The pressure to be competitive in the equipment finance industry has never been higher. The Covid-19 pandemic and the current economic conditions combined with the need for equipment finance companies to satisfy both current and future customer expectations have driven the industry to a place where digital transformation is no longer “nice to have”, it’s essential.

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If you look deeper – behind the financials – at the factors that are influencing trends and transforming industry economics, strategic planning is much more than updating last year’s AOP.

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The fundamental role of empathy in innovation is not changing, but the tools we use to empathize with customers and employees are. Those who can learn and adapt in times of change will survive.

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Every company is at a different stage on their way to becoming digital competitors. Both customers and employees have increased digital expectations that are waiting to be met. As technology and expectations continue to change, it is vital for companies to be able to respond.

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We have entered the age of digitalization with no return in sight. Going digital is no longer a choice, it’s a necessity. In their recent presentation at the AACFB conference in Nashville, Tamarack’s Daniel Nelson and Leasepath’s Jeff Bilbrey dove into the realities of living in a digital finance economy.

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Many commercial finance companies consider themselves “relationship businesses.” The leaders of these companies often see digital transformation as a potential threat to the foundational relationships of the business. Scott Nelson, Chief Digital Officer at Tamarack Technology, explains how digital can extend and strengthen relationships while providing scale to businesses when considered in the right context.

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