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Financial technology companies (FinTechs) have revolutionized consumer and commercial finance in recent years by providing automated financial services marketplaces for swift, online loan originations and approvals. These alternative lenders are now in the early stages of disrupting the equipment leasing and finance industry, and transforming how small and medium businesses (SMBs) access equipment funding. This article discusses the initial impact of FinTechs and resulting opportunities and challenges, including strategies for recovering non-performing loans and leases within the fast-paced FinTech business model.
Early Observations
The equipment leasing and finance industry is in the nascent stages of dealing with FinTech's impact and considering new business models and ways to leverage technology to embrace FinTech strategies. Firm estimates are not available, but based on Equipment Leasing and Finance Association (ELFA) data, FinTechs considered to be pure leasing players probably represent no more than one tenth of 1% of the $1 trillion U.S. equipment leasing market today.
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