Developing digitally-focused equipment financing with Elevex Capital's Jeffery Elliott
With the rise of AI and automation in the equipment finance sector, lenders must shift to a digitally-focused infrastructure.
Using technologies like AI to streamline processes, enhance transparency and improve customer service can help equipment financiers develop better solutions, Jeffry Elliott, founder and chief executive of Elevex Capital, tells Equipment Finance News on this episode of “The Dig” podcast.
“We're trying to implement the latest and greatest technologies to create a more fast, flexible and transparent process, enable transactions to happen digitally, and utilize artificial intelligence to work with our customers,” he says.
“We also pick up the phone and talk to people and go visit people, just old school way, but we're utilizing technology where customers want to utilize it, and making the process better, taking friction out of the equipment finance process.”
Bank originations decreased more than 30% in January, while independent originations rose 9%, according to the Equipment Leasing and Finance Association’s CapEx Finance Index, released Feb. 26. The volatility in the equipment finance market between banks and independents creates an opportunity for independent lenders to take advantage, Elliott says.
Technology helps equipment financiers obtain asset management information, such as transaction details and financial statements, faster and better organize the data, Elliott says.
“You only have so much time in the day to do everything, so bringing those technology assets to bear and the big transactions are going to make them faster and more flexible and a better experience for the customer and meet their deadlines,” he says. “It also helps us in terms of risk on concentration risk.”
Tune in to the newest episode of “The Dig” to hear from Elliott about implementing AI, balancing speed and efficiency, managing complex transactions with technology and advice for what he says may be a “choppy” environment ahead for equipment finance industry.
Early Bird pricing for the third annual Equipment Finance Connect ends March 28. Taking place at the JW Marriott Nashville on May 14-15, 2025, this is the only event for both equipment dealers and finance providers. Learn more and register here.
