Toyota Financial Services New Zealand (TFNZ) has partnered with Ephesoft to drive its automotive loan application and settlement processing.
TFNZ will use Ephesoft’s Transact software within its loan operations team to automate the classification and processing of key forms and documents.
The Transact platform uses artificial intelligence, machine learning and cloud-based services to automate document processing and will integrate with the finance company’s existing loan origination system.
Stephen Blay, general manager operations at TFNZ, said: “For a financial organization like TFNZ, the digital transformation of loan processes is most importantly a customer service initiative.
“Ephesoft will 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 from manual data handling to strategic customer support.”
TFNZ has assets of more than $1.4 billion and has helped 300,000 customers with their finance and insurance requirements.
The software will help reduce manual processing of application and direct debit forms, along with proof of income documents.
Ike Kavas (pictured), founder and chief executive officer at Ephesoft, said: “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.”
Ephesoft is based in California and specialises in developing technology such as machine learning to extract meaning out of unstructured data.
Last year, Ephesoft announced a partnership to introduce its software to clients of consultancy Grant Thornton, which has also implemented the platform in-house.
Nick Vellani, advisory practice leader for the central region at Grant Thornton, said: “Many businesses struggle with reams of documents and large volumes of unstructured data. This creates workflow and collaboration nightmares, which is where Ephesoft comes in.
“When we saw how easily the Smart Capture platform plugged into our tech environments, and the benefits it provided to our professionals, we knew it was something our clients could benefit from.”