Emerging technology in finance and leasing industry Best answer on the web

Author: jack     07 12th, 2010 in xn--00t609f.com     edit

  • I need some in-depth research illustrating the very latest technology
    being used in the finance and leasing (F&L) industry. As part of this, I'll need case study examples of how F&L companies are using emerging
    technology to provide "on-demand" service to their small- and
    medium-sized customers. In other words, examples beyond simply using
    email, or using a web site -- I'm looking for bleeding-edge and
    emerging trends.

    For example, is there a wireless service that's approving credit
    applications in record time? Is there a specific XML web service that
    is proving effective in closing deals faster? etc.

    I'll take the research and use it in a PowerPoint presentations, so
    please find examples that have visuals -- good res screen shots of
    software or Palm screens... company logos... charts, etc.

    Please see http://www.cfla-acfl.ca/about.cfm for a good description of the industry. Note its emphasis on asset/vehicle leasing. These should compose a good portion of the examples.

    Please note: You can check my past payment and ratings history searching for jhabley-ga (was having trouble logging in with that user ID so I created this new one).
    I will be checking this site constantly through the weekend, so can
    respond very quickly to any clarification questions you may have.
    Thank you!


  • Thanks for this - the first section is more relevant (most of the mortgage case studies you've found are interesting, but not really relevant to the leasing industry). Nonetheless, you've done a good job covering the area.
    What's missing is a cool "killer app" or wow-factor use of technology. Were you able to find anything like that? Wireless/mobile applications? Perhaps a leasing forms application built for tablet PCs? Or Blackberries?
    Failing that, tech examples of how leasing CUSTOMERS are using technology to stay better informed on what deals are available to them, when rates move in their favour, the best time to strike, etc. would be great.


  • As far as leasing goes, I've tried a wide assortment of search approaches to try and dig something up. Unfortunately, nothing has yielded anything of note. So I figured I would contact a leasing association on the net; their response is corroborative of my search:
    "Nothing new that I am aware of. Accounting software is expanding. Aggregate funders went out of business since the internet really doesn't work well for business credit applications. It may speed up processing.
    The applications on line, processed by computer, etc. is old hat here, and did not work. We have written stories on their demise. You will also see even the small mini-lease guys went out of business, or having major troubles due to the nature of the transactions from ATM to computers...the captive vendors such as Dell and HP and Fujitsu and others use it for
    their products, but they are more interested in financing than leasing."
    I have another contact in to another leasing organization and will let you know what their response is (if any).
    As for general financing, what about something like this?

