Novuna: a new name in business finance

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ut it’s not just SMEs that are repositioning in markets – Hitachi Capital(UK) PLC announced that it’s embarking on a major rebrand, as it sets its sights on rapid expansion.

As part of the rebrand, Hitachi Capital Business Finance, one of the UK’s largest asset finance providers, will rebrand to Novuna Business Finance by the end of March 2022, this follows the merger of Hitachi Capital UK’s parent company with Mitsubishi UFJ Lease and Finance Company Limited earlier this year. This was a significant move for the business, and means it is now part of one of the world’s largest and most diversified financial groups.

With the size and expertise of its new parent company, the Novuna rebrand paves the way for the organisation to respond to the huge upheaval SMEs have faced over the last two years and adapt to the new landscape.

Geoff Maleham, MD of Hitachi Capital Business Finance explained the thinking behind the rebrand. “Novuna comes from the Latin words Novo – New and Una – Together, which captures the essence of our business and how we work together with businesses via our network of introducers to meet their funding requirements.

“Adopting our new brand name represents our outlook as a forward-thinking business, responding to evolving customer expectations by providing innovative solutions, including credit automation for faster decisioning.“

Many businesses delayed investments in plant, machinery and technology during the pandemic. However, as they emerge from the protracted uncertainty caused by the economic impact of the COVID-19 pandemic and Brexit, businesses are ready to invest once again in the latest equipment to remain competitive in global markets.

As the fifth largest asset finance provider in the UK, Hitachi Capital Business Finance has been increasing their market share year on year, accelerating investment in new technology to digitalise its onboarding processes.

Expectations are evolving, accelerated by the pandemic with customers increasingly seeking digitally-led, innovative self-serve solutions. So, the business is launching new, market-leading systems which will deliver smoother customer journeys and, in turn, future proof the business.

A brand new core operating system using Alfa, the world’s leading asset finance software is delivering both operational efficiencies and ultimately transforming customer experiences which make dealing with the business as seamless as possible. A complete upgrade of existing auto underwriting and tolerance rules supporting automated point of sale applications for brokers and vendors will ensure better credit decisions and increase the speed of response for the majority of deal types.

In a further significant development, which will improve customer experiences, introducers now have more control and ownership of application submissions than ever before. They can manage the full lifecycle of their application using Mercury, a new and improved customer application and management portal, which provides valuable insight into what customers really want.

This new, intuitive platform enables brokers to build proposals with multiple distinct asset lines and also delivers an improved user experience by allowing users to save proposals before submission combined with improved lookups and autofill functionality.

It’s this, market-leading digital innovation that is helping Introducers to get instant funding decisions for their clients and delivering the efficiency they demand.

With the foundations in place, the rebrand sets scene for the next phase for the business, which is firmly rooted in growth, sustainable interests, and an ethos of exceeding customer expectations.

From October, customers can expect to see the Novuna brand being introduced on marketing channels, though the full rebrand won’t take place until March 2022. The products and services currently offered will remain, alongside their account management teams and contacts. But in the longer term, this is far more than a change of name.

“This represents how we’ve evolved as a business, and shows our ambition to grow,” says Maleham.

Hitachi Capital Business Finance
Web: www.hitachicapital.co.uk/business-finance