Beverly Chandler, Opalesque London: Global solutions provider Linedata has published the results of its second survey of the lending and asset finance industry on the priorities and challenges facing the lending and asset finance sector.
The firm found that compliance is still a major concern, but risk management now outranks it as the crucial issue for 2013. Cited as the top priority for 2013 by over 68% of survey respondents, and even more within the consumer credit and vehicle leasing sectors, risk management also reflects the concern amongst companies to conform to new regulations and continue investing heavily in their back office systems.
New innovation lay at the heart of a strategic focus for firms who wished to broaden their commercial offer with new financial products. Cutting costs were the main priorities for credit institutions in 2012. The firm believes that in 2013, the development of front office tools - an essential component in any distribution channel - is still vitally important, particularly when it comes to consumer credit, and extending the range of financial products and services offered is still a major challenge, notably within the leasing sector.
In 2013, credit establishments will focus less on their global expansion and more on growth via product innovation. Cost optimization also remains a constant concern that will continue to compel companies to streamline their processes and IT ......................
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