In November, we predicted that large financial institutions would each offer dozens of mobile apps targeted to various lines of business and/or customer segments (previous post). PNC Bank, Wells Fargo and Chase each have two apps in the iPhone store.
Three weeks ago, a fourth financial company added its second app: Nationwide Insurance.
The company originally launched an app (inset) geared towards its insurance customers in April 2009 (press release; iTunes store link). This app is designed to assist its insurance customers when they have an accident. The most recent version includes a toolkit, auto claim form, agent finder and even a flashlight.
Then in mid-December, the company released a second app geared towards automobile shoppers, Cartopia (screenshots below; iTunes link; press release). It helps buyers research prospective cars on the go.
By inputting a vehicle identification number (VIN), consumers can quickly access the following info on a prospective vehicle:
- Car specs (fuel economy, dimensions, weight, etc.)
- Average retail and wholesale prices
- 5-year cost-of-ownership estimates
- Original warranty info
- Safety info
- History of the VIN number, powered by Experian’s AutoCheck (similar to Carfax report; limited to six free lookups each month; note 1)
In addition, users can calculate monthly loan payments with a built-in loan calculator. Nationwide also provides links for customers to call in to apply for vehicle financing and or receive an insurance quote. Unfortunately, there is no online loan application or insurance price quote engine.
Finally, the app contains space to keep notes and rate the cars you are considering purchasing.
Relevance to Netbankers: If you are in the auto loan and/or insurance business, getting your name in front of car buyers as they shop is the ultimate marketing coup. While you may not be able to emulate all the functions in Nationwide’s app (note 2), even a simple loan calculator and note-taking area, along with links to your call center, could drive incremental business.
Cartopia #2 Main Loan info with link to
Cartopia #1: Splash screen insurance quote (via voice call)
Notes:
1. I was unable to access the report on my test vehicle; the error message said it was temporarily unavailable.
2. Although the app is loaded with features, its UI is a bit clunky and the app is only rated two stars in Apple’s App Store. Consequently, a slimmed down, simpler app, would appeal to many users.
3. For more info on financial services opportunities on the iPhone, see our March Online Banking Report.