The asset finance industry is showing strong growth in 2023, with figures released by the Finance & Leasing Association (FLA) indicating a significant increase in new business. In February 2023, total asset finance new business grew by 20% compared with the same month in 2022. Furthermore, the first two months of 2023 saw a 13% increase in new business compared to the same period in 2022.

This growth is excellent news for the asset finance industry and suggests that businesses are increasingly turning to asset finance to acquire capital assets. This trend is likely to have a significant impact on the career prospects of those working within the sector.

Sales representatives within the asset finance industry are likely to benefit significantly from this growth, as they will be responsible for generating new business and maintaining relationships with existing customers. With an increase in demand for asset finance, sales representatives will have more opportunities to develop their sales skills and build their client base. This naturally has a cascading effect into other areas of a business, such as Credit Analysts and Underwriters, who will see increased cases to review.

I suspect many firms have been gearing up for an upturn in collections and recoveries work since the pandemic, particularly with rates rising. Whilst there will undoubtedly be some challenging cases, the upturn doesn’t seem to have been material. Therefore, it’s important that teams are sized appropriately for the current market conditions, which look favourable. Infrastructure to also needs to be scalable and first class. Systems have always been a challenge in financial services, with workarounds and excel supplementing legacy systems that don’t speak to each other. However, with the rapid development of technology and the efficiencies this can bring, now is an ideal time review systems. High quality systems allow sales teams to increase time spent on customers and better quality prospects, they give management real time data to inform decision making, and in short they eliminate manual tasks and can help with regulatory compliance.

The growth of the asset finance industry in 2023 is likely to have a significant impact on the careers of those working within the sector. As the asset finance industry continues to grow, the need for talented professionals in these roles is likely to increase, making it an excellent career path for those seeking a challenging and rewarding career in finance.