Tuesday, 16 June 2020

Tech investment powers lender’s record customer growth

Telford-based lender Hitachi Capital Invoice Finance, a division of Hitachi Capital (UK), has seen record growth in new customers for the third consecutive year, supporting overall group financial performance for the eleventh consecutive year.

Hitachi Capital Invoice Finance recorded a 49% increase in fee income year-on-year, which included a highly successful month in January, with £10.8m of additional lending year-on-year.

The growth within the business unit follows major investment into AI-powered technology to deliver quicker processes and increase the overall speed of payouts.

During FY19/20 Hitachi Capital Invoice Finance, which employs 101 staff across the UK, demonstrated its commitment to SMEs by launching a sales process to offer SMEs a ‘core, growth or corporate’ level of service depending on the size of their business.

Andy Dodd, managing director of Hitachi Capital Invoice Finance, said: “Investment in technology and innovation has been a major focus in recent years, and our latest results show the significant impact this is having on the service we offer our clients.

“Responding to the current economic challenges, SMEs now need even greater access to quick and flexible forms of finance that are easy to manage and from a secure source. Our revolutionary digital on-boarding process providing almost real-time payments meets that demand and is driving record levels of new business.

“The direct fallout from the COVID-19 pandemic presents a real challenge for SMEs to maintain the liquidity they need as businesses slowly start to return to normal operations. To help navigate our customers through this volatile environment, we’ll continue to deliver award-winning levels of client service and lead through innovation so SMEs can access the finance they require in a secure and timely manner.”

At group level, Hitachi Capital (UK) announced growth for the eleventh consecutive year.

Profits grew in FY19/20 by 5.1% to £129.4m which, alongside a 2% growth in new business volume and 6% growth in net earning assets, has contributed to a compounded annual growth rate across the last 10 years of 21%.

Hitachi Capital (UK)’s strong financial performance has facilitated investment across the business, including in people – highlighted by a 4% growth in workforce – and in new technology to enhance customer experiences and drive customer satisfaction.

Source : The Business Desk

 

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