New York, New York (March 08, 2023) – QuickFi CEO Bill Verhelle recently spoke as a Keynote & Industry Spotlight speaker at the 22nd Annual Investors’ Conference on Equipment Finance hosted by Information Management Network (IMN) in partnership with Equipment Leasing and Finance Association. His session discussed the recent and potential technology developments impacting lenders in the United States.
In his discussion on the current challenges and opportunities in equipment finance, he highlighted ten factors that have delayed widespread technology disruption in the industry, and predicted what’s next for the industry.
“I believe that, directionally, all fintech product roadmaps will bend towards lending over the next ten years. Lending will be the next frontier for … B2B fintech companies. Because it’s where the money is.”– Alex Johnson, 2023
Among his predictions were that:
- Disruptive changes will begin to impact equipment finance. The most significant changes occur in B2B (SMB – Small Ticket) equipment leasing and lending.
- SMB finance offerings will be more transparent. The use of $1 buyout lease contracts will diminish in favor of loan agreements. Hidden fees and costs will become less prevalent. Interest rates will more frequently be disclosed to SMB borrowers (in all 50 states) as manufacturers assume more control and attempt to improve the equipment buying experience.
- SMB product offerings narrow and are available to SMB customers through mobile, borrower self-service platforms, enabling borrowers to apply for credit, secure approval, structure transactions, and sign in-app agreements to consummate financing at any time of the day or night, from anywhere.
- Cost factors, budget constraints, and a tight labor market will drive the adoption of new, digital, borrower self-service delivery models.