Ephesoft to Enhance Loan Processing in New Zealand for Toyota Finance New Zealand

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Major automotive subsidiary invests in leading capture software for back-office transformation.

"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," said Stephen Blay, GM Operations at TFNZ

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 to 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 globally. Leaner processes and increasing customer satisfaction can lead to lower costs, more efficient use of resources and growing revenues.

“For a financial organization 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 finalization. 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 honored 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 organizations taking charge of their high-value documents and manual workflows in order to modernize 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.”

About Ephesoft
Ephesoft, Inc. develops technology that makes meaning out of unstructured data for decision-makers worldwide. Using supervised machine learning and a focus on efficiency and reliability, Ephesoft has crafted the next generation of enterprise content capture and data discovery solutions. Organizations use this power to automate any document-based business processes, improving accuracy, increasing productivity and reducing costs. Ephesoft is headquartered in Irvine, Calif., with regional offices throughout the US, EMEA and Asia Pacific. The company is undergoing rapid growth and has customers in over 50 countries. To learn more visit ephesoft.com.

About Toyota Finance New Zealand Limited
Opening its doors in 1989, Toyota Finance New Zealand Limited (TFNZ) was one of the very first finance companies established by Toyota outside of Japan. Since then, it’s grown to be one of the largest motor vehicle finance companies in New Zealand, offering a full range of motor vehicle financial services, including vehicle financing and leasing, fleet management and insurance.

TFNZ are proudly 100% owned by Toyota Financial Services Corporation of Japan (part of the Toyota Motor Corporation), which currently operates in over 30 countries and regions around the world. TFNZ has assets totaling over $1.4 billion and are proud to have helped over 300,000 satisfied customers with their Finance and Insurance requirements.

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