Building new digital ecosystems is key to meeting the future needs of the asset finance industry.
Systems built through the collaboration of companies rather than by individual organizations offer an opportunity to deliver the best technology possible, according to the report “Digital Directions 3: Building a digital ecosystem for asset finance” by London-based software developer Alfa.
As systems become more advanced and the needs of organizations turn increasingly complex, it remains challenging for stand-alone providers to deliver everything a customer needs.
“The sheer pace of development of applications makes it difficult for individual technology providers to keep pace,” according to the report.
Companies can collaborate to build digital systems with the necessary technological capabilities and increase the speed of innovation and communication.
“Connecting the technology ecosystem is incredibly important because it compresses the time it takes to get innovation into the hands of customers,” Jessica Stone, partner at technology consulting firm Vation Ventures, said in the report.
“When all segments of the ecosystem have open lines of direct communication, challenges are solved faster, innovation reaches the customers better and faster, and continual growth and evolution of technology is fostered,” she noted.
According to the report, technology providers are becoming enablers, integrators and orchestrators that are crafting the framework for digital systems to meet the needs of the auto and equipment finance industry.