A form of commercial lending that allows businesses to purchase equipment required for growth (such as vehicles, machinery, IT equipment, etc.) before paying the loan back in instalments or through leasing the equipment. Asset Finance Connect (formerly Asset Finance International) explores developments in the sector, frequently hosting community events.
AI-powered data extraction, or Intelligent Document Processing (IDP), is a sophisticated back-office SaaS. The technology captures specific data from documents and outputs it in an organised format. AI data extraction technology is a type of generative AI: artificial intelligence that can produce content.
In 2022, Evolution AI began exploring its applicability to commercial finance. The speed of Evolution AI’s data extraction technology paralleled the increasing demand for instant credit decisioning in the industry.
In particular, DF Capital’s use case brought asset finance to Evolution AI’s attention. DF Capital required data extraction from numerous unique data fields on invoices, such as the serial make and model of equipment.
The success of Evolution AI’s implementation highlighted its technology’s flexibility—a key attribute when tackling the variable formats of financial documents. Typical asset finance providers rely on a fast channel between lenders and consumers via back-office processes like data extraction. Therefore, Evolution AI’s fast and accurate data capture opened the possibility of collaborating with commercial lenders like Novuna and YouLend.
In May 2023, Evolution AI joined forces with Asset Finance Connect and exhibited at their annual conference.
In June this year, we presented at their Asset Finance Connect conference. Overall, it was a fascinating event that offered an insightful overview of the relationship between fintech and commercial finance.
Rafal Kwasny, CTO and Miranda Hartley, Marketing Assistant at Evolution AI, at Evolution AI's stand at Asset Finance Connect.
Keeping an ESG-focused approach throughout all stages of the leasing process is paramount to asset finance. Servitisation–or pay-per-use technology–can combat waste and introduce a fairer system for consumers.
Notably, there is a significant degree of governance involved. The technology involved in monitoring and reporting usage posits a potentially long-term challenge. Continuously updating the technology to maintain transparent transactions and communication with consumers could require considerable effort from lenders.
The event focused on the importance of introducing fresh talent and new ideas into asset finance culture. AFC provided an important reminder that it’s not only cutting-edge technology that ensures the future of the industry but also its openness to new and diverse perspectives.
With current uncertainties in consumer duty regulations, partnerships between companies can deliver bespoke, well-regulated packages to customers.
Due to the digitalisation of forms and the automation of application processes, consumers expect to be kept in the loop. Gone are the days of waiting months for decision-making. Instead, customers expect instant or near-instantaneous decisions.
There was a focus on future-proofing the asset finance sector in the face of potential economic and regulatory instability. Reliable yet advanced technology can provide asset financiers with an ongoing competitive advantage. Of course, it was a pleasure to meet other technology providers with the same objective.
Afterwards, Dr. Goodson discusses the future of technology in asset finance with Adam Crockford (Novuna), Rachel Taylor (DF Capital) and Stephen Bassett (Asset Finance Connect).
Evolution AI’s intelligent data extraction technology offers a simple yet game-changing capability—fast and accurate data capture from any financial document.
Evolution AI’s ongoing commitment to developing its technology to its maximum potential makes it a necessity for asset finance firms seeking to capitalise on cutting-edge technology.
Have any thoughts or comments? Please feel free to email us at hello@evolution.ai or Tweet us. To discover more and explore your company’s use case further, please book a demo with Evolution AI today.
