Digital transformation of paper processes critical for optimizing the customer experience
In a space that has experienced a considerable level of digital transformation in recent years, equipment lease and financing firms continue to persist in an over-reliance on paper processes for a number of customer-related transactions. Given increasing customer demand for digital transactions, equipment lenders would benefit from looking closely at how to further transform their processes, according to Wolters Kluwer Compliance Solutions.
“All of this will result in improved speed and process efficiency, and for lenders particularly it will free up capital through syndication, sale, or securitization”
”Digitization of the entire process will solve several key pain points for the industry. First and foremost, digitization will significantly improve the risk and liability of exposed PII (personally identifiable information) in a paper-based environment. There are major inefficiencies and added costs to manage paper, keeping up with revisions,” explains Tim Yalich, Head of Automotive Strategy, Compliance Solutions, Wolters Kluwer in an article for Equipment Finance Advisor. “What’s more, a paper-based environment often results in the use of outdated contracts, which usually leads to lender rejections, and paper returned to the customer, which further increases the risk of exposure.”
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Yalich speaks to the benefits of purpose-built, digital ecosystems, and how equipment finance and lease providers can leverage these digital ecosystems, which “will help to control and track access, manage status changes, and transfer control of digital documents while utilizing sophisticated granular controls and permissions to allow for departmental separation and visibility,” he writes. “All of this will result in improved speed and process efficiency, and for lenders particularly it will free up capital through syndication, sale, or securitization,” Yalich adds.
Equipment Finance Advisor is the leading online publisher exclusively focused on providing original article and blog content, daily updated news, equipment finance industry/economic data, thought-leadership videos, employment opportunities, and various online resources for equipment leasing and finance, commercial finance, and banking and product/services provider professionals in the commercial equipment finance industry.
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Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers and securities firms. The business, which sits within Wolters Kluwer’s Financial & Corporate Compliance (FCC) division, helps these financial institutions efficiently manage risk and regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business. Wolters Kluwer FCC is also home to CT Corporation, a leading provider of registered agent services, incorporation services and legal entity compliance, including the new beneficial ownership requirement for small businesses effective January 1, 2024.
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