Auto Vehicle Financing Company MTF Strikes Gold with Ephesoft Transact
It was the 9th of May and received a notification that I had a new lead in our CRM system. CIO Ashley Ross from MTF (Motor Trade Finance), had spoken to the Ephesoft team at the Finovate conference in California and was interested in taking a closer look at the Ephesoft’s Transact advanced document capture platform.
MTF, is a leading provider of auto vehicle financing for clients in New Zealand and has been providing financing for almost 50 years. They process over 4,000 multi-page loans each month, which generates a high document volume.
I contacted Ashley who explained that his team had been trying unsuccessfully for 18 months to get IBM’s Datacap capture platform running properly. After a more thorough discovery process, MTF shared their critical business requirements and gave Ephesoft a sample set of MTF’s documents to determine if we could move forward. A couple of days later, Cliff Skoglund (my awesome solution engineer guy) and I demonstrated how we had trained Transact to classify a range of MTF’s documents, including loans forms, bank statements, drivers’ licenses and other types, and extracted key fields from these documents.
MTF’s reaction was pure gold, advising us that the system showed more capability in our one hour demonstration than they had been able to achieve with IBM Datacap over the previous 18 months. Two days later, we were asked to perform a further demonstration to MTF’s CEO, Glenn Todd. To challenge us further, MTF provided us with a further set of documents to ingest and classify real-time, and once again we met their demands in a live environment.
Ephesoft introduced Platinum Partner, Future State Systems (FSS), to the client and conducted a detailed requirements’ gathering process and MTF signed a contract to become the first Ephesoft customer in New Zealand. FSS, an integration specialist, understood MTF’s previous pain with a long, drawn-out implementation that was costly and still not complete. Instead, FSS delivered a compelling value proposition to win the deal: fixed price delivery with a clear end date for go-live, which was very attractive to MTF.
From our first contact with MTF to the contract award was under three weeks! The technology platform and team sold itself! FSS set up a requirements’ gathering workshop with MTF to begin implementation. They applied Ephesoft’s patented machine learning technology to classify about 50 unique document types, extraction of metadata from the documents, integration with database applications to database look-ups, active directory and their enterprise content management system. The entire project took 6 weeks to complete, which is already 92.3% shorter customer onboarding compared to their first attempt with IBM.
MTF is still reviewing the many business benefits of transitioning from Datacap to Transact, but the signs are already encouraging with an approximate 400% performance in throughput of applications. I’m pleased to report we have a very satisfied customer who is pleased to act as a reference for us, is helping us to build a case study and willing to support us in marketing activities including webinars and seminars.
