Solifi: Reshaping Finance Technology

In an era marked by rapid technological changes, every industry has gone through a remarkable transformation. Among the pioneering organizations at the forefront of this digital revolution is Solifi, a trailblazing organization reshaping the financial technology landscape.

Solifi’s inception was driven by a vision to consolidate the fragmented secured finance software marketplace and offer a comprehensive portfolio of software solutions for the automotive finance, equipment finance, wholesale finance and working capital market segments. Solifi automotive customers are most commonly leasing companies, independent and captive lenders, dealer groups, and banking institutions with vehicle purchase and lease options. Solifi’s market-leading Retail Automotive capability supports Contract Hire-type products within Solifi Originations and Portfolio Management solutions.

The Steadfast Leader

David Hamilton serves as the CEO of Solifi, who is a market-driven financial technology leader with nearly three decades of fintech and board management experience. Over the years, David has held executive roles at leading international organizations, including Solifi, IDS, SunGard, and Fiserv. He has also been an advisor and non-executive director to various Fintech firms, including Mambu, Rockall, and Azentio.

Since taking on the role of CEO in 2018, David has demonstrated remarkable leadership, guiding Solifi through challenging times, especially the unprecedented challenges brought by the pandemic. Under his leadership, Solifi has continued to thrive, expand its business, and deliver world-class secured finance software solutions built on Open Finance Platform.

With his in-depth expertise in leading international software businesses, acquisitions, rebranding, and integration of market-leading specialist companies, David’s strategic leadership skills focus on driving growth through innovation, product management, and customer relationships. He also plays a key role in the BlackBerry Ivy Technology Advisory Board, which meets twice yearly to guide direction, drive innovation, and secure continued investment into the platform that enables original equipment manufacturers and their partners to capitalize on vehicle data.

“Over the past five years as CEO at IDS and now Solifi, I have seen incredible changes in the market and industry. My approach revolves around empowering our talented team, fostering a culture of collaboration, and embracing emerging technologies. My leadership team is built with a mix of new talent, bringing expertise from outside the industry and long-time industry veterans who know what it takes to succeed in the industry. In order to adapt quickly to change, we’ve been laser-focused on our short- and long-term goals, remained committed to improving our current software, and developing innovative solutions to maintain our competitive edge and drive success amidst this dynamic and dizzying environment,”– he explains.

Synchronizing with Latest Advancements

Solifi has been a software provider in the automotive finance sector for several decades. As a result, the company has developed a robust system of continuous learning, development, and innovation. Solifi’s teams actively participate in industry conferences, workshops, and training programs, which keep them updated on emerging trends. The organization also maintains key strategic partnerships, such as the BlackBerry Advisory Council, where it collaborates to drive new data-centric products and offerings for automotive finance providers. Solifi’s Product Management and Strategy teams hold user groups, customer conferences, and brainstorming sessions with open feedback channels, enabling the firm to keep its finger on the market’s pulse. Solifi also works directly with the manufacturers to expand vehicle data availability to enhance emissions reporting and integrate ESG policies and programs into the finance value chain.

When Innovation Creates Challenges

The automotive sector is undergoing massive transformations, with EVs emerging as one of the most cutting-edge innovations. However, this transformation has its share of challenges, particularly regarding infrastructure and finance agreements.

One of the primary challenges fleet operators face is the increased time and effort spent managing EV charging. This challenge is further exacerbated by many drivers lacking access to home charging facilities, leading to a heavy reliance on public charging infrastructure. Accessibility is a problem that fleet managers and drivers face regularly, and to solve this requires installing chargers where they are needed, managing queues, and ensuring that the bays are large enough to accommodate electric vans and other light commercial vehicles. Also, the rising electricity prices have contributed to higher charging costs, discouraging drivers from utilizing home charging options. Additionally, cost is a big challenge for the industry, as just like traditional fuels, they are significantly higher at motorway stations.

Amid these challenges, Solifi emerges as a pioneering solution provider offering comprehensive end-to-end support for the financing and leasing of cars, whether they’re ICEs or EVs. The attitude to the power unit’s and non-powered asset’s risk can be modeled using the bundled contract concept. In conjunction with the ability to offer a wide range of Value-Added Products and Services as part of these offerings, Solifi’s technology is ready for the changing face of ownership. Solifi is now in discussions with several potential partners to understand how best they can support its mission to make electricity the most viable option for its customers and their customers.

Standing Out in the Industry

Solifi’s out-of-the-box fleet solution is a proven, multi-channel, end-to-end enterprise solution for the secured automotive finance industry. A single software product that is configured for each customer (rather than custom code), it is delivered on an agile Software-as-a-Service platform with modular components to support highly agile business processes that maximize customer service and efficiency while at the same time minimizing costs and business risk. With a fully responsive user interface, open APIs, customer self-service portals, and complete data analysis capabilities, Solifi understands and delivers a solution to meet the needs of its customers.

Envisioning the Future with Solifi

Over the next five years, Solifi aspires to continue its focus on delivering unique solutions to its customers in a standardized way based on its market-leading Open Finance Platform,using standardized frameworks, architectures, and software.

It also plans to develop even more integrated offerings to solve customer problems through investment in its products or corporate development with other industry-leading third parties, which are complementary to Solifi’s product offering.

Solifi has been at the forefront of the market’s move to cloud computing and continues to lead the way in this important transition. It also sees excellent opportunities to leverage data to help its customers and their customers succeed in the future.