Leveraging power of Location Intelligence for BFSI

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BFSIThe world is moving towards digitisation and automation. Maps which once upon a time used to be paper based are also now easily available on phones, tablets and plethora of devices. Evolving technology trends especially with the Digital India drive clubbed with the growing demand from the consumers has brought location intelligence to the forefront.

We use maps almost on a daily basis in terms of navigation, traffic, food delivery, taxi booking, social media check-in, location share etc. The same maps can be leveraged upon by the BFSI (Banking/ Financial / Insurance companies) industry to determine location intelligence by answering questions like

 -Where is my customer residing and where is his office

 – How far is the branch office / ATM from his home / workplace

– Is my sales person committing enough sales calls and is he is restricted to his territory

 – The cash moving for my operations; is it safe and being tracked for security

 – Are my advertising billboards in correct locations with regards to my marketing plan

– Can we display the correct offers based on where the customer is standing

 – Is the loan verification done by the agency in the right area/customer location

 – Is Risk being mitigated by offering loan underwriting in non-theft areas / non earthquake area

These and many other questions can be answered by leveraging on the power of maps also known as Location Intelligence. MapmyIndia has been introducing disruptive products and technologies that have been game changers.

With Predictive analytics and Artificial Intelligence our location platform can power chat bots to provide personalised customer experience, improve customer on-boarding process with address auto capture and location tagging, and provide location based personalised offers.

 With location based machine learning, customers are now able to create smart work flows to determine mobility of sales team across territories / geographies and help build right beat plan, power field verification/CPV and address validation processes to reduce cost of operations and improve fraud detection mechanisms.

 Using MapmyIndia’s self-healing maps; banks are improving their Big Data capabilities. Using demographic data layers on the geo-tagged existing customer data helps to develop consumer profiles, align customers with nearest branch/relationship manager/agent and understand net worth of an area. It has become easier for financial institutions to visualise and analyse gaps, understand risk exposure, plan market expansion and run targeted campaigns.

There are banks or financial institutions who are offering GPS devices from MapmyIndia as a security feature for cars, which, apart from being used as theft preservation also provides insights on Driver behaviour. The insights generated using predictive analysis and machine learning can be used as inputs to reduce insurance claims.

 MapmyIndia Location Intelligence platform bridges the gap between Physical and Digital world. In the past 5 years with advancement in mobile and cloud computing, MapmyIndia has integrated all its datasets which exists for the entire country including all 8000+ cities, 6.45+ Lakh villages, 5.5 million road kilometres , over 16+ million landmarks and around 12+ million house address etc. onto the cloud server setup.

 This information can be consumed by various software applications via APIs in the BFSI community to build and develop state of the art technology enabled geo-solutions.

Views expressed in this article are personal opinion of Hemang Chowdhury is Head – BFSI, MapmyIndia.

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