Capital One

AR Technologies Provides Assistance to Customers to Research Cars for Potential Auto Loans

Capital One drew on a Wakefield Research survey of 1,000 nationally representative U.S. adults to learn how they approach the car shopping process. It found buying a car causes anxiety in many adults – 63% are not sure they got a great deal the last time they bought a car, 95% would consider not buying a car the same day they went to look at it at a dealership. “When it comes to big life decisions, half of the people report researching and buying a car (50%) is more time-consuming than deciding where to go to college (43%) and choosing a baby name (22%),” survey found.

Capital One may ease some of that anxiety with its Auto Navigator app which will let users check out car pricing and financing information with the wave of a smartphone. No longer do car enthusiasts have to be tied to a laptop computer to research cars and prices. Marketing VR and AR are utilized in The Auto Navigator app which allows users can go to retail showrooms of cars or just be on the street and point to any car to get view details superimposed on the car. Details such as year, model number, and make of the car will appear on their screen to help them with their buying decision. Users can pre-qualify themselves for a car loan after which, the car loan app will show them customized pricing based on their eligibility, preferences, and financial health.

The intention behind such a Marketing VR and AR car-loan application was to bring the whole customer journey of buying a new car on a single app that takes the user from exploration or awareness to decision or buying stage through the mobile app itself, thereby creating a direct sales funnel for the bank. This offers a great opportunity for a bank to create augmented reality applications that facilitate loans through an immersive interface.

Learn the full story by Forbes