How Mitsubishi HC Capital Canada Embraced Digital Transformation With Flinks’ No-Code Financial Data Platform

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For Mitsubishi HC Capital Canada, transparency, trust, and technology are what sets the commercial financing company apart from competitors. Philippe Frenette manages its asset-based lending (ABL) division, which provides factoring & lines of credit to SMBs in exchange for security over accounts receivables and other assets. This is his story.

Taking on a customer’s accounts receivables—the money that customer is owed, but has not yet been paid—requires significant risk management to ensure that Mitsubishi HC Capital Canada recoups the loans or advances. All too often, though, this important type of credit for SMBs’ cash flow comes standard with heavy reporting and monitoring.

Philippe Frenette knew this was hardly efficient or convenient, both for his analysts and customers. So he devised an ambitious plan to transform his division with better data tools and processes—all using minimal tech resources.

“We use Flinks to connect our customers’ business financial accounts and gain greater visibility into accounts receivables as well as financial health of our clients. Flinks automates data collection, which is much more convenient. The added transparency strengthens our customer relationships because everything’s on the table and so there’s an inherent trust there on all sides.”
— Philippe Frenette, Manager, ABL division, Mitsubishi HC Capital Canada

Read on to discover how Philippe Frenette led his division to embrace digital transformation with Flinks’ no-code financial data platform.

When small divisions dream big and move quickly

Phillippe Frenette’s asset-based lending division within Mitsubishi HC Capital Canada is relatively small compared to some of the other company’s business lines. Rather than this being a challenge, he sees it as an opportunity to be agile and test approaches that could make his team more efficient, effective, and forward-thinking. He sees it as his competitive edge—and one that could be scaled across the entire organization.

However, Philippe didn’t have timely access to data science and development resources. Rather than sit and wait, he leveraged Flinks’ no-code implementation options. With Express on the front-end and Dashboard on the back-end, he found an out-of-the-box solution he was looking for.

“We didn’t have the dev resources typically needed for this kind of project, but something had to change. Now, our customers simply connect their accounts and our agents can visualize up-to-date financial information. We could deploy Flinks without writing a single line of code—this enabled the entire project.”

Improving processes and building trust with data

In the world of asset-based lending, keeping tabs on many accounts receivables is critical. But the need for constant reporting and disclosures can be a major time sink, and take a toll on the customer relationship.

Using Flinks’ data connectivity, Philippe’s analysts now can refresh accounts and see that financial information in real-time. This kind of automated transparency, complete with easy access and visualization through Flinks’ Dashboard, represents a major improvement of monitoring and verification processes on Mitsubishi HC Capital Canada’s end.

With a single connection from borrowers to their financial accounts, analysts receive accurate and up-to-date information packaged in clean, structured reports as shown above.

• Transactional data can be used to verify if payments were made on accounts receivables. 
• Enriched financial data can be used as part of income verification checks for new credit applications.

Analysts can respond accordingly and be rest assured that they’re not missing payments. Instead, they can focus on what matters most: strengthening their customer relationships. With quick access to all relevant information, they can react promptly to customers’ requests, and make bigger deals with greater certainty.

The digital transformation journey: Start small, succeed, scale

Deploying Flinks in his division has given Philippe Frenette a deep, firsthand understanding of the value of financial data. This allows him to see risk-reducing efficiencies and other opportunities that can be scaled across Mitsubishi HC Capital Canada’s divisions. For example, the company could expand its services to currently underserved markets, using Flinks’ enriched financial data to accurately assess SMB customers that lack traditional financial statements.

And the digital transformation journey doesn’t stop there. Philippe sees the potential for a higher degree of automation in the approval process of Equipment Financing—a larger division of the company. Using data from Flinks to power borrower underwriting and payments monitoring could mean customers can get approved for large credit amounts exactly when they need the financing.

“This level of fintech convenience means that we can focus on delivering the value our customers want. The vision is to be in a position where we can approve loans and leases up to a million dollars within hours after we receive the application. This would be a game changer in our industry, and with Flinks I’m confident we can get there.”

If, like our client from the asset-based lending division of Mitsubishi HC Capital Canada, you would like to automate the financial reporting, verification, and risk management processes with Flinks’ financial data platform, talk to our experts. Serve your clients better with data connectivity and enrichment.