LeasePlan is a leader in two large and growing markets: Car-as-a-Service for new cars, through its LeasePlan business, and the high-quality used car market, through its CarNext.com business. LeasePlan also has an online retail bank operating in the Netherlands and Germany, which is an important source of funding for our fleet.
Our Car-as-a-Service business offers fleet management services to our Corporate, SME, Private, and Mobility provider customers and offers a complete end-to-end service for typical contract durations of three to four years. Services offered include purchasing, financing, fleet management, repair, maintenance and tyre management (RMT), insurance and damage handling, and fuel, accident and rental management. We own 1.4 million vehicles and manage a total of 1.9 million vehicles across more than 30 countries. We are the global market leader and largest player in the growing Car-as-a-Service market based on fleet size.
CarNext.com is a pan-European digital platform for high-quality used cars. Through CarNext.com, customers can buy or subscribe to a wide range of high-quality used cars from LeasePlan’s European Car-as-a-Service fleet, as well as the fleets of trusted third-party suppliers. B2C customers can order their cars online through the CarNext.com website (which offers 360 degree photography and video content), with delivery available either to the customer’s home or to one of CarNext.com’s 45 delivery stores and pick-up points across Europe. It also operates a B2B channel, consisting of an online auction platform and app for professional buyers.
LeasePlan Bank offers retail savings banking in the Netherlands and Germany, with over 170,000 retail accounts and EUR 7.7 billion in deposits as of 31 December 2019. LeasePlan Bank offers online accounts to consumers at competitive interest rates and is an important source of funding within our diversified funding platform.
Our resilient and cash-generative Car-as-a-Service business provides subscription-based mobility solutions with integrated services.
In our core Car-as-a-Service business for new cars, we literally turn cars into a service for customers who just want the use of cars (or Light Commercial Vehicles) without the hassle of owning them.
Owning the vehicle is inherent to our business model and allows us to capture the associated full value chain of services along its lifecycle. These services include vehicle procurement; vehicle financing; vehicle maintenance and repair; damage handling and insurance services; fleet management and consulting services; telematics; and fuel, accident and rental management services.
Maintenance management (RMT)
Insurance and damage handling
Fuel, accident and rental management
We manage mainly passenger vehicles (PVs: 76%11) and light commercial vehicles (LCVs: 22%12), and our fleet is well diversified in terms of type of vehicle, countries of registration, as well as vehicle brands and models. After leasing our vehicles to our customers we sell or lease the majority of our vehicles via CarNext.com. As a result of the short duration of the lease contract, our fleet turns over quickly and, in principle, contains only the latest and cleanest models.
11 & 12 Funded book value
i. Global scale and local leadership
We manage approximately 1.9 million vehicles (serviced fleet) across more than 30 countries. We believe we are a global market leader by fleet size, being among the top three companies by fleet size in 22 of the 24 European markets where we operate. Our scale and broad geographic presence also enables us to service smaller, regional clients, while also offering a global, coordinated and harmonised Car-as-a-Service product across multiple geographic regions to our international customer base.
ii. Diversified customer base
We have a diversified customer base. This customer base comprises Corporates with a fleet of more than 25 vehicles (76%); SMEs with a fleet of 25 or fewer vehicles (18%); and Private individuals (6%). Mobility providers (i.e. ride hailing companies) are currently reported within the SME and Private segments. Our customer base is diversified across industries and regions with no industry representing more than 21% of our corporate customers. Our customers are also high-quality (i.e. have low default rates). By year-end 2019, 53 of our top 100 Corporate customers were investment grade rated by Standard & Poor’s. LeasePlan also benefits from a loyal customer base, a track record of more than 55 years and the fact that corporate fleet management is a relatively ‘low ticket, high cost of failure’ service.
Customer base by segmentTotal funded book value
Corporate customers spread across sectors of the economyTotal funded book value
8%Consultation & infrastructure
5%Transport & logistics
The majority of our customers are international and domestic corporations leasing more than 25 vehicles. At year-end 2019, they represented approximately 76% of our total funded fleet book value. These customers are mostly large and sophisticated organisations with extensive fleet management needs. They benefit from our range of standardised products and services, our ‘one contract, one contact’ approach, state-of-the-art fleet reporting and driver support. Key trends in this segment include a growing interest in transitioning fleets to EVs and on reducing the overall CO2 footprint, reducing total cost of ownership and improving driver satisfaction and safety.
