Banks and financial institutions are incorporating geofencing solutions to enhance the customer experience and services. With its ability to provide additional security for fraud prevention and improve the customer relationship, geofencing can significantly improve the customer satisfaction and revenue. With the help of the geofencing technology, banks can locate eCommerce customers via their IP address and send contextually relevant content, such as special credit offers, merchant promotions, loyalty programs, and information about working hours. By setting up geofences around the bank branches, banks can identify the High Net Worth Individual (HNWI) customers when they are onsite and ensure they are given the appropriate level of service. Some financial companies are exploring the possibilities of partnering with geofencing merchants. The various applications of geofencing in the BFSI industry include customer tracking and fraud prevention, and marketing and promotions.
Frequently Asked Questions
What is the expected CAGR for the Geofencing Solutions Market?The geofencing market is projected to grow at a Compound Annual Growth Rate (CAGR) of 27.5% during 2017-2022.
What are the major growth driving triggers of the Geofencing Solutions Market?The major factors driving the growth of the geofencing market are the penetration of new technologies, rise in the use of spatial data and analytical tools, higher adoption of location-based applications among consumers, and the growth of competitive intelligence. Furthermore, the rise in Business Intelligence (BI) and the need to track the competitors’ marketing activities are some of the other factors supporting the overall growth of the market.
What are the various application of Geofencing?One of the best applications for geofencing comes in the form of social networking. Geofencing facilitates the usage of location-based filters, stickers and other shareable content. Geofencing also helps marketers to plan their in-store promotions and make ads targeted to a specific audience. It is also used to engage audience at organized events. Geofencing also facilitates telematics, where it enables businesses to draw virtual boundaries around their sites, which whenever trespassed send out alerts to the operators.
What are the various technologies that enable Geofencing?WiFi is a built-in feature in almost all the smartphones devices. RFID is another technology, that provides better precision in tracking. GPS offers enhanced precision when used outdoors and it is very cost efficient. Beacons help in identifying locations of all devices within their range. Beacons have the ability to deliver very high accuracy at optimal battery usage.
LocationSmart’s Smart Zone geofencing services deliver propinquity insights necessary for the daily activities. It provides services from fetching devices to tracking product shipments halfway around the world and more. LocationSmart's geofencing technology’s power and accuracy will provide the organisation an opportunity to open the doors to targeted engagement opportunities.
GeoHEMS provides Geofencing solutions in form of GPS based location tracking. Maven Systems M2M Solution – GPS based location tracking uses software filtering algorithms to work on raw values obtained from the GPS Modules and provide the most accurate location data.
A geo fence allows the administrator to keep an eye on the devices and can track where the device is. EMBITEL Mobility analyze the current business scenario and suggests best geofencing solutions that can drive performance, improve the production efficiency and provide a huge variety of personalized experiences to users through its 3D objects and many more.
Raveon Technologies offers RavTrack geofencing solutions that are specifically created for Public Safety AVL, Construction Equipment Tracking, Parks and Mine Equipment Tracking, security management, theft discovery, vehicle delivery and more. The company’s GPS tracking solution leverage VHF/UHF/ISM radio channels which makes their solutions faster, and cuts down on any monthly expenditures.
Succorfish’s asset tracking platform permits customers to precisely monitor and connect with all mobile assets from one central hub. The platform provides an all encompassing ATS and a communication channel (2 way) from which it records, analyse and extract real time data from the personnel and tactical assets. Succorfish Geofencing solution has the ability to define a virtual perimeter for a real-world geographic area. The breaking of a Succorfish geofence perimeter alerts that indicates that an asset is deviating from a predefined route.