Digital Directions Series
Digital solutions are about more than writing an app, providing data that wasn’t previously available, or moving back-office processes online. The goal is not just to affect end-user functionality, but to change the entire business model.
We surveyed a cross-section of asset finance industry leaders to understand how they view digitalization, what their strategies are, and the nature of the barriers they face.
What's driving digital change?
- Competition - first-mover advantage
- Cost and efficiency - improved cost-income ratios
- Customer behavior and demand - expectations of digital services
- Regulation - tougher reporting requirements
- Fintechs - pushing technology solutions
In this follow-up, we look more closely at where companies have reached in their digital journey. Digital Directions 2 draws on a significant body of research and insights from across the retail, fleet, and equipment finance industry.
- 71% said they have a digital leader on the management team who can combine business/marketing with technical expertise
- 55% said they hadn’t started using non-traditional data yet
- 34% strongly disagreed that their organization had a strong culture of using data to learn more about customers and optimize processes
- 36% of companies are currently actioning the insights gained through data collection and analysis
We need to focus on the fundamentals of purpose, culture, strategy and capability if we are to close the skills gap. However, the culture of many organizations is preventing them from achieving this goal.