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ELFF: Industry Future Council Identifies Key Trends to Impact EF Firms

October 26, 2021, 07:16 AM

The Equipment Leasing & Finance Foundation (Foundation) released the 2021 Industry Future Council (IFC) report, “Looking Ahead to the Post-Pandemic Economy: A Strategic Assessment of the Equipment Finance Industry,” which identifies six key inter-related trends in technology, workforce, and economics & policy that are predicted to impact the equipment finance industry during the coming five years. The findings and detailed recommendations in the report are based upon input from IFC members, external research, and Keybridge, an economics research firm selected to facilitate the 2021 IFC. The IFC is comprised of a cross-section of selected industry executives who convened throughout the year to develop the trends.

The IFC explored over 20 possible developments through a combined approach of analysis. The trends below were identified as those six which have the greatest potential to impact the equipment finance sector in a pandemic-recovering and changing economy. Additional research on each of the drivers of change are included in the report.

Technology-Related Trends:

  • Increased Role of Technology in Sales and Business Operations
  • Increased Emphasis on Cyber/Data Security

Workforce-Related Trends:

  • Challenges Recruiting the Next Generation of Equipment Finance Workers
  • Expanding Focus on Promoting Diversity, Equity and Inclusion

Economic & Policy Trends:

  • Pandemic-Driven Changes to Equipment Demand
  • Increased Regulatory Pressures on the Equipment Finance Sector

Scott Thacker, Foundation Chair and Chief Executive Officer of Ivory Consulting Corporation, said, “Profound changes have occurred in the business world and the broader economy over the last 18 months that will shape the equipment finance industry in the years ahead. This year’s IFC report provides a robust examination of those conditions and the resultant trends that the sector is expected to face, as well as detailed examples and applications to help navigate them. Equipment finance firms that do not consider these changes in their strategic planning and adjust accordingly risk falling behind the competitive curve.”

The 2021 IFC was co-sponsored by Equifax and Solifi, and is available for free download here.

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