Key Takeaways from Asset Finance Connect: Collaboration, Generative AI, and Digital Engagement

June 12, 2024
minutes read

Attending Asset Finance Connect this year was great. As a growing technology brand in the sector, I got loads of insight, feedback and innovative ideas on where to focus investment in our product, from over a hundred conversations. 

Here are the top three themes I took away: 1. Collaboration to reduce fraud, 2. The potential of generative AI, and 3. digitising lender-broker engagement (without a portal that will “make brokers want to punch you in the face”)

1. The Opportunity to Collaborate to Reduce Fraud

Fraud remains a significant challenge in the asset finance sector, with sophisticated schemes increasingly targeting multiple lenders. A takeaway from Asset Finance Connect was the recognition that collaboration can make a big difference to combat this growing threat effectively.

In response to this, at Nivo, we are planning to launch an industry working group focused on fraud reduction. This group will bring together lenders, brokers, and other stakeholders to share insights, develop best practices, and implement collective strategies to detect and prevent fraud. I think that by pooling resources and information, we can create a robust defense mechanism that benefits the entire industry. 

2. When and How Generative AI Can Start Making a Real Difference

Generative AI was a hot topic at the conference, and it's clear that its potential to transform asset finance is immense, although remarkably not as prominent as last year. Maybe the key lies in identifying practical applications that address real-world challenges.

In response, at Nivo, we are exploring concepts that leverage generative AI to automatically assess broker enquiries against lender criteria. This innovation could streamline the matching process, reduce manual workload, and enhance accuracy in assessing eligibility. We are excited about how this technology can evolve, bringing increased efficiency and effectiveness to the sector, but not yet prepared to throw all our resources at it as the market doesn’t quite feel ready to invest in it beyond research and development. Very exciting for us though as this AI works when there’s lots of data, security considerations, and natural language flowing around, so that’s super for us. 

3. Digitising Lender-Broker Engagement Without a Portal that Will “Make Me Want to Punch You in the Face”

The sentiment around the need for better lender-broker communication tools was clear. Email and paper are old school and can be improved, but the portals developed by lenders to date to address this are even worse. “If I hear a lender announce a portal, I assume £20K+ in admin costs to support it in my brokerage.” I think there’s a gap for a more seamless, efficient, and user-friendly solutions that avoid the frustrations often associated with clunky portals.

At Nivo, our focus is on streamlining the gathering and sharing of data, moving away from reliance on emails, phone calls, and paper documentation. Our approach centres on Verified Identity Messaging, which ensures secure and efficient communication between lenders and brokers. This not only improves the user experience but also enhances data integrity and compliance.

Overall, I felt that Asset Finance Connect underscored the importance of innovation and collaboration in tackling the industry's most pressing challenges. By working together to reduce fraud, harnessing the power of generative AI, and digitising engagement in a user-friendly manner, we can drive significant improvements in the asset finance sector.

I look forward to continuing these discussions and working with industry leaders to implement these solutions.

To find out more about Verified Identity Messaging and how this can be used to streamline processes and improve lender-broker engagement, contact us today.

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Written by

Mat Elliott
CDO & Co-founder, Nivo