    http://www.planetpdamag.com/content/022702ac.htm


  • Hello -

    Please note: I don't consider this answer finished until you're satisfied with it. If you choose to rate this answer, I ask that you do so after asking for any necessary clarification or additional information. Thanks for your understanding.
    Please see the URL's for each of these, as I've only included brief excerpts.
    NEW LEASING INDUSTRY TECHNOLOGIES/IMPLEMENTATIONS
    ==================================================
    LeasePlan keeps fleet managers happy with e-content management
    http://www-3.ibm.com/software/success/cssdb.nsf/CS/NAVO-4X2VSJ?OpenDocument&Site=cmportfolio Headquartered in Atlanta, Georgia, LeasePlan U.S.A. manages 532,000 vehicles as the North American division of a fast-growing, worldwide organization of more than 7,000 employees and a managed fleet of over 1.2 million vehicles across the globe. Even though the division's clients represent virtually all industries and have varying vehicle needs, they had one common demand. They wanted more efficiency and control over vehicle-ordering logistics, from viewing copies of leasing documents at-will to changing billing structures in realtime. But the most they could do was call a LeasePlan U.S.A. representative and wait for an answer, a callback or faxed documents...
    National Truck Leasing System
    http://www.microsoft.com/resources/casestudies/CaseStudy.asp?CaseStudyID=14173 National Truck Leasing connects 120 independent truck leasing companies and provides them with reciprocal emergency services, leveraged buying power, training, and insurance. Utilization of Microsoft Business Solutions–Great Plains has helped NationaLease grow by over 20 percent per year in the last decade. They have experienced 17 years of continuous growth. Microsoft Great Plains technology has enabled NationaLease to provide “large company benefits” to all NationaLease affiliates.
    Leading broker switches to specialist contract hire software
    http://www.chevincomputers.com/contract_management_case_study.htm
    One of the UK's fastest-growing leasing brokers, Corporate & Business Vehicle Contracts has installed a state-of-the-art software package - giving it complete control over its operations, while taking customer service levels to new heights. Then in June it opted to switch to Chevin Computer Systems' RoadBASEŽ Contract Management, written specially for those at the cutting edge of the contract hire industry. The package does everything from maintaining individual customer records to managing servicing and other incidentals, including hire cars, accidents, and P11D information. "Using this package has revolutionised our operation, processing orders, sending out introductory letters to drivers, contacting suppliers and generally automating the day-to-day operation," says Manners. "RoadBASEŽ Contract Management also makes it possible for us to fulfil our aim of offering clients with 30-100 vehicles a full vehicle management facility, without the costs of employing a full-time fleet manager.
    Cap Gemini Tabs BEA as Integration Partner
    http://www.cioupdate.com/news/article.php/2214121
    BEA's flagship WebLogic Platform for serving applications, Open Framework for Leasing (OFL) is a business integration suite designed to help companies consolidate leasing and lending applications more quickly. The firms argue that it is more cost-effective than buying piecemeal software items to stitch together new and existing legacy applications.
    Newell & Budge create solution to manage Toyota's 6000 strong car fleet http://www.newellandbudge.com/press_centre/case_studies/toyota.html
    Toyota (GB) Ltd selected Newell & Budge to develop a new application on the AS/400 to manage its 6000 leased cars. The vehicles form part of its own staff car fleet and those which it handles on behalf of several large customers. Replacing a PC based system, the application enables Toyota to fully automate its car fleet management, from registering the issue of cars, through to lease expiry dates, purchase options and issuing invoices. The system saves Toyota staff time by reducing the administration involved in processing the car leasing schemes.
    SmartCabinet helps manage critical lease information
    http://www.property.com/propertyHC/2002issues/sept.htm
    With the SmartCabinet software from Active IQ Technologies, Inc., property, asset, leasing and acquisitions/dispositions managers can provide a secure, scalable method for creating, managing, collaborating and disseminating on a wide range of unstructured business content such as documents, enterprise reports, CAD drawings, regulatory documentation and marketing materials. The Real Estate option delivers key benefits to users throughout the real estate cycle. SmartCabinet offers ways to eliminate cash-draining delays in negotiated agreements and make critical property documents instantly accessible 24 hours a day. With the software, property managers can share and collaborate on documents with attorneys, tenants, vendors, etc. within the security of SmartCabinet web-based repository. The software also gives users full-text search capabilities which offer instant access to lease terms and clause information.
    Softshare Delta in Practice
    http://www.softshare.com/software/delta/casestudy.asp
    With Softshare Delta, Frigidaire Financial Corporation has been able to use their resources more efficiently, offering value-added services to their trading partners and leaving their competition out in the cold. Not afraid to push Delta's cutting-edge technologies, FFC recently agreed to implement the final stage of inbound processing by eliminating the typical flat file intermediary approach. A database-to-database translation solution was created to integrate the transactions stored in the SQL Server repository directly with the DB2 database located on their AS/400. To round out FFC's innovative e-commerce integration solution, Softshare's Electronic Commerce Server provides a complement to Delta by managing the flow of incoming and outgoing e-commerce data.
    Vernon: Case Study
    http://www.opensolutionsinc.com/case_vernon.htm
    Vernon is using OSI's Web Portal to communicate and provide information to customers. Vernon allows them to login to the corporate intranet to view real-time information on assets and contracts. Vernon also operates On-line Auctions, offering business-to-business, business-to-person and person-to-person auction models. Vernon offers private "Re-Marketing" solutions for large corporations wishing to dispose of their assets through a public auction or for employee purchase programs.
    Lease decisions can be as easy as GIS
    http://www.icsc.org/srch/sct/current/sct9801/15.htm
    Geographic Information Systems (GIS) can help decision makers in such endeavors. These are software applications that present information, such as demographic statistics or traffic patterns, in a geographic format. Analyzing information within a visual context often brings to light relationships that otherwise might be missed. However, some property managers and owners have taken the technology a step further, and brought its benefits inside the mall. PREIT-Rubin Inc., a shopping center management firm based in Philadelphia, has used GIS to merge graphical information such as a floor plan, with financial information and data on the status of a lease.
    Older:
    Ford Financial: J2EE Technology-Based Architecture Drives Transformation Across Enterprise http://www.sun.com/service/sunps/success/case_studies/ford_cs.html
    "In the mid-1990s, Ford Financial was faced with making a key strategic decision regarding its platform infrastructure design due to a changing competitive financial services landscape. Ford Financial realized that it needed to be able to respond more quickly to customers and to empower its dealers and customer service representatives with immediate, real-time information regardless of location. Its focus turned to leveraging its existing IT infrastructure to provide customer relationship management (CRM) and ecommerce services to customers. Ford Financial's existing proprietary platform was becoming obsolete. The company also realized that it needed an Internet-based data distribution system one that was more decentralized and scalable than its current environment."
    NEW MORTGAGE INDUSTRY TECHNOLOGIES/IMPLEMENTATIONS
    ==================================================

