Toyota Financial Services boosts customer engagement and operational productivity with AI Agents

The auto finance market in the Philippines is highly competitive. There are approximately 100-150 entities offering products and services related to automotive financing, both from the bank and nonbank sectors. To stand out, Toyota Financial Services focuses on adopting new technologies and better customer experience to maintain a competitive edge in the market.

Technologizing outreach

Toyota Financial Services (TFSPH) partnered with WIZ.AI in October 2023 to facilitate outbound calls using Talkbots, specifically in debt recovery. This partnership showed an increase in operational productivity and better customer engagement. Ms Celilia Baltazar, Head of Collection and Asset Recovery, points out that Talkbots became “one of our most significant tools” in boosting the number of customers reached and efficiency. The ability of Talkbots to understand Taglish (Tagalog and English combined) has been beneficial. She added, “It is amazing that it can recognize and speak Taglish. Customers can easily understand the nature and purpose of the call.”

Triple-digit growth in call volume

After the success of the initial launch, the partnership between TFSPH and WIZ.AI deepened. Soon after, Talkbots helped facilitate calls for insurance renewals and due date reminders, resulting in more leads gained and better confidence in Talkbot’s capabilities. Consequently, the company’s utilization grew to 300%, and the volume of calls nearly doubled.

Data-driven iteration for increased customer engagement

With TFSPH, WIZ.AI continued to conduct regular business reviews and provided recommendations from gathered insights. The collaboration resulted in iteration to optimize customer engagement. It also brought in discussions to identify use cases to enhance operational efficiency and business growth.

TFSPH moving forward

By Q1 2024, Toyota Financial Services started exploring the use of Talkbots for inbound calls. WIZ.AI helped establish a Customer Experience (CX) Optimization Plan to help increase the payment rate by up to 5% and reduce early hang-ups by up to 10%.

Adopting Talkbots has helped TFSPH increase its operational efficiency and a better customer experience. As Ms Baltazar highlights, using new AI technology has helped pave the way for many other ideas to level up their customer experience, continue to enhance value-added services, and pursue more AI-driven projects in the future.

"It is amazing that it can be able to recognize and speak Taglish so there's flexibility in terms of ensuring that customers are able to understand the nature and purpose of the call. When we adopted the Talkbot in our operations, it has paved the way to many other ideas so we can further level up the customer experience, continue to enhance value added services, and pursue more projects involving this voice AI facility."

About TFSPH

Toyota Financial Services is a leading provider of automotive financial services in the Philippines. Its mission is to deliver financial offerings that are accessible, in order to create a more valuable impact on its customers. Toyota Financial Services operates in over 37 countries worldwide.