Studies suggest that COVID-19 has accelerated digital adoption by seven to 10 years and propelled use of business models with advanced technology by up to six years, according to a session presented at ELFA 2020 Business LIVE!, the Equipment Leasing and Finance Association’s first virtual conference, on Oct. 27.
The session, “Has COVID-19 Ushered in the Leasing Company of the Future?” was moderated by Valerie L. Gerard, senior managing director of The Alta Group, with panelists Mark Duncan, EVP and GM of commercial finance for Hitachi Capital America; Gabrielle Haddad, COO and co-founder of Sigma Ratings; Jeffrey Rogers, president and CEO of LiftForward; and Patricia Voorhees, director of The Alta Group.
The discussion of the implications of COVID-19 for the future of equipment finance companies focused on trends in the following five key areas that are facing fundamental shifts.
The pandemic has precipitated an unprecedented and urgent need for businesses to transform and innovate on a scale not seen since the beginning of the Industrial Revolution. Focusing on shifts in these areas can enable equipment finance companies to succeed and grow profitably in a post-pandemic world.
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One Reply to “5 Ways COVID-19 is Shaping the Equipment Finance Company of the Future”
So true, the pandemic has precipitated some transformations needed to adapt to market dynamics.