Our SME customers (25 or fewer vehicles) require simple products that are easy to access and delivered quickly. At year-end 2019, SMEs represented approximately 18% of our total funded fleet book value. We service SMEs with a range of standardised products and services that meet local standards and industry-specific needs. To reach these customers, we have both direct sales (through digital platforms or dedicated sales force) and indirect sales through dealers, banks, brokers and affiliates. These partners either generate referrals to LeasePlan or ‘white label’ our products and services. The SME segment is growing fast and has low penetration rates.
This segment consists of customers who lease one vehicle. At year-end 2019, Private individual customers accounted for approximately 6% of our total funded fleet book value. LeasePlan offers standardised products and services to private customers, as well as to individual employees via their employer. We reach these customers through our omnichannel distribution strategy. Private individuals generally require transparent products, quick access to a vehicle, reliable service offerings and competitive pricing. The private leasing market is relatively new but has become increasingly popular in some countries such as France, Italy, the Netherlands, Spain and the UK, representing a significant growth opportunity for LeasePlan.
We provide services through strategic partnerships to Mobility providers in several European countries. For example, we have a pan-European partnership with Uber to offer a full-service operational lease solution to their partner-drivers via a referral model. Contracts with mobility providers are typically executed directly between LeasePlan and individual drivers.
iii. Diversified fleet across geographies and brands, with a growing low-emission vehicle base
Our fleet is well-diversified in terms of types of vehicle, countries of registration, brands and models, with no country representing more than 14% of the total funded fleet. The geographic diversity of our fleets allows us to focus our investments and limit exposure to region-specific risks. It also enables us to benefit from cross-border arbitrage opportunities on the sale of used vehicles.
Zero emission mobility
LeasePlan is taking an industry leadership role in the transition from internal combustion engines to electric and other alternative powertrains. We have set ourselves the goal of achieving net zero tailpipe emissions from our funded fleet by 2030. To this end, we have begun targeting customers in 12 EV-ready European countries with low-emission value propositions based on high-quality services and ‘full package solutions’. This offering is underpinned by our partnership with Allego, through which we provide LeasePlan EV customers with access to personal charge points at home and at work. In addition, we are partnering with automakers to make sure we can offer low-emission vehicles at a competitive price. In line with our sustainability strategy, our fleet is transitioning to low- emission vehicles, with EVs accounting for 10% of new orders in Q4 2019 and 7.4% for the full year 2019. To read more about our transition to zero emissions mobility, please refer to the ‘Shaping the future of low-emission mobility’ chapter in Sustainability.
We are actively stimulating our customers to transition to zero tailpipe emission vehicles, with diesels representing less than 50% of new registrations in Q4 2019, compared to 59% in Q4 2018. The total share of all types of diesels in our funded fleet fell from 73% in 2018 to 67% in 2019. In addition, due to the relatively fast turnover of our fleet, exposure continues to be limited to the latest and cleanest diesel Euro VI models. Euro VI diesels are not currently subject to any legislative restrictions and offer customers cost of ownership benefits relative to other powertrains. By year end 2019, the book value of Euro V diesels in our total funded fleet had declined to approximately 1% compared to approximately 3% in 2018.
Funded Fleet spread across geographiesTotal funded book value
Fleet by splitTotal funded book value
22%Light commercial vehicles
LeasePlan is entirely independent from any automotive or financial institution and is therefore able to offer a wide variety of makes and models to its customers at attractive price points.
In addition, this approach limits our exposure to any OEM-specific risks which may occur.
As of year-end 2019, no single vehicle brand accounted for more than 12% of our total funded fleet book value.
Fleet diversified across a variety of brandsTotal funded book value
v. Unique funding structure
LeasePlan has established a uniquely diversified funding model with funding streams across various investment grade bond programmes, securitisation programmes, bank lines and retail deposits, providing us with access to a diverse and flexible range of funding sources. We have a bank licence and adhere to capital requirements set by the Dutch Central Bank. Being a supervised entity further supports our credit rating.
Below we describe the major market trends present in the Car-as-a-Service industry. Market growth is being driven by the following trends:
Ownership to subscription
As vehicles become increasingly complex to own and maintain (e.g. insurance, tax, servicing, changing regulation, software upgrades), Corporates, SMEs, private individuals and mobility providers are increasingly moving away from outright vehicle ownership towards hassle-free subscription models – or Car-as-a-Service. This secular shift from ‘ownership to usership to subscription’ is being witnessed across many other sectors – from entertainment and software to office space. In Car-as-a-Service, this shift began in the Corporate segment and underpinned more than 50 years of continued growth, but is now also being seen in the SME, Private and Mobility provider segments.
