Toyota Finance New Zealand Limited (TFNZ), a regional subsidiary of Japan-based automotive finance company Toyota Financial Services Corporation, today announced it has selected Ephesoft, Inc., a leader in content capture and data discovery solutions, to accelerate its automotive loan application and settlement processing.
TFNZ will deploy Ephesoft Transact within its loan operations team in order to automate the classification of proprietary loan application forms and ancillary documents to expedite data extraction – delivering a more streamlined loan validation process. This approach serves as a best practice for financial service providers in UK. Leaner processes and increasing customer satisfaction can lead to lower costs, more efficient use of resources and growing revenues.
“For a financial organisation like TFNZ, the digital transformation of loan processes is most importantly a customer service initiative,” said Stephen Blay, General Manager Operations at Toyota Finance New Zealand Limited. “Ephesoft will enable us to integrate an innovative, cloud-enabled solution that uses machine learning for enhanced document and data management, ultimately making it simpler for our staff to help customers secure financing for a new vehicle. This partnership will also enable our loan operations team to shift their focus on manual data handling to strategic customer support.”
Ephesoft Transact is a modern capture productivity platform that leverages artificial intelligence, machine learning and cloud-based web services to empower the digital worker in a wide range of document-intensive industries. TFNZ will run the solution in the cloud, integrating with its own loan origination system, to bring smart capture data extraction and classification capabilities to its employees and customers. TFNZ proprietary documents such as application and direct debit forms will be classified and extracted to assist with validation and loan finalisation. Supporting documentation, such as proof of income and proof of address, will be identified, classified, extracted and validated against core application data, resulting in a faster and more accurate loan validation process with fewer customer touchpoints.
“We are honoured to partner TFNZ as they invest in agile digital transformation solutions for their loan validation department,” said Ike Kavas, founder and CEO of Ephesoft. “It is inspiring to see lenders and other financial organisations taking charge of their high-value documents and manual workflows in order to modernise the back office and deliver faster, more accurate customer results. We are pleased to be TFNZ’s flexible Software-as-a-Service partner, offering a cloud-native, machine learning technology that enables them to embrace future change and transformation.”