Why digital transformation in asset finance needs an AI gear shift

NETSOL’s new report: Why digital transformation in asset finance needs an AI gear shift — reveals how AI can streamline operations, fast-track decision-making and turn digital strategies into measurable outcomes.

Based on proprietary research with 100 senior decision-makers across equipment finance, automotive finance and specialist broking, alongside in-depth interviews with voices from across the industry, it provides a snapshot of the priorities and challenges shaping digital transformation.

Report highlights

Operational challenges such as slow decision times (43%), lack of tracking across customer journeys (42%) and complaints handling (39%) are the three biggest friction points in the customer and introducer journey.

Nearly half of the sector’s total IT spend is consumed by maintenance of legacy systems.

Only a quarter of respondents consider themselves an early adopter of new technologies such as AI.

Contributors:

• Lee Rhodes, Commerical Director for Asset Finance at Aldermore
• John Phillipou, Managing Director – SME Lending at Paragon and Chair of the Finance and Leasing Association (FLA)
• Debbie McKay, Distribution Director at MotoNovo Finance
• Jim Higginbotham, Chief Executive at the National Association of Commercial Finance Brokers (NACFB)
• Naeem Ghauri, Founder and President of NETSOL Technologies
• Richard Howard, Advisory Board Member at NETSOL Technologies
• Jason Hurwitz, Sales Director, Europe at NETSOL Technologies
• Andy Page, Senior Client Consultant at NETSOL Technologies
• Dario Morelli, Vice President of Artificial Intelligence at NETSOL Technologies

“AI has been on many boards’ agendas for some time. They haven’t feared not taking action, but for quite a few businesses, it remains on the back burner.

“But the speed with which new firms can launch and the technology they can deploy instantaneously without the drag of a legacy system, means that decisions around tech adoption are probably accelerating – they used to be able to put it off, but they simply cannot afford to now.”

John Phillipou
Managing Director – SME Lending at Paragon and Chair of the Finance and Leasing Association

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