Location-based technology has a wide range of applications in BFSI. The insights coming from analytics allow organizations to understand their customers and empower their workforce. Currently, insurance and financial services have a strong geographic component, from managing the addresses of policyholders to the location of risk. Running a financial institution from a local credit union to an international banking system has incredible challenges. BI technologies can help manage and analyze data, by adding the location component and combining it with demographic information. With the help of location-based technology, banks and financial institutions can view their customers, profile them, and their financial behavior. Moreover, they can use GIS intelligence to recognize cardholders and accurately mark transaction locations quickly. Banks and financial systems will be able to assess time and distances between transactions and detect patterns in real time.
Banks want to use customer-level data on product holdings, channel activities, and profitability to improve the targeting of online campaigns and make the account application & funding processes more seamless and efficient. Using an integrated mapping tool, banks and other financial institutions can foster effective customer relations. Additionally, mobile ticketing and mobile commerce are relevant in location-based technology as virtual tokens, and store coupons are sent to clients on cell phones, depending on the proximity of the location.