LOCATION INTELLIGENCE TO IMPROVE CUSTOMER EXPERIENCE: ADVICE FOR FIS
R&C: How would you describe current demand among financial institutions (FIs) for location-based technology?
Van den Heuvel: Demand for location-based technology is incredibly strong. FIs are trying to engage customers in a highly-personalised and interactive way, and they are doing so with the help of location intelligence (LI) applications. LI applications begin to describe where a customer might be, in turn influencing how an FI can serve them better. While customer engagement is really driving the use of LI technology for FIs, it is important to also note that FIs are using LI technology to also better position their assets, like stores and ATMs, in better locations. From these locations, the LI technology can also then help FIs understand the demographics associated with those locations, and the placement of those assets can extend the reach on how they can serve their clients in those areas.
Fischer: FIs are undergoing a rapid change in terms of how they engage and interact with their customers and what their customers’ wants, needs and likes are, so they can custom tailor products and services. By leveraging modern data and analytics technologies, and enriching their customer profiles with LI, FIs can identify their target customers and enrich their profiles to understand more about them – such as lifestyle, spending, demographic and so on – which then allows them to offer custom-tailored services and products through mobile, online or social distribution channels. With mobile banking, location-based knowledge of a customer, and customer behaviour combined with points of interest (POIs) in that location will be in greater demand.
Jan-Mar 2019 Issue
RCG Global Services