The value and long-term significance of digitization is pervasive within the equipment finance industry but still in its early stages, according to a new study, Going Digital: Current Activities and Future Expectations, released by the Equipment Leasing & Finance Foundation.

The report provides equipment finance industry participants with key insights, including digital tools being used currently, digital initiatives to expect in the next few years, roadblocks or constraints to adopting digital solutions and strategies for creating a digital culture. It also includes three case studies with take-aways from equipment finance companies that have successfully undertaken digital adoption.

The report, commissioned by the Foundation and prepared by FIC Advisors, is based on interviews with executives from banks, captives, independents, end customers, vendors and industry experts; industry research and FIC’s client experience. The industry perspectives highlight the range of views and different levels of priority that equipment finance companies place on digital transformation, which is, in part, based on the company’s years in business and the complexity of its organizational structure.

“Equipment finance companies differ in their approach to digitization including what it means to ‘go digital,’” said Tom Ware, Foundation Research Committee Chair. “This report is designed to add clarity to this important tool for growing revenue, improving operating expense ratios, and enhancing the customer experience.”

All Foundation studies are available for free download from the Foundation’s online library.