In addition, urbanisation, digitalisation and new consumer demands are driving the rapid growth of Mobility provider services such as ride-hailing and ride-sharing via companies including Uber, Zip Car, Car2Go and DriveNow. Within this context, there is a growing trend for Mobility providers (many of which have an asset-light business model) to direct their drivers to large, international Car-as-a-Service providers.
While the shift towards subscription-based mobility services offers opportunities, it also challenges them to provide greater flexibility, including the ability for drivers to access multiple vehicle categories over shorter periods – for example, subscriptions that allow customers to swap their ‘city car’ for SUVs or other more specialised vehicles during weekends or vacations. In response, LeasePlan is adapting its product offerings, pricing and contract conditions in order to benefit from these trends, while mitigating the risks posed.
Driving sustainability through our business
SME digital showroom
LeasePlan is digitising its core customer journeys to further improve its service levels while driving down costs.
As part of this focus, in 2019 LeasePlan launched a digital showroom that enables SMEs to order their vehicles completely online. This high-end, userfriendly digital showroom gives SME customers a simple, appealing and easy-to-navigate way to choose and order their cars, and was one of four new initiatives launched by LeasePlan to help further improve the customer experience.
“We knew 97% of our SME customers use the internet to research their next car, and more than 40% could imagine buying their next car online – yet only 1% consider the current process involved in buying a car an ideal customer experience,” says Reinier Hendriks, LeasePlan’s Global Director SME. “So our aim was to bridge this gap by giving our customers the most convenient way possible to lease their next car.”
Using the digital showroom, SMEs can search for the ideal car to suit their needs, find out about options and benefits, understand the costs involved, and request a quote or place an order. It is an end-to-end digital process that enables customers to upload documents, gain credit approval, verify their ID and sign a contract – all within minutes, and with online advisers on hand to offer support.
The SME digital showroom is already live in nine countries. As a global ecommerce platform it can be tailored to a new country in just four weeks, allowing LeasePlan country teams to run it locally to meet their customers’ specific needs.
“By offering this level of flexibility and convenience, the SME digital showroom has already led to a significant number of new customer orders,” says Hendriks. “Going forward, it will underpin our new ‘carefree mobility’ SME value proposition, which we intend to pilot in Portugal, the UK and elsewhere.”
Digital technologies (including artificial intelligence, 5G and autonomous vehicles) are facilitating the transformation of the Car-as-a-Service industry, enabling incumbents to improve service levels while lowering costs, as well as encouraging the development of new platform businesses based on existing Car-as-a-Service competencies (e.g. CarNext.com). Through its NextGen Digital strategy, LeasePlan is transforming from an analogue business into a fully digitally-enabled business, delivering digital services at digital cost levels. This approach will enable us to capture the growth opportunities we see ahead of us in the SME, Private and Mobility provider markets. Although digitisation offers significant opportunities to Car-as-a-Service companies, it also presents challenges.
The arrival of autonomous vehicles (AVs) could lead to Mobility providers potentially opting to contract out AV fleet management to a specialist fleet management provider, thus maintaining their asset-light status. Given LeasePlan’s core capabilities in Car-as-a-Service, we believe we are well positioned to fund and manage the growth of AV fleets. To benefit from this trend, Car-as-a-Service providers must also ensure they develop the digital capabilities to manage these new fleets of AVs.
Sustainability is of growing importance in the Car-as-a-Service industry as customers look to access cleaner, low-emission vehicles in response to climate change and air quality concerns and related regulation. The powertrain shift has been further stimulated by the ‘Dieselgate’ scandal in particular, where a number of car manufacturers falsified NOx emission data, unleashing a global backlash towards car manufacturers and diesel as a powertrain. LeasePlan aims to be a responsible company, and is therefore committed to responding to our customers’ desire for low-emission Car-as-a-Service products, including electric vehicles, and aims to achieve net zero emissions from its funded fleet by 2030. Whilst the newest diesel VI vehicles have lower CO2 and NOx emissions than most petrol vehicles, we do notice a shift in preferences, with our new car orders for diesel powertrains steadily decreasing, and orders for Electric Vehicles (EVs) rising throughout our markets, especially in Europe. Overall, we believe the shift towards EVs presents a significant opportunity for Car-as-a-Service companies as customers look to a specialist service provider to manage the residual values of these new technologies. With the rise of EVs, we have to ensure all materials in EV batteries (especially cobalt) have been ethically mined and that batteries are designed on circular economy principles, enabling upcycling at the end of their lifecycle. The automotive industry has begun to tackle these issues, particularly regarding the traceability of battery materials, through organisations such as the World Economic Forum’s Global Battery Alliance (of which LeasePlan is a member).
