DaaS usually involves financing. And financing, or leasing, involve complex financing processes that need to be fully integrated with the DaaS customer journey.
We believe building a successful DaaS customer journey can be achieved through our 6-step DaaS strategy.
Your company needs to build the DaaS solution and launch it into the market without spending years. However, such system releases tend to take anywhere from 24-60 months within the Equipment Finance industry.
This is because there are very few standard systems available to support the needs of the lessor. And those that can, are not particularly fast to deploy and by no means cheap. Lessors tend to get locked into a path, where new business development get trapped by monolithic, or in-house, custom built legacy solutions.
Faastech has built a series of independent, co-working, applications and services, completely moving away from the monolithic approach. All accessible through APIs. This allows for rapid deployment of new services to market.
We recommend building DaaS solutions around the DaaS customer journey, and the product- and business processes DaaS require. Existing financing systems, processes and organisation, most likely, were never designed for DaaS. By doing this, your company will not be delayed by the burden of legacy systems or established organisational routines, that may not fit with DaaS a offering.
Company staff can interact with the customer journey, vendors and funders, in real time through our standard modules.
Your goal and focus is fast integration of FaaS into the DaaS customer journey, detached from existing legacy systems and organisational routines.
Today the FaaS/DaaS customer journey already starts when a product is displayed in an on-/offboarding, webshop or other e-Commerce solution. Your company need to market DaaS attractively, to be the preferred customer choice in the first place. Through a consumer graded user experience.
The typical approach to display a monthly payment, or lease, is to distribute rate cards/factors to vendors and partners that allow them to display some monthly payment. This is usually not working too well. You can’t backtrack to where this rate originated from or the residual value, to mention but a few. Over time you may get hundreds- even thousands of distributed rate cards that need to be maintained and updated – an administrative nightmare.
Our ultra-scalable Faastech Price Engine© can directly integrate into webshops, point of sales (POS), asset management, and onboarding/offboarding solutions such as Skytech Control. Credit approval, frame agreements, e-signing of contracts, etc. can all be integrated into the customer journey and be a natural part of the DaaS offering.
Faastech is a multi cultural platform. There are over 24 official languages and 29 currencies just in Europe. We use the Euro as the base currency, as well as storing the local currency for each market. Exchange rates are daily downloaded from the European Central Bank. Just switch on those currencies that you need.
Faastech is natively designed to work in any market. Since we build small components that work together, rather than a gigantic monolithic structure, it is easy to make local versions or spin up a new application as required.
This ensures that you can offer the same product in each market, while your company keep the flexibility to adapt to local variations, legislations and customer demand. Our platform can be translated into any language you need.
We are hardcore Equipment Finance people and have worked for/with companies such as DECLease, Leasetec International, Key Equipment Finance, SEB, DnB, Nordea and Danske Bank.
Financing/leasing fundamentally deals with TVM (Time Value of Money) and we have therefore built TVM into the heart of our systems. For example, a lease calculation can have over 200 variables and we know the difference between a lease contract, a frame agreement, a credit line and delivery of acceptance. We know financial formulas such as PMT() and Rate().
Furthermore, our solution is multi-funding designed. Meaning, as a lessor you can handle multiple funder scenarios, and multiple funders per deal in each market.
You can syndicate the deal and create multi-funding automation rules that automatically routes the credit application to multiple funders through API integrations. Including any autoscore models. All contracts and DoA can be signed electronically.
After the customer journey has been established and rolled out, i.e. happy customers, integration with any existing lease administration, lease accounting and asset management systems can begin.
Based on the Faastech Data Factory© you can potentially, and out of the box, integrate over 90 different standard systems directly into the Faastech systems core. Including all major databases, and CRM systems such as Dynamics 365 and Salesforce, or Oracle and SAP.
We can help automate any manual steps, optimise and re-engineer business processes and slowly turn your DaaS operation into a DaaS factory that almost runs by itself. You can orchestrate, automate, optimise and reduce costs until you have created a perfectly optimised business model.
