CHICAGO, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Mitsubishi HC Capital America, the largest non-bank, non-captive finance provider in North America, is further demonstrating its commitment to the latest in technological innovation by announcing several key enhancements and improvements to Propel, its proprietary, best-in-class digital transaction and portfolio management system.
Propel is designed specifically for the company’s vendors, brokers and partners, and provides portfolio management tools, as well as full transparency into the status of a transaction from beginning to end.
Key Propel Enhancements
- eNotary functionality with automated Power of Attorney (POA), allowing users to securely meet online with a notary on-demand. This streamlined process enables the loan closing to be more efficient and convenient.
- eDocs that accelerate the transaction process, making it simpler, and more cost-efficient with an intuitive signing experience across any device. Documents can be legally and securely signed anywhere and anytime.
“The customer experience lies at the center of our digital transformation strategy,” said Christopher Johanneson, EVP and Chief Digital Officer. “Our enhancements are designed to empower vendors and partners with secure, reliable technology solutions that streamline the financing process and prioritize end-user needs. We know our vendor partners are pivotal in activating both their success and ours, and deploying the latest technology to deliver an overall better service is our commitment.”
Launched in 2020, Propel allows its vendors to bypass traditional paper credit submission and underwriting methods. The platform allows for real time customer onboarding and adjustments to modify transaction structures, which eliminates the back and forth between vendor, lender, and customer. This enables a 50% improvement in the customer onboarding and decisioning time, allowing our vendors to be more responsive to customer solutions in the acquisition process of their equipment needs.
Isabelle Barbeau, Vice President of Digital Transformation, adds “With the inclusion of eNotary and eDocs readily available to our vendors, it allows them to move at the speed of their business. The days of paper shuffling are long behind us.”
According to a recent Equipment Leasing & Finance Foundation study, equipment finance firms must be willing to experiment and innovate to stay competitive and need a defined innovation strategy. Additionally, the same study states that 80% of customers say that the experience a company provides is as important as the actual product and services they provide.
“Offering innovative products is clearly what the market is demanding,” adds Johanneson. “These latest enhancements to Propel are designed to make the process smarter and more efficient, allowing businesses to accelerate their own growth, productivity and innovation.”
Additional Propel Features
- Quick and easy credit application submission and decisioning
- Instantaneous notice of status changes and updates, plus a notification center
- Important key performance indicators including total number of applications and quotes, funded amounts, applications that need attention, total financed amount per dealer/user and more
- Portfolio transparency, including contract detail, aging and payment performance
- Direct chat communication between user and Mitsubishi HC Capital America
For more information about Propel, click here.
About Mitsubishi HC Capital America
Mitsubishi HC Capital America is a commercial finance company that has extensive capabilities throughout North America with its affiliate, Mitsubishi HC Capital Canada, combining a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America partners with equipment manufacturers, dealers, and distributors, as well as end customers, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit Mitsubishi HC Capital America for more information.
Media contact:
Mitsubishi HC Capital America: Katie Mullin, Vice President of Marketing Communications, kmullin@mhccna.com