i. EV adoption
EVs represent a small part of the market, but adoption is rising rapidly, and in the case of Battery Electric Vehicles (BEVs), the market is believed to be fast approaching a tipping point. Annual passenger EV sales, which reached an estimated 2 million in 2018, are forecast to reach some 10 million in 2025, 28 million in 2030 and 56 million by 2040, and some of the fastest growth is likely to take place in the European markets in which LeasePlan is active, and where we expect to move ahead of the overall market trend to meet our 2030 ambitions. In addition to growing engagement with the climate change agenda, EV uptake is being stimulated by falls in total cost of ownership, which is already lower than diesel and petrol equivalents in some European markets. EVs are generally forecast to reach price parity with internal combustion engine (ICE) vehicles across most segments by the mid-2020s, albeit with some geographic variations. Although the European playing field for tax benefits and other incentives remains uneven, costs will likely decline largely thanks to continued growth of global battery manufacturing capacity and falling prices of lithium-ion battery packs.
ii. Charging infrastructure
Public charging infrastructure is expanding rapidly, although its widespread availability remains an important barrier to widespread EV adoption, particularly among drivers without access to home or workplace charging. A combination of potential solutions is beginning to emerge, including ultra-fast chargers, wireless charging and battery swapping, with the challenge being to make these feasible and accessible to all drivers. In addition, renewable energy grid capacity will need to increase to ensure EVs deliver the fullest possible emissions reductions. Cooperation between municipalities, electricity producers, power grid operators and EV drivers and owners will be key to managing the transition successfully.
iii. Model availability
Most major automakers already offer a range of EV models. However, the current EV range will increase significantly in the coming years as Paris Agreement emissions objectives and related EU legislation will require OEMs to achieve fleet-wide average emission targets of 95g CO2/km for passenger vehicles and 147g CO2/km for light commercial vehicles by 2021. OEMs will launch around 300 new Battery-Electric Vehicles by 2025, with a strong focus on medium and large vehicles.
Driving sustainability through our business
Growing our private leasing business
As countries move towards subscription models and away from ownership, LeasePlan’s Car-as-a-Service proposition for private lease drivers has been evolving quickly to provide an increasingly popular solution.
Private lease customers in the Netherlands are among those to benefit from paying a single monthly subscription for an all-inclusive service. This covers the use of a high-quality car, insurance, roadside assistance and regular maintenance – everything but fuel.
“More and more people will move to not owning a car, but simply using one,” says Robert Zitter, Manager Corporate Sales Nissan, a LeasePlan private lease partner. “We’ll also see a shift in the type of cars in this model, from smaller A and B segment cars to larger C segment cars.”
For private lease customers, one of the big advantages of LeasePlan’s Car-as-a- Service solution is the convenience of access to a 24/7 service (including in the evenings and at weekends) through an easy-to-use digital app. LeasePlan Netherlands has revamped the app recently, and this will extend the 24/7 service offering, enabling customers to schedule maintenance, make bookings and update their mileage.
Paying a monthly fee also gives private lease customers a simple way to spread the costs of vehicle usage, and avoid the worry of expensive, unexpected repairs. Further benefits of the service include the opportunity to drive a brand new car.
Moving forward, LeasePlan will build on the success of its private lease solution and extend the offering to new markets, tapping into an additional profitable growth opportunity.
Our mission is to be the most trusted pan-European digital platform for high-quality used cars, seamlessly delivering any car, anytime, anywhere.
CarNext.com is our pan-European digital platform for high-quality used cars. Through CarNext.com, customers can buy or subscribe to a wide range of one-five year-old used cars. It also operates a B2B channel, consisting of an online auction platform and app for professional buyers. In addition, CarNext.com offers a range of services for its growing network of trusted third parties.
