Toyota Financial Services (TFS) serves Toyota and Lexus dealers across Canada from four service centers. The company books over 150,000 new loan and lease contracts each year and has established itself as the lender of choice with Toyota Dealerships throughout Canada, with improvements to its loan and lease approval process.
Lengthy application process
Legacy systems with manual processes
Unsatisfactory end-user and customer experiences
Slow turnaround rates
Dealers know all too well that slow responses on credit applications could cost them the sale because good cus-tomers will tend to shop around or even go to the competition if they don’t get a quick response. Toyota Financial Services has recognized that to become the Lender of Choice, it needed to help its dealers eliminate this threat. To meet this goal, TFS needed to complement its excellent rates with the fastest turnarounds. Ultimately, the most important value TFS could offer was better lending decisions, faster.
Increase operational performance metrics
Reduce the number of errors
Increase service levels
TFS turned to Image Process Design, Inc. (IPD) and its Ultera solution built on IBM’s Enterprise Content Manage-ment (ECM) to automate loan origination and processing. TFS’ new eCredit and eContract solutions leverage elec-tronic document imaging and workflow automation to simplify the application process, streamline approval, and facilitate rapid payment.
Before the Ultera solution was put in place, dealers faxed paper applications to TFS for processing. Individual workers had to manually enter the data, audit the information, approve the loan, and then wait for the dealer to re-enter information on loan or lease contracts. With issues ranging from illegible handwriting to lost pages, the process was fraught with potential delays. Today, dealers access the application online, enter the data, and imme-diately transmit the information into TFS’ automated workflow. Once in the system, requests for third-party input, such as credit reports, are made immediately. Systematic electronic auditing minimizes human intervention and speeds response. And throughout the process, the dealer is kept up to date via TFS’ Internet portal.
- Respond to 30% of applications within 8-10 seconds
- Increase volumes by 20% with no additional staffing
- Lowered hard costs by C$250,000 annually
- Enabled same-day funding to dealerships
- Facilitated information sharing with dealers
- Improved service to end customers
By automating its business processes, TFS dramatically sped up the loan and lease approval process. Internally, TFS has seen dramatic improvement in productivity and cost reduction. The 3-4 people previously working in the TFS file room have transitioned to customer service oriented roles, while savings in courier expenses, alone, are ex-pected to exceed C$250,000 annually. This has enabled the company to maintain very competitive rates while improving service, making financing through TFS and Toyota dealerships that much more attractive.
Ultera utilizes Unix server P Series 615 and uses AIX 5.X operating system.
Ultera is built upon and leverages two major IBM software technologies for deployment and runtime: IBM WebSphere Application Server (WAS) and IBM Case Manager (ICM).
WAS provides the application container that manages the deployment and run-time aspects of Ul-tera. Application monitoring, authentication, shared libraries, logging, and scalability are leveraged by Ultera through the WAS application.
IBM Case Manager provides the foundational aspects for the Ultera application, including cases, tasks, con-tent, and analytics. Using the IBM provided Java and REST API layer in IBM Case Manager, Ultera creates and manages all cases, associated tasks, and content inside of IBM Case Manager. Ultera provides a seamless business application for knowledge workers to perform their daily work and retrieves relevant cases and case data from ICM, via the API layer, and presents knowledge workers with a contextually aware view of their daily workload and required steps to process the work. Ultera is the essential business application layer that connects knowledge workers to the IBM Case Manager platform.
Ultera also utilizes these products:
- Desktops and Notebooks (all brands, including ThinkPad/ThinkCentre PCs by Lenovo)
- Non-IBM Hardware
- Thin Clients (All brands)
- IBM BladeCenter HSxx (intel processor-based)
- Dell Servers