Banking

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Banking

How Banks Use Geospatial Data and Location Analytics

Customer Engagement

Banking services are going mobile but sometimes you need the services that can only be provided at a physical branch location. With the help of an online portal that provides location-based information you can let your account holders know which services are available at each branch, ATM, and remote locations at malls, or big box retailers.

Statement Mailing

“Undeliverable As Addressed” mail costs are estimated at $20 billion per year or $3 per package according to the U.S. Postal Service. Make sure that customer statements, as well as promotional material, arrive to the correct address, on time. Address management and high-precision geocoding solutions correct the problems associated with missing address data or mis-fielded information and validate for Coding Accuracy Support System (CASS) Certification that is required for reduced postal rates.

Market Segmentation

Know Your Customer (KYC) is essential. New paradigms are shaping the financial services industry with mobile banking becoming increasingly important and demographics shifting. This will impact how customers interact with their banks.

Use geospatial solutions to discover new markets and accelerate conversion rates by enriching your data with geodemographics, socio-economic data and consumer spending habits. Find answers to the most important “where” questions: Where are my largest account holders? Where are the best locations for ATMs? Where are Millennials, GenZ and other cohorts buying, shopping, and living? Make your operations more customer centric.

Customer Insights

Geospatial solutions will help to extract customer insights using a variety of demographic, geographic and consumer data. Identify when and how many customers visit physical branch locations by utilizing first-party mobile trace data. Identify the most frequently used services by location and by type of account holder. Target under-served populations where individuals are reaching majority age or live in areas with fewer bank branches. Gain an important edge as banking services go mobile!

Fraud Detection

Fraud detection and understanding the nature of financial crimes is essential to protect customers. Geospatial solutions help to identify patterns of transaction behaviors that might reveal clusters of fraudulent activity. Connect accounts, people, and transactions to detect suspicious activity. Help prevent malicious practices and protect your organization from the economic consequences of fraud.

Underwriting

Providing home loans and understanding how to mitigate risk of non-payment can be challenging. Use geospatial solutions to determine loan exposure and optimize your productivity when preparing commercial or residential mortgages. Evaluate the true value of properties that you manage more accurately and assess natural hazards for better insight on risk.

Site Analysis and Planning

As a financial institution, finding the best branch locations is key to driving more engagement with account holders. Geospatial solutions can analyze demographic information to identify opportunities and to help determine the local trade area to better understand the total addressable market. As a result, branch locations can be evaluated to determine if they need to be closed, remodeled or relocated entirely.

Regulatory Compliance

Banks are required to assess their level of compliance with ever-changing regulatory constraints such as Advanced Regulatory Compliance and Anti-Money Laundering accountability. Geospatial solutions can be used for identity resolution and other non-obvious relationships to help you provide compliance data while mitigating risk without disrupting bank profitability. Make sure you meet all mandatory compliance regulations and avoid paying non-compliance fines.

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Why Accurate Geospatial Data is Essential in Insurance and Banking Risk Management

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