CarNext.com generates revenues through commissions on cars sold or used Car-as-a-Service (UCaaS), own-car sales, and ancillary services, such as de-fleeting and retail preparation. Within this framework, CarNext.com sells and provides services for a large portion of the LeasePlan Car-as-a-Service vehicles that come off-contract in the countries in which CarNext.com operates, as well as a smaller but growing number of vehicles owned by its trusted network of third-party suppliers. CarNext.com sales are realised B2C through CarNext.com’s online digital platform or one of its 45 Delivery Stores and pick-up points, or B2B through CarNext.com’s platform. For B2C, CarNext.com commissions are dependent upon the additional value realised versus the B2B trader price. CarNext.com acts as a sales agent for LeasePlan’s Car-as-a-Service business and commission rates are set at market rates on an arms-length basis.
In order to optimise value-creation in both businesses, we intend to set up CarNext.com within its own business unit structure within LeasePlan. We are also reporting CarNext.com’s financial results separately, commencing with this Annual Report 2019. In addition, we continue to review various strategic alternatives for CarNext.com, including a potential full or partial separation of CarNext.com from the Group whereby LeasePlan would continue to sell its used cars through the CarNext.com B2B and B2C platforms.
Traditionally, the used car market has been fragmented, localised and inefficient. It consists mainly of intermediaries, traders and dealerships, and is characterised by high levels of inefficiency and low levels of transparency and customer trust. The CarNext.com proposition focuses on building trust through transparency, an online end-to-end service, and a wide availability of makes and models, enabling customers to find the right car for them. We apply expertise, data science capabilities and leverage our pan-European network to establish the best channel, geography and pricing for each vehicle. CarNext.com’s competitive advantages include:
CarNext.com has access to a guaranteed supply of approximately 250,000 high-quality used cars coming out of LeasePlan’s Car-as-a-Service business each year, as well as vehicles from our growing network of trusted third-party suppliers
Superior online services
CarNext.com offers a seamless online experience, with 360 degree photography and video of the vehicles on the platform. The entire buying experience, including financing and home delivery scheduling, can be completed online
Customers can buy or subscribe to a high-quality used car, younger than five years, online through an interactive marketplace or at one of our Delivery Stores and pick-up points
Data-driven asset steering
CarNext.com’s unique ‘Asset Control Tower’ is used to analyse external and proprietary data in order to match demand sources with supply, facilitating the development of targeted strategic partnerships with third-party suppliers. This enables customers to rapidly access the model of their choice, further supporting CarNext.com’s growth
CarNext.com is supported by a pan-European network of 45 Delivery Stores and pick-up points across 23 countries
Vehicles on CarNext.com come with a full ownership, fixed all-in prices and a 14-day no-questions-asked return policy
CarNext.com provides services for three key customer groups: B2C customers, B2B traders and Partner services.
CarNext.com enables customers to buy or subscribe to a wide range of high-quality used cars online, and through its network of 45 Delivery Stores and pick-up points across 23 countries. CarNext.com provides an experience customers can trust by offering a fixed all-in pricing, detailed specifications, 360-degree photography, home delivery and a 14-day no-questions-asked return guarantee. Every vehicle on the CarNext.com platform is fully reconditioned and must pass our rigorous quality check before sale. This fully online buying proposition can process a sale in less than two minutes, and is a first-of-its-kind innovation in the used car market. In 2019, we welcomed almost 10 million unique visitors to our website and our net promoter score (NPS) was 7321.
CarNext.com also offers customers a flexible, reliable and quick way to lease or subscribe to a high-quality used car with an all-inclusive fixed monthly fee. Cars are delivered to customers’ doorstep within 14 days, and the subscription includes everything except fuel. The end-to-end digital service starts with five simple steps that can be completed either online or via the app.
CarNext.com operates a B2B auction platform and trader app (available in 36 countries), offering over 125,000 traders access to daily auctions across Europe. Accessible online and through a mobile app, the auction platform enables traders to easily browse thousands of possible vehicles. Each car shown comes with a full vehicle assessment report and a comprehensive set of high-quality images, which can be downloaded and used for remarketing. In 2019, more than six million bids were made on the B2B platform.
CarNext.com offers a full range of services for our growing network of trusted third-party supplier-partners, called Partner Services. Once a partner decides to sell a vehicle, CarNext.com does the rest – from picking up the vehicle, to channel selection (including cross-border sales), stock management and vehicle reconditioning, enabling partners to get the best price for their cars. We have continued to invest in this proposition and have recruited dedicated Partner Services teams to stay close to them. At the same time, our new digital partner interface has made it easier for partners to upload their cars to our system and follow their journey. The growth of our Partner Services proposition has led to a wider choice of vehicles and more unique visits to our website, thereby increasing turnover times.21. NPS is expressed as an absolute number between-100 and +100.
