For any business, data management is of critical importance. From physical assets to customer profiling, having a location-based understanding of business interests and assets will not only improve operational efficiency but also creates a competitive advantage.
The Banking, Financial Services and Insurance (BFSI) sector is no exception. With the advent of sensors and mobility data, the BFSI sector can now identify risks and measure change to make better-informed business decisions.
Here are 4 ways the BFSI industry can leverage Location Data:
- Planning business expansion. By analyzing the location/demographic data of customers and competitors, banks and other financial firms can identify the location where a new branch is required, or where an ATM machine should be positioned.
- Customer segmentation and targeted marketing. Location-based customer segmentation helps businesses create targeted marketing campaigns. For example, with geo-fencing technology, customers visiting a car dealership can be targeted for car loan advertisement offers and interest rate information.
- Insurance risk modelling. Location-based data on natural disasters, climate events or crime rates can be used by insurance companies to model the risk in certain areas. This helps improve the underwriting process and determine the right pricing for respective policies.
- Fraud detection. Using the location-based application, IP addresses, and geographical intelligence system, financial services officers can detect unusual transaction patterns involving specific customers. Such intelligence allows banks to take prompt actions to avoid further loss.
Interested to learn more? Geospatial World is hosting a one-day seminar on Location Intelligence + FinTech Reshaping BFSI, to take place on 4 May 2023 in person at the Geospatial World Forum in Rotterdam, The Netherlands. The seminar will discuss the importance of Location Intelligence and its growing traction in the BFSI sector.
Some of the key speakers include:
- Nollie Maoto, Executive Head: Business Intelligence, Analytics, Planning and Monitoring | First National Bank
- Marc Carolus, SVP, Insights & Analytics Location Products | Mastercard
- Emanuele Colonnella, Innovation Activation Manager | Generali
- Mariam Crichton, CEO & Co-founder | 7 Satya
- Abhijit Akerkar, Managing Director, Risk Services | Swiss Re
- Tina Thomson, Head of Catastrophe Analytics EMEA WS | Gallagher Re
- Chris Weller, Head of Catastrophe Modelling | Inigo Insurance
- Phil Cottle, Head of Forestry | ForestRe
- Demetrio Migliorati, Head of Innovation | Banca Mediolanum
- Andrea Picchi, Head of Design | Kroo Bank
- Abhineet Sarkar, Innovation Leader – Digital Solutions | Tata AIA Life Insurance
Take a look at the agenda and register to secure your seat.
