USAA’s Revamped Web Portal Offers Lifestyle-Based Vehicle Options
USAA Federal Savings Bank updated its online direct lending portal at the end of 2016 to allow members to search for cars based on their lifestyle choices and plans to make additional changes throughout the year, said Renee Horne, the company’s vice president of consumer lending.
“Understanding that there is a variety of [consumer] lifestyles and life stages, we help our members to really hone in on the right vehicle, and ultimately the right financing for their lifestyle,” Horne said.
For example, if the borrower has a family, the portal will recommend hatchbacks and crossovers in a specified price range, rather than a sporty coupe, she explained. The portal can also filter results based on factors such as “good for towing,” “good for commuting,” and “good for city driving.”
The bank can even prepopulate certain fields based on information it already has on file for the member. The portal also displays “cost of ownership” information upfront, including the vehicle’s monthly payment, approximate insurance payments, plus fuel and maintenance costs, a spokeswoman added.
Blog posts and videos on USAA’s website also help inform members of the “ambiguities” of car financing, such as “how to transfer a car title” and a tool to compare rebates versus incentives, Horne added.
The online program used to be called Auto Circle, but the company has since moved away from that name — although it can still be found on the website — following an overall redesign, which features “human-centered” principles.
“It’s not about adding, it’s figuring out where we can remove friction — take unnecessary steps away,” she said. “It gives you the ability to initiate an auto loan, see what your terms are, close, sign and ultimately have your certificate to go get your vehicle. For our members, we streamline that process so it can pretty much be done in a few minutes.”
Learn more about the tech and disruption in the industry at Auto Finance Innovation 2017, May 17-18 in San Diego. Visit www.autofinanceinnovation.com and to learn more about the Auto Finance Risk & Compliance Summit, visit www.afrcs.com.
