Mitsubishi HC Capital America announced 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 managements 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.”