CRED garage provides granular data on parked cars in an easy-to-read dashboard. Members can tune their vehicle usage on the basis of these insights.
28 Sep 2023 | 8045 Views | By Radhika Dave
CRED, a high-trust community of creditworthy individuals, brands, and institutions, has launched a personalised vehicle management platform CRED Garage.
On a single dashboard, members get priority 24 into 7 access to concierge service, timely reminders, document management, and insights on spending. CRED garage is available to all members and its features ...
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CRED, a high-trust community of creditworthy individuals, brands, and institutions, has launched a personalised vehicle management platform CRED Garage.
On a single dashboard, members get priority 24 into 7 access to concierge service, timely reminders, document management, and insights on spending. CRED garage is available to all members and its features will be rolled out gradually across the member base. Members can find CRED garage on the home page of the CRED app, and add each vehicle in their household for a seamless and rewarding vehicle management experience, the press release noted.
"Just the way people like to park their cards on our platform and get benefits around that, we felt that the same benefits can be extended to cars as well," said Kunal Shah, Founder, CRED. On saying that why they built this platform he elucidated that there was no integrated product to merge the payments world and the automobile. We believe it is going to be one of the unique products coming from a traditional financial services company, he added.
CRED garage encourages vehicle owners to establish good habits that extend the life and value of their cars. Friendly reminders for essential tasks like pollution checks, emission tests, and insurance renewals ensure their vehicle stays in mint condition. CRED will give out rewards, offers, and deals across transactions. Members can also renew motor insurance and get member-exclusive perks.
"The idea is to consistently reward people with good behaviour. We will be able to offer significant price differentiation as well. A good credit score will enable good driving behaviour and insurance behaviour. We will be able to extend this further, therefore we believe that for car insurance companies, we become a place for acquiring high quality customers which should significantly reduce the pricing over a period of time, and encourage more people to demonstrate good behaviour. Many people say good guys finish last. We are trying to reverse that narrative, said Kunal Shah, Founder, CRED.
So far in the insurance company, the no claim bonus was the only indicator of good behaviour. Not many other signals were taken into place. "CRED will create a positive selection of customers and our endeavour is to consistently be better on pricing for our members," he stated.
He added that the product is built around people who obsess over their cars. "Just the way we have made it for cards, making it seamless to manage credit cards on a platform, we are doing the same thing with cars."
The platform currently caters to customers with 750 plus credit scores and ownership of credit cards. The intent is to stick to that particular customer base. The company will adjust the gating criteria for customers who have cars but do not have credit cards or a score. Currently, high credit score and credit card ownership of credit cards will be maintained as a gating criterion for the business.
"You can track all things real time from fast tag to insurance policy status to PUC to challans, and we obviously reward you for demonstrating good behaviour on that," Shah explained. Maintenance records, performance insights, fuel spends - CRED garage provides granular data on parked cars in an easy-to-read dashboard. Members can tune their vehicle usage on the basis of these insights.
For EVs and CNG cars, he said features will be rolled out, adding that eventually services would be rolled out for EV charging platforms as well. He explained that with EVs, they were working with some of the newer EV brands to create some offerings on the platform as well, but that is for Version 2, he said.
"We have built many products in and around the user's lifestyle. We focus on the top 30 million customers for a reason, and we believe that giving more offerings to this customer set will enhance their experience being on CRED."
"We are known to make it easy for you to track, analyse, make seamless payments happen for you. Our vision is creating a frictionless world for this cohort of people, and create an experience that is differentiated, because we are going after a user segment.
Drawing a parallel between credit cards and cars, Shah said that the number of unique people who have credit cards and cars has consistently almost remained the same.
Akshay Aedula, Product head, CRED said "Whether a first-time owner or a motorhead, anyone who owns cars knows that the delight of driving often gets overtaken by the anxiety of managing and maintaining. CRED garage is our solution to this challenge. CRED members can experience the pleasure of driving and the joy of car ownership on a single platform - customised for them. From cards to cars - CRED members can now manage, maintain and engage with all on the app.”