Banking, financial services, and insurance (BFSI) companies leverage location intelligence (LI) to enhance their business processes and customer experience. With LI’s help, several banking and financial institutions offer a range of doorstep services like cheque collection, cash deposits or withdrawals, the opening of fixed deposits, and more.
Moreover, LI helps financial institutions analyze data spatially, thereby offering better insights for potential market discovery.
Read more: Top 9 location intelligence use cases
Location intelligence use cases for BFSI
Let’s take a look at the top use cases for location intelligence in the BFSI industry.
1) Optimize customer offering
According to an Accenture survey, more than half of respondents want their banks to recommend banking products, services, and offers proactively. Financial service providers can build customer profiles and show them the right product with accurate location intelligence. Also, they can adapt their offering and communications to keep up with their changing requirements. Analyzing location information and merging it with business data can help BFSI companies make more informed decisions while rolling out customer-centric products and strategies. Besides improving the quality of their customer engagement, it also highlights the inefficiencies in their banking networks.
2) Real-time tracking of field executives
One of the critical challenges of BFSI companies is to manage a large field workforce. A field force automation software helps bank managers keep track of their field agents’ daily activities, including visiting customers, maintaining attendance logs, managing expenses, and more. Field executives can submit proof of visits, record job completion, and even take customer feedback. The software allows real-time job allocation of the agent, based on various parameters like skillset, priority, distance, and time.
3) Site selection
LI helps banks and financial institutions better understand the profiles and advantages of a location compared to other locations. They can leverage location data to analyze a specific area and measure its potential over the other and get a more in-depth picture of its customers. The business intelligence helps them decide about the next location for opening a bank branch or a new ATM. Banks can even staff the branch accordingly and determine realistic sales and profitability targets.
4) Fraud detection
Frauds related to income, property, and sales tax can be identified using location insights gained from credit card usage. Banks also use LI to analyze the distances and times between transactions and detect any unusual patterns in real-time. It is also possible to build a clear picture and identify a customer’s pattern from their location intelligence data like where they live, the place they travel, and so on. Insurance companies can leverage accurate mapping data to quickly identify false or invalid addresses to build a single customer view. They can reduce the number of false positives that mistakenly extend to legitimate claims. Also, companies can speed up the process of claims and improve turnaround time (TAT). Lastly, insurance companies can enhance the process of claims management resources.
Final thoughts
Location intelligence helps banks and financial institutions make informed decisions about launching new products for different customers and expanding their presence in a particular city depending on various location data.
Dista’s AI-enabled location intelligence platform offers a range of services for the BFSI companies like work order management, field force management, and more.