The leasing industry is undergoing major transformation ignited by technological innovation, rapid digitization, and its influence on consumer behaviour and expectations. Businesses are striving hard to survive and thrive in an extremely competitive and regulated market.
Servicing the global leasing industry is one of the key focus areas for Hexaware. We have been working with leading leasing institutions for over a decade, helping them transform their business and technology landscape and digitizing business processes by harnessing innovative data management solutions.
Our comprehensive digital transformation solution portfolio spans all the functional areas across the leasing landscape. Backed by extensive domain expertise, our offering empowers you to enhance operational agility, responsiveness and accelerates business growth. To ensure we deliver incremental value, we have developed strategic alliances with leading leasing training and consulting organizations. We have also institutionalized the domain training process to build robust capabilities.
Hexaware’s digital transformation solution portfolio for the leasing industry includes:
- Big data driven data analytics to increase profitability and reduce risk
- Innovative web and mobile customer portal to enhance customer satisfaction
- IoT based solutions to improve asset utilization and enhance process efficiency
- Master data management services to facilitate robust leasing data management
We also offer strategic consulting services tailored to your specific business requirements. These help you leverage the latest technology trends to re-invent processes and enhance business efficiency.
As the asset finance sector evolves rapidly, companies face significant challenges due to regulatory changes, increasing competition, and profitability pressures. It is critical to become a knowledge-based company to gain competitive advantage in this evolving landscape. Realizing that Big Data can help address these challenges and transform operations, asset financiers have been investing in technologies to capture and analyse data to build business intelligence. However, majority of the industry players lack mature analytical capabilities to harness Big Data to its full potential.
Asset finance companies that embrace predictive analytics will not only be able to develop a future-ready enterprise but also stay ahead of the curve. It will help them drive smarter insights to proactively respond to dynamic market requirements.
What we offer
Hexaware offers comprehensive Big Data based analytical solutions (as shown in Figure 1) that span across leasing business domains. Combing in-depth domain expertise, extensive analytical capabilities, and advanced technology solutions, we help you improve operational efficiency and maximize profitability while mitigating risk and optimizing costs.
Figure 1.Hexaware’s Big Data Based Analytical Solution Portfolio
Evolving customer behavior and expectations in the face of rapid digitization and stringent regulatory reforms are reshaping the leasing industry. To respond to these changing market dynamics, companies need to provide greater transparency and drive deeper customer engagement. While most of the leasing companies offer quotes online, the after sales service and customer interaction is largely handled manually making the process fragmented, less transparent, and inefficient.
What we offer
Hexaware offers an innovative customer portal solution that helps digitize and streamline customer interactions across the contract lifecycle. It not only offers greater portfolio management capabilities but also provides complete visibility into critical information. In addition, our portal solution enables your customer to:
- View contracts, payment history, accruals, and other relevant information
- View offers and initiate new quotes
- Initiate transactions such as schedule changes, innovation, and others
- Initiate requests for closure and terminations
The solution provides a platform for you to better engage with your customer and deliver a superior experience. It also provides cross and up-selling opportunities to drive business growth and profitability.
Leasing companies rely on paper-based manual processes for monitoring and tracking leased assets. This makes the process considerably time-consuming, inaccurate, and complex, leading to significant cost and operational implications, and in turn negatively impacting profitability and customer experience.
What we offer
Harnessing the power of the Internet of Things (IoT) combined with data driven analytics, Hexaware offers a comprehensive asset tracking solution. Our portfolio is packaged as IoT solutions for equipment and fleet, as shown in Figure 1. The solution is designed to help lessors streamline asset management and utilization, enhance process efficiency, and boost productivity while optimizing time and cost.
Figure 1: Hexaware’s IoT-based Solutions for Equipment and Fleet Management
Master data management
Effective Master Data Management (MDM) ensures business success by supplying consistent, accurate, and consolidated data to all analytical and operational applications. Leasing companies today face challenges with incomplete and incompetent data that impairs smooth business functioning. They need to develop a master data strategy to avoid data duplication and centralize data for scalability and flexibility. MDM helps leasing companies function efficiently by connecting disparate pieces of information across departments, branch locations, and lines of business, and transforming it into a single asset to derive actionable insights.
What we offer
Hexaware’s pre-built MDM framework addresses the specific needs of leasing companies. The framework has been designed by leveraging Hexaware’s deep domain expertise and helps leasing companies’ jumpstart their data strategy. The key features of our MDM services are listed below:
- Ensures a consistent customer experience, whether online, onsite, or through mobile
- Supports compliance with ‘Know Your Customer’ and privacy requirements, and other regulations
- Enables accurate data synchronization, integrity, quality, and analysis to improve operational efficiency, reduce costs, and enhance customer satisfaction
- Ensures single version of truth across the organization
The leasing industry faces different challenges in the aftermath of the financial downturn. Complex and evolving regulatory changes, increasingly cautious customers, and rising costs are forcing industry players to re-invent their business models in order to sustain growth. To keep pace with the changing trends and capitalize on new opportunities, organizations need to implement scalable and innovative technology solutions that can help mitigate operational and financial risks and improve agility.
What we offer
Hexaware provides comprehensive solutions ranging from origination to lease closure and helps in standardizing processes, improving operational efficiency, and driving superior business outcomes. In-depth domain expertise and decade long experience in providing efficient and optimal solutions to leading leasing organizations enables us to offer a comprehensive portfolio of services including:
- Custom development – We develop end-to-end leasing solutions tailored to your specific business requirements. Our pre-built frameworks and tools drive rapid application development and implementation.
- Leading product implementations – Partnerships with leading leasing software product vendors help us identify and implement right-fit solutions. Our standardized methodology helps accelerate deployment and configure products as per business requirements, to maximize return on investment (ROI).
- Testing framework and automation – Exhaustive test cases covering the complete leasing lifecycle are readily available for testing a product/solution, thereby reducing time to market. Our testing framework helps customize and automate the product/solution, thereby optimizing costs and efforts.
- Data migration tool – Leveraging our data migration experience of over 10 million transactions, we have built a metadata driven re-usable migration framework ‘HexMig’. It supports parallel execution and combines a scalable data repository that streamlines and accelerates data migration and optimizes time, cost, and productivity.
Strategic Consulting Services
The equipment leasing industry is witnessing eroding profit margins due to regulatory, economic, and competitive pressures. To ensure success in this dynamic environment, industry players must understand target market requirements and enhance flexibility by embracing emerging technologies.
What we offer
Hexaware helps leasing companies drive business transformation through innovative and cost effective technology solutions. Our custom-built leasing business solutions enable clients to leverage the latest technological trends in the market.
Our systemic approach to optimizing the overall application landscape encompasses:
- Product selection for transformation – Our deep domain expertise and statistical product evaluation framework specifically built for the leasing industry acts as an enabler and ensures smooth product consolidation for increased profitability.
- Buy/Build option – Leveraging our vast experience in developing custom built solutions along with our extensive product expertise, we provide the perfect build or buy solution that is best suited to your existing application landscape. This helps reduce costs while improving outcomes.