Despite constant technological change and growing demand for data analytics, organisations in today’s times are often facing the challenges of ineffective and inefficient data governance. But there is a way to it. Financial institutions are becoming a way out of these problems are now leveraging location intelligence to increase data quality, streamline business processes, manage risks better, and increase operational efficiencies.
MapmyIndia seems to be fitting the bill here, as Chirag Chutani, Head of Growth and Product Strategy at MapmyIndia says that, “Whether it’s used for improving customer experience, delivering last-mile services, enabling secured transactions, building new financial products, simplifying the compliance requirements or just bringing any kind of efficiency in the financial operations; each component of these above-mentioned services has a location component embedded into it, which further helps in shedding light on consumer needs.”
MapmyIndia is proving out to be an apt Location-based intelligence which is fast emerging as a great enabler for banks in order to help them better understand how to optimise their banking operations, assist customers in finding the closest branch or ATM outlet, or even for product planning in specific regions. Banks, in general, have been investing in various technologies for improving customer experience, delivering last-mile services, enabling secure transactions, building new financial products, simplifying the compliance requirements or simply bringing any kind of efficiency in the financial service domain.
According to Chutani, adding a location component to services makes a big difference– starting with something like address verification to complex analysis like spending patterns based on frequent purchases. These offer invaluable customer insights, which can be used for fulfilling their current or imminent needs.
Coming to how these location mapping can help Banking, Financial Services, and Insurance (BFSI) companies; Chutani gave the instance of an urban consumer. Imagine a student based in Nashik, who moves to Mumbai for work, has his office in Worli and resides in Andheri and uses an ATM close to his home. He might need loans or overdraft facility as his goals increase, which can be understood from the destinations on his map.
“This information can be obtained through the software development kits installed in the user’s smartphone and are used to develop insights that are relevant for the customer’s needs,” he said.
“This can be explored to give the customer a personalised experience wherever he goes,” he added, saying that this can be leveraged to give directions to the customer to the nearest retail store.