    OnSphere - Case Study
    http://www.onsphere.com/documents/RBMGCaseStudy.pdf
    RBMG’s goal was to provide online ease of use and rapid turnaround of loan processing to its many business partners via the web. Security and ease of use were paramount to its needs. The solution was eRBMG, an online loan portal that allows its brokers and correspondents the ability to submit loan applications and receive credit decisions within minutes via an automated underwriting engine. The system was built around the need to process credit bureau report orders, rate locks and loan status tracking. In addition, the system needed to be able to fax and barcode electronically routed documents for validation. The site would allow clients to quickly lock rates, provide the ability to manage the client’s own pipeline, and provide access to underwriting and other services.
    HomeSourceCapital Case Study
    http://www.xmlglobal.com/cst/customer_homesource.jsp
    Mortgage approval process now streamlined with powerful reporting capabilities. Able to exchange data in a common and mutually understandable format between various financial institutions including banks, credit unions and trust companies. Benefit to the end consumer with the most competitive mortgage available in the quickest possible time.
    Corebrix: Case Study
    http://www.comat.com/html/expertise/corbrix.html
    CoreBrix required a internet application to be provided to real estate agencies to help them create online web sites and highlight their profiles. This application also allowed the agents to customize their web sites according to their requirements. The user search module provided real estate information of all the agencies categorized based on city, state and zone. The web crawler provided users online real time information on the availability and online rates along with mortgage rates picked from other web sites.
    Dexels
    http://www.dexels.com/navajo_casestudy.php
    This article illustrates how Navajo can be applied for solving and improving real-world business processes. The financial services industry is taken as an example to clarify the benefits of Navajo in business-to-business initiatives. This industry has always been an early adopter of new, leading-edge technologies. Being challenged by other companies, the need grows to integrate business applications that exist within and outside the boundaries of the organization. Integration will form the basis for exploiting new markets and business models. The Navajo solution delivers a comprehensive single architecture for integration across a multiple and heterogeneous application environment, within and outside the enterprise.
    Finance Case Study: Mortgage Broker
    http://www.hiplinkwireless.com/case_studies/Banking_Finance.asp?cp=fbcs Problem: A Mortgage Company was experiencing heavy losses in revenue each year, and each Sales Rep was losing several thousands of dollars a year in income due to quickly changing market terms and conditions and rates. What the Office Manager needs is an easier way to send a complete, detailed message once, that will simultaneously reach each Rep. The Manager also needs to know if each rep has received the message to determine if other means of notification are necessary in the event of failed delivery, either manual or system-automated. To summarize, the company needs to put in place an efficient and convenient messaging system to monitor and improve upon its operation each time a loss needs to be resolved and responsibility identified.

    Mortgage Boom Proves Technology's a Bust
    http://www.celent.com/PressReleases/20030728(2)/Mortgage.htm
    Celent predicts almost half of the top 100 US mortgage lenders will deploy new loan origination technologies by the end of 2005. Celent analyzes the effects of low interest rates on the mortgage industry and the obvious need for next generation solutions offering greater efficiency, higher levels of integration, and the promise of full business process automation. Members of Celent Communications' Retail Banking research service can download the report electronically by clicking on the icon to the left. Non-members should contact info@celent.com for more information.
    Xencoders
    http://www.xencoders.com/news/megachip.php
    A leading provider of technologies to the mortgage industry, MegaChip Technologies, has deployed ChatAnywhere Enterprise Server. MegaChip has partnering with Xencoders to bring real-time chat solutions to the mortgage and banking industries.

