Businesses like food and cab aggregators rely heavily on location intelligence and services to help drivers and delivery staff get to remote locations. Additionally, industries like BFSI are using location data to better understand and service their clients.
Location information is becoming more crucial as businesses and consumers use spatial context to make informed decisions. In a cutthroat economy, these correlations also assist businesses in identifying spatial patterns and data, enabling them to provide better customer service and enhance the overall customer experience.
It is well known that location intelligence and related tools play a critical role in enabling banks and other financial institutions to gain a competitive edge and evaluate their overall performance. They help these businesses improve their procedures and better understand their customers.
What is location analytics?
Every activity or event has a location component; in other words, it takes place somewhere in the world. With the aid of location analytics, we can gain an understanding of the geo-location or geographic component of data. With standard analytics and visualisation, it can be difficult to spot patterns and trends, but location intelligence and geospatial analytics make it possible.
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Businesses can gain additional insights by adding location analytics to their existing data, which adds another dimension to their research. Any organisation that operates across different geographies or has numerous sites must consider location analytics.
What advantages do location intelligence and analytics offer the BFSI industry?
Anyone involved in the BFSI industry would be able to relate to these situations:
- How far is the customer’s home or workplace from the ATM branch office?
- Are my field representatives making the necessary calls?
- Is the transfer of my money secure?
- Is the loan verification procedure taking place in the proper place?
- How can I increase my agents’ sales productivity?
Using sophisticated and insightful location analytics, the BFSI sector can achieve all these solutions. Location intelligence systems include functions like spatial contextualisation, analytics, and highly immersive data visualisation.
The BFSI industry is likewise aware of the benefits of using these technologies to strengthen its core capabilities. The BFSI business is being significantly disrupted by the most recent location intelligence technologies. This industry produces enormous amounts of data, but it still works in silos.
Let’s examine how location information enhances the total customer experience for the BFSI sector.
Effective data visualisation
Banks may visualise the most important information for each of their branch networks by combining geography and technology. Additionally, they can use this to learn about industry best practises and compare their branch locations to those of rival businesses. It can inform you of any locations with an employment imbalance. Banks can also choose which branch type is best for a given branch site by considering the demographics of a certain branch network. It would be impossible to visualise these data points without such technologies.
Customer segmentation
Using geolocation data, banks are better able to categorise their clientele and map out their regions. Additionally, doing so would improve their ability to service them, which in turn would improve their rapport with clients. For instance, banks can determine customers’ preferences and behaviours depending on their regions and territories and offer loans, credit limits, and other banking services in accordance. Even the field force can be better structured to handle client interactions.
Analytical Prediction
Location intelligence helps with future planning, in addition to feeding a large amount of data to the banking industry. Banks can predict where their branch locations would make the most sense based on customer segmentation and demographic information. They can fill up any network gaps with the aid of these technologies and analytics. They can even modify their field agent sales strategy based on the client profiles, such as whether the customer prefers in-office services over visiting banks or prefers at-home services.
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Product and Location Optimisation
Banks can develop a range of highly targeted products and services that are relevant to clients and their demographics based on the data gathered. Banks may find several locations where they can grow profitably, maintain financial stability, fill market gaps, and assess the competition using location intelligence.
To conclude
For banking and insurance organisations trying to improve their service offerings, technology is no longer a choice. With location intelligence integrated, the BFSI sector is undergoing profound change. For BFSI organisations, location intelligence is increasingly acting as a catalyst for growth and increasing their level of competitiveness.
Views expressed by: Amarsh Chaturvedi- Co-Founder & Director of Transerve
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