Financial institutions are increasingly discovering the value of location intelligence to improve business performance. The banking, financial services and insurance (BFSI) space is plagued with huge streams of datasets often operating in silos. Location Intelligence software enables banks and insurance companies to apply intelligence to their business model, making it easy to be analyzed. Given the great adoption of GIS in the banking landscape, Location Intelligence is gaining huge momentum, allowing BFSI companies to not just solve a variety of challenges, but also make better business decisions.
How location intelligence and analytics can help banking and finance?
Do any of these business scenarios sound familiar?
- How far is the branch office/ATM from my customer’s home/workplace?
- Is my field sales agent making calls? Is he restricted to his territory?
- Is my cash moving safe and secure?
- Are my advertising billboards placed right displaying correct offers?
- Is the loan verification happening in the right customer location?
- How do I drive higher sales productivity of my fieldforce?
All these answers can be achieved with the help of intelligent and intuitive location analytics.
Location intelligence software comes packed with spatial data visualization, contextualization and analytical capabilities. It offers a great opportunity for banks and insurance companies to measure and optimize their performance. It also enables BFSI companies to greatly improve sales reps productivity.
Location intelligence solution primarily helps BFSI companies to improve in these key areas:
1) Expand existing business network
2) Increase customer wallet share
3) Offer better products and services
What is location analytics?
Every event or activity has a location component attached to it, basically it happens somewhere in the world. Location analytics helps us to get insight from the geo-location or geographic component of data. Location intelligence and geospatial analytics enable us to see patterns, trends which can be nearly impossible to detect with traditional analytics and visualization.
Appending location analytics to existing data helps businesses to get newer insights adding another dimension to their analysis. Location analytics is a critical aspect for any entity having operations across various geographies or having multiple locations.
Location analytics for banking and financial services
For the banking and financial services industry, geospatial data or location enabled data sets is an asset. It provides unparalleled advantages which traditional data can never make possible. Let’s understand how exactly Location-based Analytics can empower financial institutions to improve business outcomes.
1) Powerful visualization
Deep technology integration with location intelligence helps banks to visualize the critical data for its branch network. This helps banks to compare their branch locations with competitors, as well as evaluate the performance metrics of every branch. With visualization tools, banks get a holistic view of their branch network. It gives them a clear picture of areas that are under or overserved. This further helps banks to make the right decisions for extending their branch network in the right areas. Looking at the demographic data, banks can also decide on which type of branch would be suitable in which area based on studying consumer data captured. Without location intelligence, visualizing these critical insights would be very difficult.
2) Customer segmentation
With location intelligence, banks are better equipped to segment customers and map territories accordingly. Based on the customer profile in a particular micro-geography, banks can create targeted marketing campaigns to capture more business. The data further enables banks to make strategic decisions as well as zero down on any training that would prove more useful to its fieldforce for better customer interaction.
3) Analytical prediction
Location Intelligence feeds a huge amount of information to the banks. Using advanced algorithms banks can leverage this information to uncover patterns and get critical insights. They can further use this location-based data to predict what could happen in future. Based on demographic data and customer segmentation, banks can better predict where the next branch location would make more sense. Or it could help them identify the current gaps in their network. Based on customer profile, they could even decide if they should introduce doorstep banking as an extended service. The list is endless.
4) Optimized automation
Automation coupled with location intelligence enables banks to simplify a lot of their complicated processes and set important triggers in place. For example, a field force automation software embedded with location intelligence algorithms can help in churning out the most optimized routes for the field workforce, and help in saving critical time in the bargain. This also impacts the service quality greatly. Talk about data capture and real-time tracking, automation removes duplication and provides great visibility into overall banking operations.
Location Intelligence empowers BFSI companies with some clear benefits like:
- Provide holistic snapshot of the business with thematic mapping
- Identify growth areas by visualizing demographic data with heat maps
- Optimized routes and schedules for better service
- Forecast profitable branch locations based on client proximity or competitive presence
- Enable targeted marketing plans for upselling/cross selling
- Create smart workflows for mobility of sales teams
- Arresting frauds and thefts with real-time tracking
Technology is no longer optional for banking and insurance companies looking to spruce up their service offering. With location intelligence in the fold, the BFSI space is going through massive transformation. Location Intelligence is becoming the driving force for BFSI companies helping them identify new growth opportunities as well as become more competitive in the space.
Talk to our sales team to find out how you can leverage location intelligence to enhance your bank’s field operations.