Why Financial Services Need Location Intelligence
After the 2008 financial debacle, investment bankers often feel that the next recession is just around the corner. However, such is hardly the case since the digital technology has shifted the pivot from a position of crisis to a potential for growth. However, the full extent will be realized when location analytics becomes the norm in managing businesses and the source for all sorts of customer details.
Location’s impact on customer experience, the optimized use of particular channels of business, site preference and marketing geographies are immense, and not everything has materialized as it is supposed to.
Deciding the site and channel
While everyone claims to be digital, truth is, there is a lot of material out there and managing the distribution channels for such material matters since it optimizes the transportation cost. Hence, the nearest and the biggest storehouse can be known through location data. Also, you can provide the customer updates about the channel, ranging from the product it supplies to all sorts of activities that go on in various channels.
More importantly, understanding the precedence of one location over other can only occur when location data is well integrated within the system. In fact, location profiling becomes necessary where the location is loaded with values and contexts so that the location can lead to understandings of profitability range as well as sales targets for a particular area.
Optimizing what to offer
Often, to attract financial investments, banks offer lucrative scenarios. However, location data may help you revise that decision. It helps to prioritize the particular locations that are already investing well and the locations that are behind the standard investment figures. Thus, offerings can directed to these regions and also, you can get an idea of the demography involved.
Thus, you would know whether the plans should be directed towards students or retired professionals in a particular region. Also, whether the region deals with cashes mostly and less properties are involved, such information would be pivotal to a bank.
Fencing and singling out
Location data allows you to provide fencing across diverse regions so that they are separated by financial conditions and diverse rules and regulations can be written. So much so, a particular kind of data would mean a specific kind of space. With such dense Wi-Fi networks, spreading and accessing such location data will hardly be worrying.
For mortgages, the location data can yield the most useful information. You get to assess the risk factor associated with individual locations as well as properties so as to be sure of the return value. Thus, each property detail becomes richer than ever before and banks are more aware of that they are providing mortgage loans to the right person.
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DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized system and data integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets.