Toyota Financial Services’ newly appointed Group Vice President and Chief Information Officer Vipin Gupta seeks to usher in a future of mobility services to the captive, he told Auto Finance News.
He said TFS will drive innovation by focusing on three strategic objectives: agility, digital experiences, and using data and analytics to deliver new services. “The financial services business is an information service, or a digital service, by nature,” he said. “We don’t produce products, we produce decisions and experiences.”
TFS has already set in motion plans to deliver new services within the subscription space with its Lexus program, which is expected to launch by yearend for the OEM’s UX compact crossover.
“The subscription model or mobility model of the future is going to expand the capabilities of the business,” Gupta said. However, he finds it unlikely that subscription models will take over the auto industry. “It’s ‘and’ not ‘or,’” Gupta said. “One model won’t replace another model. We need to prepare for both.”
The captive will also leverage robotic automation to deliver more efficient customer experiences by automating back-office processes. Additionally, the company is developing an application programming interface (API) strategy to enable TFS to be a digital platform for its dealers, commercial customers, and various fintech partners.
“APIs will help [dealers] integrate with us with speed at lower costs,” he said. Incorporating the correct mindset and a clear understanding of the role technology plays to streamline operations is a “critical” component for the future of TFS, he said. “[The goal is] not to build more technology, it’s to build more business,” Gupta said.
Only about a month into his new role with TFS, Gupta will soon report to the newly appointed President and Chief Executive Mark Templin, who is set to replace long-time Chief Executive Mike Groff, on August 31. “We’ve got a fresh leader with broader responsibilities and a bigger agenda,” Gupta said. “As the new guy, I’m excited.”Like This Post