10 Amazing Benefits of Location Intelligence for BFSI Companies
Location intelligence is the key for BFSI businesses to optimize their business operations and enhance their customer satisfaction.
What is Location Intelligence?
Location intelligence is the process of leveraging location data from any event or activity. These events can be consumer behavior, Internet of Things (IoT) data sources, environmental factors, etc. It helps us to see trends and patterns spatially that are impossible to detect with visualization and traditional analytics.
Why do BFSI companies use location intelligence?
To manage their business risks efficiently
Improve their overall customer experience
Enhance their data quality
Maximize their operational efficiency
Increase their expansion planning and customer analytics ability
Coordinate their business processes smoothly and effectively
Benefits of location intelligence for the BFSI companies
Prioritize Financial Products and Services
With accurate insights from location intelligence, BFSI companies can develop highly-tailored financial products that are tied to customer demographics. It helps them prioritize service offerings to customers through digital channels and physical outlets.
Find market gaps and minimize footprint
Helps banks to identify market gaps and underserved markets that can maximize profitability, thereby improving financial performance. Enables banks to reduce footprint thereby increasing market share and maintaining customer loyalty.
Site Selection for Retail Outlets
Provides BFSI companies a complete market understanding that helps them provide the right services at the right time and the right place for everyone. Enables them to find out the retail location that can best serve their customer needs.
Effective monitoring of field executives
Enables managers in financial institutions to monitor daily operations of field agents like managing expenses, attendance logs etc. Supports them in making real-time job allocation to the field agent based on numerous parameters like priority, skillset, distance and time.
Fraud detection
Helps banks to find out if any suspicious transactions have occurred in the past and save money spent on customer complaint calls. Enables insurance companies to quickly identify invalid or false addresses and develop a single customer view.
Determine the volume of financial business
Helps BFSI businesses mobilize their resources based on customer demand and improve their market share by making the right location-based decisions.
Insurance covered in risky geographic zones
Enables insurance companies to evaluate likely impacts of the natural calamity within a specific locality. Helps them minimize damage for policyholders, mitigate risk and saves money on indemnification.
Locate Nearby banks and ATM
Enables customers to find the fastest route to a nearby bank facility and its directions. Helps banks to perform data-backed analysis and make informed decisions in their daily transactions.
Refilling cash in ATMs
Enables refilling agencies to schedule time for cash refilling based on the security concerns, immediate needs and risk factors in that area. Generates optimal routes that help ATM agencies to refill cash at the right time and right place. Keeps a dynamic real-time track of the entire fleet that has left for refilling and provides on-ground happenings.
Quickly verify and validate customer addresses
Its auto-complete feature provides address suggestions once the customer starts typing the form. Validates and stores addresses in a readymade format in customer-facing platforms for future reference.
Location Intelligence: Home to gamechanger technological developments
The growing demand from customers has created massive momentum for location intelligence in the BFSI industry. It enables them to make informed decisions before rolling out customer-centric products and strategies. Beyond enhancing the quality of customer engagement, it helps BFSI companies understand their inefficiencies in their business network. Know more about how location intelligence benefits BFSI companies.
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