The sunny Malta location didn’t quite work out for Leaseurope 2017. Despite the flight chaos and torrential rain, the slightly seasoned leaders of the leasing industry embraced new regulations and most notably new technologies!
New and refreshing session: Disruption. Provocation. Demonstration. Debate
Brilliantly chaired by Carmen Ene, CEO,3 Step IT inviting technology experts Mahmood Aziz, Blue Prism, Parm Sangha, IBM and Abe Smith, Dealflo, to explain Robotic Automation and Blockchain concepts, Abe then explained the implications and advantages of contract automation. The audience was a great mix of Partners leading disruption and Lessors willing to, or wanting to embrace disruption and accelerate adoption within their organisations, preparing to take advantage of the technical advances for industry growth.
Our core strength in VIP Apps Consulting is business process optimisation, which ever system, business process efficiency and compliance are critical success factors.
Question and answer of the day:
Question: Mahmood asks “hands up those in the room that understand the impact digital has on their business?”
Answer: 1 hand raised! (Hats off to Charlotte Dennery, CEO, BNP Paribas Leasing Solutions!)
Great to see a session driven by ladies of leasing and gentlemen of technology, thank you!
Mandatory highlight
The industry is preparing to assist lessees with the upcoming IFRS16 requirements, the consensus was that the new standards will not have any significant impact on industry growth. Those brave enough to tackle a Friday afternoon session on IFRS16 received a pre-release version of LEASEUROPE IFRS 16 SPECIFICATION AND GUIDELINES and Version 1 of LEASEUROPE SUMMARY GUIDE TO IFRS16 FOR EUROPEAN EQUIPMENT AND VEHICLE LESSEES. Comments on the pre-release summary guide are welcomed by j.rose@leaseurope.org.
The Leasing To do list: IFRS16 and technology innovation
In a session lead by Peter-Jan Bentein, Dutch Leasing Association NVL, on the state and outlook of the Leasing industry, he shared Leaseurope’s 2016 market data showing a total new leasing volumes worth €333.7 billion, a significant increase of 10.3% compared to 2015. These are fantastic news for an industry that in the first half of 2017 continues to show growth results.
However, the industry seems still to be behind innovation and new technologies, as reflected by the Leaseurope Future Group which presented topics ranging from social media strategies to developing a business plan for market entrant for outside, ending up to be the social media the chosen one in this session.
The Leasing industry needs to start to respond to the fact that they need to transform their operations, redefine the service and products portfolio, to remain the preferred option as the digital entrants continue growing. Customers’ demands to access products and services at any time and from anywhere, exceeded current capabilities of the traditional financial organisations.
Adopting a Business Process Optimisation Strategy will help organisation embrace innovation but also legislation changes, like IFRS16. Due to be implemented from Jan 2019, the clock is ticking for an organisation. Now is the time to start updating your lease management processes and select a solution that will ease your transition to compliance. The new era of leasing can seem daunting, but by planning and thinking about these changes strategically as new business opportunities, you can mitigate any potential the financial fallout.
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