    DataTrac and DocuTech
    http://www.docutechcorp.com/datatrac.php
    "We closed a $960,000 loan," says Jim Wayne, CEO of Barrington Capital Corporation. "We used one program for our LOS, another to draw docs on a per-file basis, another to do funding. The interest rate was 6.5%, but on the loan docs, it came out 6.25%. The customer had already signed it when I saw it. That’s when I realized we needed to have a loan doc system that was seamless--that instead of exporting out of Datatrac into another program and manually changing things, I wanted this locked down to where the LOS was imbedded within our overall operating system."(1)
    Dynatek Offers EDD Plug-In
    http://www.dynatek.com
    "Dynatek Inc., Livonia, Mich., the developers of the MORvision loan origination system, has added an electronic document delivery (EDD) interface category to its Integration Suite offering that will make it easy for providers of electronic mortgage documents to do business with MORvision users. Dynatek's proprietary Plug-In technology provides system level integration of external data files between mortgage industry vendors and MORvision, giving lenders the equivalent of an electronic partner network built into the LOS. The new Plug-In for EDD will allow one-click electronic document delivery for MORvision users. Now, any EDD vendor can develop a Plug-In for MORvision. Data-Vision has already developed a Plug-In for its RemoteDocs offering and VMP has one for its vmpdelivers product. Dynatek's Integration Suite, a collection of Plug-Ins for credit bureaus, flood, title, appraisals, mortgage insurance, automated underwriting, registration and transaction portals."(1)
    Flagstar Picks EagleCert Valuation Product
    "Flagstar Bank has picked eAppraiseIT LLC's EagleCert Insured Valuation product to handle portfolio loans generated through its nationwide network of correspondent lenders and independent mortgage brokers, eAppraiseIT has announced. Michigan-based Flagstar said the program -- for which eAppraiseIT cooperated in creating a proprietary workflow system -- will lower costs and produce efficiencies for the bank. The workflow component uses embedded lender rules to automate the process of product selection by first using EagleCert automated valuation models and augmenting them with other products as needed. Licensed appraisers are used for desktop appraisals and 2055 drive-bys. Turnaround time for all EagleCert transactions is less than 24 hours, according to eAppraiseIT, which is a joint venture between The First American Corp. and LandAmerica Financial Group. The Flagstar implementation is expected to be completed by the end of June. The companies can be found online at http://www.flagstar.com and http://www.eappraiseit.com."(1)
    Veros Updates AVM System
    "Veros Software, a provider of predictive technology and advanced analytics based in Irvine, Calif., has released the latest version of its VeroValue automated property valuation system. VeroValue 1.6 provides mortgage lenders with new tools such as home value forecasting, online account management, property fitness scoring, and wireless access, the company said. Home value forecasting is provided through analysis of key economic indicators and residential real estate trends, while property fitness scoring combines analysis of the subject property, neighborhood, market conditions, and both micro- and macro-economic conditions, Veros said. In addition, the new version offers a Correlated Confidence Score based on the accuracy of the valuation estimate, scaled from 1 to 100 for ease of integration into automated underwriting systems, the company said. Veros can be found online at http://www.verovalue.com."(1)
    FirstAm RES Unveils Freddie Link
    "First American Real Estate Solutions, Anaheim, Calif., has announced the successful implementation of a high-speed, secured direct connection to Freddie Mac's valuation platform, including Home Value Explorer and Home Value Calibrator. FirstAm RES's technology offers a single point of access to its products and Freddie Mac's. The company's line of information solutions includes its automated valuation model (ValuePoint 4), property reports, document images, flood data maps, legal and vesting reports, parcel maps, foreclosure information, demographics, crime and school statistics, and lien release information. The company made its announcement at Thomson's 6th Annual Mortgage Technology Conference in Miami. FirstAm RES can be found online at http://www.firstamres.com."(1)
    CASA AVM Picked for 1st Liens
    "Principal Residential Mortgage Inc., a multibillion-dollar national lender and servicer based in Des Moines, Iowa, has selected Fiserv unit Case Shiller Weiss, Cambridge, Mass., to implement a customized collateral risk assessment system. The system will be built around CSW's CASA automated valuation model and will be one of the first to see AVMs employed in the first-lien business. The lender will use the CASA scoring system in its prefunding stage to assess collateral valuation risks associated with first-lien mortgage loan applications. Terry Loebs, vice president of sales, marketing, and services for CSW, said the agreement is "a milestone" for the AVM business. The companies can be found online at http://www.principal.com/mortgage.htm and http://www.cswv.com."(1)
    Synergistic Adds Veros AVM to EPN
    "Veros Software's VeroValue automated valuation model will become an integrated tool in Synergistic Software Systems' SharperLending online platform, allowing lenders to order an AVM through the Electronic Partner Network. VeroValue currently provides valuations in 40 states and over 600 counties nationwide. Veros, based in Irvine, Calif., said it also generates property fitness analytics, price trend information, and VeroForecast, an analytic tool that estimates future values and market stability. Synergistic, based in Spokane, Wash., said its technology already serves 18,000 lenders nationwide, a growing number of which have access to its new SharperLending system -- a Web-based platform through which lenders can order, store, and manage all the reports they need to close a loan. Veros can be found online at http://www.veros.com, and Synergistic can be found at http://www.sharperlending.com."(1)
    Ameriquest Piloting Appraisal Alternative
    www.ameriquest.com
    "Ameriquest Mortgage Co., Orange, Calif., has announced a pilot program under which it will replace traditional appraisals on certain mortgage programs with Collateral Valuation Insurance, a new product developed by Fidelity National Information Solutions. Ameriquest said it has signed a letter of intent with FNIS under which Ameriquest will use CVI to speed up its collateral valuation process for its first-mortgage operations. Ameriquest, which has been using CVI for the past 90 days to replace certain appraisals, said it decided to expand the use of the product after experiencing "substantial improvement in turnaround times and quality of its collateral valuations." CVI can reduce the turnaround time for appraisals from several weeks to several days, the company said. Ameriquest said CVI is the first appraisal alternative product that combines automated estimates of value with an inspection of the property and valuation insurance."(1)
    "Provantedge Technologies, Lake Forest, Calif., will provide electronic access to Plano, Texas-based LandSafe's credit reports and other credit services to mortgage brokers and lenders who use its Provantedge nVision loan management system. According to LandSafe president D. Steve Boland, the integration of the company's online systems with nVision should further increase order volume. Provantedge said it would also provide access to LandSafe's products through its VOX Loan Professional Websites offering, a tool that extends nVision's capabilities for online loan origination. LandSafe's services include appraisals, credit reporting, flood determination, title insurance, and escrow services for residential mortgage transactions."(1)

