contract errors such as missing signatures. There is also no longer a need to fax or overnight original documents back and forth. Once the documents are executed, the financial assets are stored in a secure eVault with an easy-to-access audit trail.
Don’t Get Left Behind
Already widely used in auto finance and other leasing industries, digital is becoming more and more commonplace and equipment lease and finance customers often expect it. A recent article notes that, “The rise in new business volume marked the sixth consecutive year that businesses increased their spending on capital equipment.” To accommodate this continued growth trajectory, a shift to digital transaction management is no longer an option, but a necessity in equipment lease and finance.
If your business would benefit from improved customer service, reduced transaction costs and accelerated funding cycles, it’s time to make a change. Fortunately, the ability to digitally transform your business has never been easier and the technologies that seamlessly integrate into existing systems are available.
We Can Help!
Our eAsset® Management platform is designed to ensure that each electronic asset is managed with the highest levels of security and compliance, maintaining the authenticity of the original documents and the integrity of their content throughout the entire lifecycle of the transaction.
eOriginal will be at booth #17 at the 55th Annual ELFA Convention. Please schedule a meeting with us at the event to discuss a digital solution for your organization and how to learn more about electronic chattel.