ELFF Identifies Trends That Will Impact Equipment Finance in Next 5 Years
OCT 26, 2021 - 6:00 am
The Equipment Leasing & Finance Foundation released its 2021 Industry Future Council (IFC) report, “Looking Ahead to the Post-Pandemic Economy: A Strategic Assessment of the Equipment Finance Industry,” which identifies six inter-related trends in technology, workforce and economics and policy that are predicted to impact the equipment finance industry during the coming five years. The findings and detailed recommendations in the report are based upon input from IFC members, external research and input from Keybridge, an economics research firm selected to facilitate the 2021 IFC. The IFC is comprised of a cross-section of selected industry executives who convened throughout the last year to develop the trends.
The IFC explored more than 20 possible developments through a combined approach of analysis. The trends below were identified as the six which have the greatest potential to impact the equipment finance sector in a COVID-19-pandemic-recovering and changing economy. Additional research on each of the drivers of change are included in the report.
Increased role of technology in sales and business operations
Increased emphasis on cyber/data security
Challenges recruiting the next generation of equipment finance workers
Expanding focus on promoting diversity, equity and inclusion
Economic and Policy Trends
Pandemic-driven changes to equipment demand
Increased regulatory pressures on the equipment finance sector
“Profound changes have occurred in the business world and the broader economy over the last 18 months that will shape the equipment finance industry in the years ahead,” Scott Thacker, chair of the ELFF and CEO of Ivory Consulting, said. “This year’s IFC report provides a robust examination of those conditions and the resultant trends that the sector is expected to face, as well as detailed examples and applications to help navigate them. Equipment finance firms that do not consider these changes in their strategic planning and adjust accordingly risk falling behind the competitive curve.”
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