Digital Contracting in Equipment Finance Has Risen 22% Over Last 4 Years

Wolters Kluwer released new Q4/23 analysis from its Equipment Lease Finance Digital Transformation Index, a resource that tracks the rate at which equipment lessors and service providers are experiencing growth in the evolution from paper-based finance back-office processes to digital. According to the index, the rate of adoption for digital contracting has increased by 22% over the last four years and the Q4/23 digital adoption rate was up 3% compared with Q4/22.

“As we witnessed the sustained strength in business orders and heightened demand for equipment financing toward the end of the year, it is evident that our commitment to innovation and adaptability is paying dividends,” Tim Yalich, head of motor vehicle strategy for Wolters Kluwer, said. “Embracing digitized contracting strategies has played a pivotal role in navigating these dynamic times. This not only enhances efficiency but also positions companies at the forefront of a rapidly evolving business landscape. We remain committed in our dedication to meeting the evolving needs of our clients and ensuring the continued strength of their business operations.”

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