According to a new report from the Equipment Leasing & Finance Foundation, equipment finance companies will need to use “day-after-tomorrow” thinking to succeed in a rapidly changing world.

The report summarizes the discussions of 22 equipment finance industry executives who convened in Washington, D.C. in February this year to bring into focus matters that equipment leasing and finance firms may want to consider as they plan for future growth.

In seeking to develop new strategies for the future, the IFC report examines managed solutions, risk transference, regulatory restrictions, capital trends and the evolution of fintech as areas of change currently affecting the industry.

The report also provides an analysis of the characteristics of exponential technologies and identifies technologies that already have applications or potential applications in the commercial finance industry.

Ralph Petta, president of the foundation and president and CEO of the Equipment Leasing and Finance Association, said, “The speed of change in business today is daunting so it’s imperative that companies in our industry find effective ways to stay abreast of change and assess its relevance to our businesses. The annual IFC report is designed so that the reader will benefit from the insights of Industry Future Council executives and use the report as a thought-provoking resource and planning tool.”

The 2017 IFC was co-sponsored by PayNet and IDS.