How Location Intelligence Helps BFSI Companies

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.

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.