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Why location data matters to financial institutions

Why location data matters to financial institutions

Extracting and utilizing location data is crucial for financial institutions. Find out why.

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Consumer expectations are on the rise. The prime reason for this is the customer service standards set by leading technology behemoths like Amazon, Apple and alike.

The level of customer satisfaction has seen a significant spike that has also sparked hope in the hearts of customers regardless of the type, size, domain and industry of the organization.

Finance industry is one such industry that is yet to follow the trend and keep pace with progressing technology. We are referring to financial institutions like retail banks that face a stiff challenge of satisfying consumers’ demands due to enhanced support, speedy service and convenience offered by other tech companies.

Location data comes in the picture here enabling banks to engage more clients and improve operational efficiencies. Here’s how it can be utilized at full throttle to enhance customer service and have that competitive edge over others prevailing in the domain.

  1. Customer engagement levels up

Taking the mobile route by investing in finance app development and making most out of the location data can help you cross each barrier that holds you down in competing against the odds. Push notification can levitate the customer engagement by notifying them of what’s important and relevant according to their geography and areas they visit often.

An effective push notification campaign can help you in being more visible than ever and keeping away from spammed emails.

Being a financial institution, you can devise special marketing campaigns for your customers based on the area of interest, nearby retail outlets and shopping marts. Collaboration with such outlets and offering a customized discount coupon to your customers can do wonders to your business.

It is not a stab in the dark rather a well-thought-out plan to raise customer satisfaction and engagement.

  1. Targeted advertising

imageAdvertising is a proven medium to connect and convey your offerings to your audience. It has thepotential to convert more customers than you expect from any marketing medium.

Effective advertising begins with an extensive research about consumer behavior, targeted ad placements and demographics.

Placing the same advertisement at all placeholders will do no good to your brand rather will become dull and unwanted very early. Doing a research, extracting numbers related to your ad campaign, evaluating the neighborhood, identifying areas of interest of your target audience and devising a plan accordingly will certainly help.

This will not only help you save a lot of unnecessary advertising costs but will engage your target audience in a more profitable way.

  1. Optimized ATM placement

In order to fight the competition and offer the best experience to customers, banks have to be smart in setting up their Automated Teller Machines (ATM). There has to be a regularity in defining locations of an ATM.

The placement of machines will solely depend on the footfall and customers residing in or nearby localities. This is where location data plays a vital role allowing the brands to extract useful information about the number of customers staying in a specific locality, their tendency to visit a nearby ATM kiosk and average monthly usage of a specific machine.

Too many kiosks can drive up operational costs while fewer number of machines can account for sunken customer experience in the specific area. Therefore, it’s important to gather information that will help you define positions for establishing ATMs strategically.

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Final thoughts

Using location data for devising business strategies can help you win the day. It will not only help you save on your expenses but will also aid in deploying effective advertising and marketing plans.

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Konstant Infosolutions - Mobile App & Web DevelopmentKonstant Infosolutions
Category: Web Design & DevelopmentCompany profile: Konstant Infosolutions is a renowned name in the modern IT space, delivering inventive business-centric web and mobile app solutions across latest technology verticals. Our idea of building virtual interfaces and automated supplies, keepsutility and purpose at the core of it. Which resonates with the fact that we have successfully built over 3500 projects serving over 2800 customers in our 14+ years of engrossing industry experience. Binding Virtues: Our practice of seeking the best of qualit ...