Driva uses Twilio and AI to accelerate the car financing experience

Challenge

Driva wanted to provide faster, more personalised customer journeys, using AI to automate interactions where possible, while giving consumers the flexibility to talk with a human contact centre agent at any stage of the loan application process.

Solution

The online finance broker used Twilio Voice, Twilio SMS and Twilio’s new AI Assistants to build an integrated communications platform with an intelligent chatbot that gives customers the information they need, when they need it.

Driva has built its business around one simple goal: to “make car buying and life financing easier” for its customers. To achieve this goal, the Australian online finance broker’s innovation strategy starts with the customer experience. For consumers applying for a car loan, that means cutting through the red tape they typically face.

To this end, Driva has created an online portal that personalises, simplifies and accelerates the loan application process. Unlike finance companies that offer generic loans, the portal offers applicants tailored options by matching the information customers provide with real-time data from multiple lenders.

Applicants can complete the entire process digitally, although help from a human agent is just a phone call away. SMS and chat notifications keep customers informed throughout the process, all the way from application through to settlement.

In the five years since its launch, Driva has experienced rapid growth, enabling it to expand its range of financial products, to include personal loans for the likes of renovations and vacations. However, Driva’s success led to a significant challenge: to scale rapidly and alleviate process bottlenecks. By leveraging automation, including Twilio’s AI and communications tools, the company has been able to overcome these issues.

Creating an AI chatbot to guide users through the application process

To guide users through the application process, the company built a chatbot using Twilio’s new AI Assistants. The build process took less than two weeks from ideation to production. The chatbot draws on Driva’s frequently asked questions and knowledge base to provide 24/7 support and respond to common enquiries at scale – thus allowing the company’s agents to focus on more complicated issues.

The chatbot also helps applicants with more complex tasks, such as linking a bank account or switching lenders, as well as alleviating process bottlenecks. For example, while analysing user behaviours, the company noticed higher drop-off rates and call wait times when users were asked to provide specific information (in addition to the standard documents needed for loan applications). By including targeted support for this issue via the chatbot, Driva significantly improved satisfaction and completion rates. 

As a result, the chatbot has not only reduced support requests that require human intervention, but it also increased conversion rates. The solution is also easy to maintain – Driva team members can update the company’s FAQs and knowledge bases within two minutes. This ensures customers can always engage with the latest information. 

Building a communications platform with built-in intelligence

To match applicants’ information with the most suitable finance offers, Driva built an advanced assessment rules engine that automates the personalised loan options. The engine draws on secure, real-time data from applicants and their credit profiles, and also integrates data from more than 30 lending partners. Using a set of advanced rules, the engine then identifies the products applicants are eligible for and suited to. 

Once users select a loan offer, Driva’s system dynamically requests the required documents based on the lender’s specific criteria. The advanced assessment rules engine automates many of the traditional manual checks, dramatically speeding up approval times.

However, Driva was also keen to keep direct interactions with its agents as a key part of the process, using AI and automation to amplify – not replace – the human element of its customer service. Its multichannel communication platform, therefore, plays a vital role in the process. 

Twilio SMS and Twilio Voice offered ideal solutions to support these interactions. Twilio’s API-based platform enabled Driva to enhance the user experience for agents and automate customer notifications and reminders throughout the process.

Leveraging voice AI, personalisation and automation 

Driva plans to continue expanding its use of AI and automation to further enhance support and personalisation. As Michael Ko says, “Initially, AI helped us scale support without adding headcount, but now we’re looking at more advanced personalisation. Customers expect AI to not only answer questions but also to understand their specific context, preferences and needs. This level of personalisation is the next frontier in delivering exceptional customer experiences.”

The company has also started using Twilio Flex’s voice AI capability to respond instantly to customer enquiries while they’re on hold on the phone, without losing their spot in the call queue. As a result, these customers can access real-time information, potentially eliminating the need to speak to an agent and, therefore, significantly reducing wait times.

Initiatives like these will ensure Driva maintains momentum on its journey of continuous improvement to offer faster, more personalised and flexible products and services.