Driving sustainability through our business
Our online pan-European marketplace CarNext.com has continued to disrupt the traditional market for used cars, with new service developments and an exciting partnership with Formula 1 driver Max Verstappen.
“In 2019, we launched our online carbuying proposition across 21 countries in Europe, enabling our retail customers to source and order cars online in just a few moments, and then arrange for their swift delivery,” says Ewout van Jarwaarde, CEO of CarNext.com. “Then at the end of the year, we partnered with Max to help us raise awareness of the CarNext.com brand as we continue to grow the business.”
With 10 million unique visitors to its online marketplace last year, CarNext.com is seeing this growth continue apace. As a next step, CarNext.com will further support its proposition by developing and scaling the data and technology capabilities of the marketplace, thereby further enhancing the customer experience, and offering new products and services, such as online financing and payment solutions.
“The CarNext.com ecosystem is underpinned by technology, data and self-learning algorithms,” says van Jarwaarde. “These provide us with insights into customer demand so we can actively find the right supply to match their needs. Our focus throughout is on the customer experience. Ultimately, we want to make sure everyone – customers, partners and traders – can have access to CarNext.com’s unique offering.”
CarNext.com also operates a leading B2B platform on which more than 125,000 professional buyers can bid in daily auctions online, or via a dedicated app. In 2019, the B2B platform continued to grow, with more than six million bids placed in auctions. CarNext.com also introduced ancillary services and a programme to improve the trader journey and experiences.
At the same time, the development of CarNext.com’s dedicated Partner Services proposition has met with a strong market response, and is already securing a pipeline of new supply. CarNext.com offers end-to-end remarketing services to a growing network of trusted third-party suppliers who want to sell their cars via its marketplace. This year, it launched a digital interface that makes it easier for partners to upload cars onto the system and follow their journeys.
“The CarNext.com ecosystem is underpinned by technology, data and self-learning algorithms.”
Our internet savings bank offers flexible deposit savings products that help our customers achieve their goals.
As part of its unique independent funding platform, LeasePlan Corporation N.V. operates LeasePlan Bank. LeasePlan has a banking licence and is regulated as a financial institution by the DNB and the AFM.
LeasePlan Bank is an online-only savings bank that offers flexible saving accounts and term deposits to retail customers. It is an integral part of our diverse funding strategy and has operated in the Netherlands since 2010 and in Germany since 2015. In July 2019, LeasePlan Bank successfully transitioned its core banking platform to a purely cloud-based Software- as-a-Service solution. This has enabled us to reduce our IT complexity, while improving the flexibility, reliability and efficiency of LeasePlan Bank’s services.
As of 31 December 2019, LeasePlan Bank had approximately 132,000 retail accounts in the Netherlands (2018: 124,000) and 41,000 in Germany (2018: 30,000), with total savings deposits of EUR 5.78 billion (2018: EUR 5.29 billion) and EUR 1.88 billion (2018: EUR 1.11 billion) respectively.
Driving sustainability through our business
Last year, LeasePlan Bank migrated to a new core banking and CRM system.
The 18-month project, which was designed to address issues with legacy systems and a fragmented IT landscape, involved 120 trial migrations that led up to a ‘Big Bang Go-Live’ in July 2019. The ‘Go-Live’ event saw it successfully migrate 210,000 customers and more than 980,000 accounts to the new system, moving 18 million historical transactions and close to EUR 7.6bn in savings deposits.
“The project’s success had several factors,” explains Sander Frons, Director of LeasePlan Bank. “One was our choice of fit-for-purpose suppliers, enabling us to benefit fully from propositions without paying for excess features. They were also based in the Netherlands, which was a key factor given the importance of close collaboration between us and the daily contact required between our project managers.”
LeasePlan Bank’s main aim was to avoid a negative impact on its customers, and so it took a proactive approach, making changes to products and data months before the migration date, and notifying customers about the rationale behind the changes.
“This meant we weren’t overwhelmed with queries, and received very limited complaints during the migration process” says Frons. “All clients reset their passwords on the Monday following the migration weekend, and by Thursday, we were back to business as usual.”
To future-proof the system, LeasePlan Bank chose Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions that can be easily upscaled. With the new banking engine in place, LeasePlan Bank can better support compliance requirements, develop new products, and bring new features to market rapidly. It will help LeasePlan Bank operate more cost-efficiently, accelerate its cycle of new releases, and optimise its customers’ experience.
“The project’s success had several factors, one was our choice of fit-for-purpose suppliers.”