The immense connectivity requirements of today’s business world are skyrocketing. Besides linking various devices and providing an omnichannel experience to the users, organizations are swinging workloads and communications online and into the cloud.
Businesses such as food and cab aggregators have a tremendous dependency on location intelligence and services for drivers and delivery personnel to reach remote areas. Moreover, sectors like BFSI are also leveraging location analytics to better understand and serve customers.
Location data is becoming increasingly important as consumers and organizations, use spatial context to make well-informed decisions. These correlations also help businesses to detect spatial patterns and data, allowing them to better serve customers and boost the overall customer experience in a competitive environment.
It is a known fact that location intelligence and its tools are a key enabler for banks and financial institutions to achieve a competitive advantage and appraise their overall outcomes. They help these businesses understand their customer better and improve their processes.
How can Location Intelligence and Analytics benefit the BFSI sector?
All these scenarios would be relatable to anyone associated with the BFSI sector:
- What is the distance between the ATM branch office from the customer’s home or office?
- Are my field agents making the required calls?
- Is the movement of my cash secure?
- Is the loan verification process happening at the right location?
- How do I magnify the sales productivity of my agents?
BFSI sector can achieve all these answers using smart and insightful location analytics. Features like highly immersive data visualization, spatial contextualization, and analytics are all part of location intelligence solutions.
The BFSI sector also realizes the value of deploying these tools to boost its core competencies. This latest technology of location intelligence is disrupting the BFSI industry to a great extent. The huge data generated by this industry still function in silos.
Therefore, this sector has a huge potential to make better decisions with the help of tools like Google Maps, rfMaps, and more. Let’s see how location intelligence plays a key role in enriching the overall customer experience for the BFSI industry.
Efficient data visualization: By combining technology and location, banks can visualize essential data for each of their branch networks. This also allows them to compare their branch locations to other competitors and gain an insight into best practices. It can let you know the areas that are over-employed or under-employed. Looking at the demographics of a specific branch network, banks can also decide on which type of branch will be suitable for which branch location. Without tools like Google Maps, or rfMaps, visualizing these data points would be impossible.
Customer Segmentation: With geolocation data, banks are better equipped to segment customers and map their territories accordingly. This would also help them better serve them and eventually strengthen their relationship with customers. For example, based on their locations and territories, banks can gauge their preferences and behaviors and offer loans, credits limits, and other banking services accordingly. Even the field force can be more organized to manage customer interactions.
Analytical Prediction: Location intelligence not only feeds a huge amount of data in the banking sector but also aids future planning. Based on demographics and customer segmentation data, banks can foresee where their branch location would make more sense. These tools and analytics can help them close any network gaps. They can even tweak their sales strategy for field agents based on customer profiles–if they like at-home services instead of visiting banks, or they prefer at-office services, and the list goes on.
Product and Location Optimization: Based on the data points, banks can create a variety of highly targeted products and services that relate to customers and their demographics. Using location intelligence, banks can identify various locations where they can expand profitably, ensure financial stability, meet the market gaps, and analyze the competition.
The bottom line? Banks can better control their branches and subsidiaries using location intelligence tools, and understand the market regulators by having a holistic view of their customers and transactions.
How location intelligence benefits other businesses at large?
Businesses can envisage the exact movement of vital resources in the organization–people, such as agents, employees, workers, customers, and so on, things like raw materials, goods or services, as well as activities like sales, deliveries, production, or manufacturing. It also allows businesses to see at a glance how many locations to operate and when, where the resources are being over-utilized and where there is a scarcity of resources.
Let’s understand some ground-breaking advantages of location analytics for businesses at large.
Optimize your return on investment: Location intelligence provides deep and accurate insight into markets and potential customers. You can predict where your funds are by combining several data points like revenue numbers and customer feedback with highly accurate location analytics. Businesses may even define investment opportunities at a glance with smart techniques like heat mapping, which saves time and money that otherwise would be spent searching through spreadsheets.
Maximize your revenue: Using strategies like target marketing and re-marketing, location analytics can boost sales and revenue. It fine-tunes information by compiling data points that reflect buying trends and personas. In addition, location analytics can help in deciphering demographics and even sentiment analysis, which are all interlinked with each other closely. These analytics can help organizations in making targeted strategies and approaches at the individual and company levels.
Manage your costs: Location analytics allows businesses to visualize future results, including how spending would pan out. Not only does location analytics help you gain visibility in daily expenditures, such as promotions, office rent, salaries, but also gives you a clear picture of the “hotspots” of underperformance that might incur additional expenses. Location intelligence tools like Google Maps make it possible to identify patterns and similarities at a global, and regional level, along with granular details such as individual store locations to pick up hidden sources of inflated costs.
Improve customer delight: Building strong customer relationships and loyalty would require tailoring goods and services by focusing on customer needs and preferences. Location intelligence and analytics aid better customer service by gauging their interests and choices over time.
February 08th, 2022 marked Google Maps’–the world’s most popular navigation application–17th Anniversary. A reported 154.4 million monthly users and 1 million live websites use the Google Maps platform to deliver basic information, including directions and the best routes to travel with traffic.
Today, businesses are like ghosts without being present on Google Maps. Almost every minute someone searches for a local store, shop, restaurant near them. Location intelligence and analytics are so widely applied that one can not imagine a day without tools like Google Maps.
By simplifying the navigation hurdle, Google Maps is a platform to present business locations on a map that anyone can access on the web. But this is not the only advantage that the Google Maps platform can offer your business.
In this era of digitalization, brands need to prioritize the customer experience. Key aspects associated with it, like identifying, engaging, and enabling customers, are already taken care of by location intelligence.
Other areas where location intelligence solutions play a crucial role:
- Overcoming location data inaccuracy
- Improved customer service
- Insights about target customers and marketplace
With more advancements in the geospatial technology space, the BFSI sector is becoming more powerful by identifying new opportunities for growth as well as getting a competitive edge over other competitors.
Location intelligence solutions like Google Maps offered by Lepton Software can assist you with valuable insights that drive rapid growth for your business.