Capital One Auto Navigator – NewsRoomUs

By Sanjiv Yajnik, President of Monetary Companies, Capital One

On the 2018 SXSW Interactive Competition, we’re giving festival-goers a sneak peek into how we’re making use of human-centred design, forward-leaning, immersive expertise, deep auto trade experience, and revolutionary partnerships to reimagine the car-shopping course of.

The Downside

Do you keep in mind how a lot time you spent within the dealership once you purchased your final automotive? Did you stroll out, keys in hand, feeling absolutely assured in your buy?

In the case of huge life choices, 50% of individuals report researching and shopping for a automotive is extra time consuming than deciding the place to go to varsity and selecting a child title, in response to a current survey commissioned by Capital One. As well as, 62% of automotive consumers aren’t absolutely assured they received an important deal the final time they purchased a automotive. So as to add to that, 78% of Individuals admit the final time they purchased a automotive, they misplaced confidence that they might get the automotive they needed through the purchasing course of.

We requested ourselves why one thing as thrilling as shopping for a brand new automotive must be fraught with this a lot nervousness. What we realized as we dug deeper into the car-shopping course of, is that some individuals are left discouraged, realizing the funds are (a lot) greater than they anticipated as a result of the entire value of possession is bigger than the worth of the automotive. However oftentimes they don’t know this at the start of the purchasing course of, once they set their hearts on a specific automotive. Then what? Is it again to the drafting board? Do they begin over, or accept one thing exterior of their price range?

The Resolution

These buyer ache factors proved to be an issue that we needed to unravel for, so, in 2015, Capital One launched the primary model of Auto Navigator, a cloud-based internet utility constructed on a micro companies structure and powered by a set of applied sciences, together with machine studying.

This growth simplified the automotive purchasing course of for patrons — permitting them to seek out, finance and fulfill their subsequent automotive buy with ease, comfort and confidence.

With our second iteration, launched only a 12 months later in 2016, clients may browse greater than three million automobiles from over 12,000 taking part sellers throughout the nation! We leveraged real-time knowledge, which allowed us to find out how a lot clients would pay for any of the automobiles in our database for any of the combos they select (e.g., money down, phrases, and so on.). Extra importantly, clients may now pre-qualify for financing with no impression to their credit score rating earlier than ever stepping right into a dealership.

Since inception, we’ve got iterated on Auto Navigator, implementing human-centered design the place we use empathy listening, statement methods and fast prototyping with clients with a view to repeatedly construct, fail ahead and quick and enhance our buyer expertise.

What’s Subsequent on this Disruptive Journey?

We’re on this enterprise to problem the marketplace for the sake of the client. At SXSW, we’re previewing the most recent evolution of Auto Navigator within the type of a brand new performance:

  • Augmented Actuality Characteristic: We’ve realized that automotive analysis is a continuing course of that clients are engaged in, even when they aren’t actively trying to purchase a automotive. Within the coming months, we plan to supply an augmented actuality expertise to our clients by means of the Capital One Cell app, permitting them to scan automobiles through their cellphones to view individualized info associated to every automotive. This might embody info comparable to their pre-qualified financing, their estimated month-to-month fee, close by dealerships the place they might purchase the automotive, and far more. Think about clients having the ability to get entry to such a individualized info on the level of want, real-time!

The Tech Behind It

Upon launch, the Augmented Actuality function will leverage Apple’s recently-announced augmented actuality framework (ARKit) and their new cellular machine studying framework (CoreML) in addition to Capital One proprietary fashions to determine and value automobiles. The function can be suitable with Android, utilizing ARCore and Tensorflow cellular.

ARKit allows us to detect surfaces and planes and create a 3D scene that we will then use to put our AR property, whereas CoreML permits us to take photos from the video stream and move them by means of our Convolutional Neural Community to get predictions concerning the automobile. We’ve optimized the expertise so clients can scan a number of automobiles in a session, and get extra details about a automotive they’ve already scanned (even after scanning a number of). We then make the most of Capital One’s proprietary fashions to customise the supply to allow them to see their estimated month-to-month fee.

Empowering folks to really feel assured about their relationship with their cash is on the coronary heart of what we’re doing, and with Auto Navigator, we’ve discovered a method to do that whereas offering an final digital expertise that matches extra naturally into folks’s lives.

These opinions are these of the writer. Until famous in any other case on this publish, Capital One will not be affiliated with, neither is it endorsed by, any of the businesses talked about. All emblems and different mental property used or displayed are the possession of their respective house owners. This text is © 2018 Capital One.

Leave a Comment