Customisation is key to Lease Management Software

If you take a closer look at how finance organization describes their company, products, and services, you will see similar description are used over and over, such as “Innovative”, ‘Customized”, “Tailored”, ‘Flexible”, “Creative”, “Real” etc.  The message seems clear— financing has become a custom business.

Financial innovation is still alive and includes many levels of financial intermediaries such as dealers, vendors, brokers, funders, securitization parties as well as new financial products to attract and facilitate external party agreements all while ensuring a tailor-made loan or lease product to satisfy the customer’s needs.

In the very niche leasing industry, equipment finance companies must provide malleable, tailored and diverse financing products to their customers in order to earn their business.  To do this successfully, they must take the time to really understand their customer’s business and financing needs so that they can constitute and structure a finance solution which meets the specific requirements of that customer. This approach is obviously more personalized and customized than the traditional lending source which often is restricted to a few industries with more generalized procedures in place.

With this multi-layer financial product offering and customized approach, comes a stronger demand for these very same equipment finance companies to acquire leasing software to help them manage their business more intelligently and effectively. The software must not only be able to withstand the increased complexity, but also continue to evolve as businesses change. The software must be able to offer flexibility and diversity in financing options available, provide detailed pricing, rules and financing breakdown unique to all parties, while maintaining valuable, customer credit, performance, and asset details.

A lease administration software solution should provide easy and effective tools to manage day-to-day processing and tracking of lease portfolio. It should also offer real-time critical feedback and analysis from the origination stage throughout the lending cycle allowing management to better assess lending risk, identify trends in customer and/or product financing needs and forecast portfolio cash flows. Through the leasing software’s enhanced functionality, the lender will be able to promote a higher level of customer service with accurate real-time data and obtain highly customized reporting to satisfy the originators and funders who are contributors to the financial product offering.

Many off-the-shelf lease management software packages tend to be modeled around the traditional financing options and may not offer the flexibility and diversity to keep up with current industry requirements and demands.

The saying ‘one size does not fit all’ is as true of your equipment leasing business as it is for the software that will help you manage, transform your business, and provide valuable insight into your specific lending activities.

Equipment finance companies, like Odessa need software which can also be flexible, adaptable and be tailored to their very specific business data requirements, especially in the areas of external party involvement, customer and equipment profiles. For example, a consumer customer will have different data requirements than a commercial customer. The more complex and high value of the asset, the more details required. The more parties involved in structuring the lease contract, the more demanding the reporting and analysis of the portfolio.


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