Q2 Holdings Explores Digital Transformation for Leasing Industry in New e-Book
NOV 20, 2020 - 7:20 am
Q2 Holdings, a provider of digital transformation solutions for banking and lending, published an e-book titled “Vendor Finance in the ‘New Normal’ will Depend on Digital Transformation.” The e-book is available as a free download from Q2’s website.
In the e-book, Mukul Mittal, Q2’s vice president of leasing, looks at how digital transformation has gained a new-found urgency for equipment finance companies working under today’s unprecedented constraints. Mittal has more than 20 years of experience in software product development, project management and systems implementation in creating technology solutions for financial institutions.
According to Mittal, many businesses are adopting usage-based leasing models, re-evaluating their fixed expenses (including lease payments) and revisiting what equipment is central to their business models — and how much they need to commit to paying to cover use.
“This evaluation is not unique to leasing, but the process of fixed payments for equipment is what everyone is reassessing,” Mittal said. “They are asking themselves, ‘How can I sustain this outlay in the long term if the pandemic continues?’”
The e-book focuses specifically on the increasingly complex world of vendor finance programs and the transformation they are experiencing. According to the e-book, “Perhaps more than any event before, the global COVID-19 pandemic has caused equipment finance companies to more urgently seek automation, adopt cloud solutions and embrace more digital transformation to streamline vendor leasing programs, manage risk and offer their customers and their end users more flexibility.”
The e-book explores specific ways equipment finance companies in general — and vendor programs specifically — are embracing a host of new technologies that enable flexibility and the ability to adapt as important steps on the path toward a complete digital transformation of how they conduct business. Automation, cloud-based applications, the adoption of managed services and usage-based leasing models are all playing roles in how leasing companies are evolving to remain competitive through the pandemic. But the implications of this evolution extend far beyond the pandemic. According to the e-book, “In whatever path we take to get to a digitally transformed leasing landscape, that path will have been created by establishing priorities, defining goals and working toward attaining them. The technologies that prove successful will themselves be the foundation for a ‘new normal’ — one that makes the most of efficiency and automation to reduce workloads and costs associated with lease services.”
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance and fintech companies in the U.S. and internationally.
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