Case Study
Toyota Finance Australia transforms customer service with Pega
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Implemented an end-to-end loan origination platform
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Reduced Take Up Time from loan application to settlement from 4 days to just 3 hours
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Reduced compliance risk with an authentication & identity management platform
"Thanks to the Pega Platform, the future of our customer service landscape is strong."
The Business Issue
A subsidiary of Toyota Motor Corporation, Toyota Finance Australia (TFA) provides financing to dealers and their customers for the purchase or lease of Toyota vehicles.
Customer behaviors are shifting. In the face of uncertainty – caused by ongoing supply chain disruption, economic volatility, and a worldwide pandemic – customers prefer engaging in online channels and expect companies to safeguard their privacy, protect them from fraud, help them mitigate disruption, and deliver consistent, individualized service experiences.
In addition to these challenges, TFA faced a market full of new fintech-enabled financiers competing for the same customers and ongoing regulatory changes implemented by the Australian government. However, the company’s legacy technology slowed down its ability to adapt and kept costs high through process inefficiency.
The Solution
Prior to implementing Pega, TFA’s customer service agents often needed to toggle between four or five systems to complete just one customer interaction. These tools lacked automation and didn’t update in real time, resulting in a lackluster customer and agent experience.
TFA began a multiyear journey to create more flexible channels with better automation and self-service to support its customers. Using Pega, the company delivered its core end-to-end loan origination platform, known as Quantum, in 2018.
Quantum and the Pega platform have since become the foundation of the company’s progressive digital transformation.
Building upon this foundation, TFA:
- Launched e-sign, eliminating the need for customers to physically sign documentation within the dealership.
- Reduced compliance risk by implementing an authentication and identity management platform to uplift security by ensuring only accredited agents have access to Quantum
- Delivered multiple enhancements for its dealer network, including opportunity management tools, improved navigation, and smarter graphs and reports
The Results
With Pega, TFA:
- Launched a consolidated 360-degree view of each customer, with richer insights all in one place
- Achieved 70% e-sign usage for new loan applications
- Reduced Take Up Time from loan application through to settlement from 4 days to just 3 hours
- Accredited 1,700 agents with its authentication platform, mitigating risk and protecting customers
Next, the company is focused on delivering Quantum 2.0, which will support customers who prefer online channels rather than in-dealership, with one of the most significant enhancements being a revamped consumer quote layout enabling dealerships to manage the sales process entirely online.
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