First American EF, ICON Capital to Receive ELFA Excellence Award

The Equipment Leasing and Finance Association announced that First American Equipment Finance and ICON Capital will receive its 2011 Operations & Technology Excellence Award.

First American Equipment Finance was recognized for its innovative use of video that includes video-based communications with customers, as well as peer-to-peer video collaboration and learning. Specifically, First American launched its own form of You Tube, called “Cube Tube,” a digital signage system with ever-changing digital billboards, an external videoconferencing system, desk-to-desk videoconferencing and video-rich content on its website.

ICON Capital was recognized for applying technology to automate complex financing processes. ICON selected LeaseWave, the portfolio management system from Odessa Technologies, with the intent of increasing the operational efficiencies of the company. Through extensive collaboration between Odessa and various ICON departments, LeaseWave was configured and customized to develop a single automated solution that manages all of the administration and accounting processes previously requiring multiple systems, excel spreadsheets and manual workarounds. ICON’s investment in its core infrastructure has resulted in a more efficient and technologically advanced company ready to continue its growth in the alternative investment space.

The winners were selected by a subcommittee of ELFA members and will be showcased during ELFA’s 50th Annual Convention, Oct. 23-25 in San Antonio, TX.

“Both ICON Capital and First American Equipment Finance used creative applications of technology to increase operational efficiency and capacity, enhance customer relations and enable business growth,” said Deborah Reuben, product manager, HCL CapitalStream, and subcommittee chair for the award. “The accomplishments of both winners are excellent examples of the spirit of ELFA’s Operations & Technology Excellence Award.”

“ELFA is pleased to showcase innovative uses of technology in the equipment finance industry,” said William G. Sutton, CAE, ELFA president and CEO. “The best practices demonstrated by First American Equipment Finance and ICON serve as a model on the effective use of technology in our industry, and further demonstrate how ELFA members are ‘Equipping Business for Success.'”

The Operations & Technology Excellence Award identifies and recognizes equipment leasing and finance companies that have demonstrated best practices in developing and implementing innovative uses of technology or creative business processes to improve operations, enhance customer interactions, enter new markets and build overall ROI. The program brings the backroom to the foreground, spotlighting the best in the industry as an example for others.

Previous Operations & Technology Excellence Award winners include:

  • 2010: Winthrop Resources Corporation

  • 2009: Key Equipment Finance, PHH Arval

  • 2008: Orion First Financial LLC, Trinity Industries Leasing Co.

  • 2007: TCF Equipment Finance, California First National Bancorp, and Xerox Capital Services

  • 2006: Farm Credit Leasing

  • 2005: Sytx Capital, Relational LLC

  • 2004: Cisco Systems Capital Corporation

  • 2003: AgStar Financial Services, National Leasing Group

  • 2002: ABB Financial Services, IBM Global Financing, Caterpillar Financial Services Corporation

    For more information about technology and the equipment finance industry, available in the 2011 ELFA Software Guide, click here.

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