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The future of leasing brings numerous changes to the whole industry. In 2024, we’ve talked about the need for digitization, and this will be one of the leading factors determining the direction of the entire transformation. But what else will change and how? Find it out in this article.
Table of Contents
- Future of Leasing: Top Trends Driving the Transformation from Traditional to Digital Leasing Services
- Digitization as the Backbone of the Leasing Future
- The Takeaway
Future of Leasing: Top Trends Driving the Transformation from Traditional to Digital Leasing Services
So, what awaits the lease industry in the future? Let’s delve into the top trends and tendencies.
Digital Transformation
Leasing has remained a relic of the past. The whole industry adopted new technologies much slower than other areas in finance. But this generates technology debt and in the end, leads to inefficiencies.
With the current state of leasing, we can be certain that the industry will hit a breaking point in the upcoming years. At that stage, we’ll observe a true digital transformation in leasing. It might start slowly, with some companies adopting new technologies and gaining a competitive edge, but in the end, digital platforms, AI-powered engines and workflow automation tools will be used across the whole industry.
Customer Centricity
Customer centricity will also be a driving force in the future of leasing. This we’ll be able to observe its consequences in several areas, including:
- solutions used – customer expectations will prompt leasing firms to introduce digital platforms that enable the clients to close deals remotely and conveniently,
- communication – leasing companies will also need to become proactive and seek solutions to their customers’ problems before they escalate.
- products – the range of products will also be tailored to the needs and expectations of modern customers, with the equipment-as-a-service model gaining in popularity (though other models might also appear in the upcoming years).
The Power of Data
Data is powerful, but only if you can cleanse, standardize and analyze it. In the future, leasing companies will finally embrace this statement and work on platforms that enable them to extract actionable insights from the data they collect. This also involves investing in AI-powered solutions & services for finance, since without them it is impossible to process vast data quantities.
Digitization as the Backbone of the Leasing Future
What do all the above trends share? They are rooted in digital technologies. You cannot put customers first, if you don’t have a platform for remote communication, or you don’t collect and analyze data about them; you won’t be able to increase operational efficiency without digital process automation. So, if one thing is certain about the future of leasing, it’s the fact that digital transformation will take over.
Traditional leasing services will become almost obsolete – digital platforms will be much better at managing them and new, tailored products will take over the consumer base. It does not mean that traditional leasing will go extinct, but a traditional approach to leasing will. So, if you want to get ready for the future, there is only one solution: invest in new technologies.
The Takeaway
The leasing industry is currently far behind other financial services when it comes to digitization, but this will have consequences. Each month with legacy solutions generates technology debt, which in turn will make it much more difficult to implement new software. Nevertheless, a true digital transformation is inevitable; even if you cannot or don’t want to invest in it yet, you should at least prepare a framework for future digital solutions. In the end, the earlier you adopt new technologies, the more profit they will generate for your business.
Did you like this article? Then you may also read: Is leasing stuck in the past? The urgent case for a digital transformation.
