ELFA’s bespoke AI tool highlights tech practicality
81% of large financial services firms feel pressured to adopt AI
As new technologies emerge in the industry, equipment lenders can take advantage of relatively simple AI tools to test the waters and set the stage for future tech investment.
The Equipment Leasing and Finance Association (ELFA) on Feb. 24 launched ELFie, an AI assistant that gives members instant access to industry data and insights. It is a large language model comprising content compiled by the ELFA and the Equipment Leasing and Finance Foundation (ELFF).
The tool is free for ELFA members and is meant to help them navigate complex industry trends and analyze market data to stay ahead of the curve. ELFie’s responses will improve over time through user feedback, ensuring accuracy and relevance, according to the release.
The launch comes as 79% of financial services firms view AI as critical to their industry’s future, and 81% of large firms feel pressured to adopt AI to stay competitive, according to a December report by software provider Smarsh. Equipment financiers are using AI for tasks including credit approvals, fraud prevention, data analysis and compliance.
Paving way for continued tech adoption
For lenders that haven’t used or are new to AI, relatively simple tools like ELFie allow them to incorporate AI in a seamless and practical manner, serving as a potential launching pad for additional tech deployment, Wintrust Specialty Finance President and Chief Executive David Normandin told Equipment Finance News.
“You may think that you have to be some computer scientist to understand [AI], and the reality is so far from that.”
— David Normandin, CEO, Wintrust Specialty Finance
“I think [ELFie] opens the doors for people to change how they think about their ability to access AI to make them smarter in the way they do business. It doesn’t have to be overly complex,” he said.
ELFA and ELFF regularly produce content about trends in equipment finance and heavy-equipment industries. With some reports being 40 or 50 pages, ELFie may be “a game changer” in how equipment lenders access and share information, Normandin said.
ELFie and similar tools enable lenders to “learn about the power of the technology” as they explore other AI models, Bill Verhelle, chief executive at Fairport, N.Y.-based equipment finance service provider QuickFi, told EFN.
“You can think about how it works,” he said. “You can improve your operation, deliver better service. … ELFie is kind of like a customer service benefit for members of the ELFA or contributors to the foundation who want to access valuable research.”
Other practical uses
ELFie may encourage lenders to think about other practical AI models and tasks they can automate to improve efficiency, Normandin said.
“That’s what I’m hoping people in our space start to uncover and understand,” he said. “Which is, ‘How can I integrate an AI tool, a bot or something into my business that allows me to do all these things that we’re currently paying people to do that isn’t as efficient, not as accurate, not as scalable.’”
Additional ways to integrate AI in a straightforward manner include chat bots for inbound phone calls, QuickFi’s Verhelle said.
“It might be for service. It might be answering questions,” he said. “And there’s a possibility to reduce the workload of that with these inbound chat bots, which are a form of AI.”
Looking ahead, Verhelle said the biggest gains from AI are going to come from “agent AI technologies,” sometimes known as “agentic AI.”
“Those are processes where it actually does something and moves to the next step,” he said.
For example, a company that needs to collect insurance certificates from borrowers may use agentic AI to identify customers that haven’t given the certificate, and “then maybe it contacts the agent that’s on file and requests it.”
“There are thousands of processes like that that could be agent AI empowered.”
The third annual Equipment Finance Connect at the JW Marriott Nashville on May 14-15, 2025, is the only event for both equipment dealers and finance providers. Learn more and register here.