    Additional Link
    NVLA
    Scott/Bill Crawford
    800-488-8451
    http://www.nvla.org/


    Search Strategy (some not used):
    mortgage technologies "case study"
    mortgage wireless "case study"
    mortgage technology/technologies
    leasing technology/technologies
    mortgage "technology drivers"
    leasing "technology drivers"
    "leasing industry news" enables
    leasing "first to use"
    e-leasing
    e-financing
    financial "first to use"
    "new technology" mortgage
    "new technology" "financing industry"
    "new technology" leasing
    ...among others


  • I'd settle for text-only, certainly, if that's all there is out there.


  • The equipment leasing industry continues to pursue innovative technologies for the Small and midsized business market. There are some case studies available at the following firms websites.
    efinance.com
    creditwave.com
    cyence.com
    e-credit.com

    I spent three years researching and building on-line credit adjudication technology and although the market did not accept the new value proposition at the time it is my opinion that automated credit settlement technology will be the industry standard within 5 years.


  • Couple more links to add to the first post:

    http://www.efoqus.dk/engelsk_version/artikel.htm
    When customer relations go through a dealer, e.g. when leasing a car, and the customer has completed the form on the dealer's website, the dealer then submits the information to the leasing company which in turn submits the final leasing contract to the customer. But thanks to the IT solution, the information can be submitted automatically without re-entry of data in between. Thus, dealers as well as leasing companies can build much better customer relations and create more alliances. According to Chris Winther, dealers can submit leasing contracts to their customers sooner and leasing companies can create more volume in the market through dealer agreements.
    http://www.gatewaycontainer.com/rcs/gc/pub/web/fld_public_content/fld_products/pg_products/index.jsp When we learned that our customers wanted more flexibility and simplified administration in leases, we introduced The Gateway Lease, which offers Supply Flexibility, Drop Off Flexibility, Tiered Pricing and Administrative Simplicity. When they demanded lower operating costs, we developed and implemented the idea of Mutual Depots. As a result, containers can stay in the customer's facility eliminating unnecessary handling and trucking costs of moving a unit to a leasing company depot.


  • I've had this up all weekend and no takers. Any reason why?


  • Also, I included the mortgage links because I figured, since mortgaging is a type of financing, it would be a part of the "financing" section of the F&L industry. I guess this is not the case?


  • Perhaps there are certain constraints that make it a little prohibitive. You're looking for articles with illustrations, screen-shots, etc. I would say that 99% of the information on this would be article/descriptive-based. Is the illustrative element absolutely necessary, or would you settle for text-only?









    • #If you have any other info about this subject , Please add it free.#
    Your name:
    E-mail:
    Telphone:

    Your comments:


    If you have any other info about Emerging technology in finance and leasing industry , Please add it free.