Mobile-first banking apps transformed with location intelligence
Financial services organisations are moving more towards using location intelligence than ever before. Optimising the user experience on banking and finance apps through mapping capabilities has become the new norm. Now, your customer can see on a map where they made a transaction, by using geolocation services you can provide your customer with exchange rate notifications or share where the nearest cash point is.
Making constant improvements to your apps can set you apart from your competitors, how could you be using location intelligence to improve your user experience in the financial services industry?
Monzo sets itself apart from competitors with maps and cloud
Monzo Bank, a start up bank in Europe, uses location intelligence in its mobile first banking app to notify users on exchange rates when they land in other countries and give them the ability to review where each of their transactions took place on a map.
Monzo also leverages Google Cloud Platform’s Big Query to run over 600 microservices on Kubernetes. The analytics inform decision-making throughout the business, With GCP reporting all operational or user data in a single place, from transactional information to credit checks.
Read the Google Case Study
Location technology assists with fraud detection
Having the advantage of location technology can help banks and insurance firms accurately pinpoint spending anomalies or claim inconsistencies. Using this information, organisations can use customers’ location data to deliver customised offerings and identify potential fraud and other risks.
According to IBM, 87% of insurance companies believe that predictive analytics will lead to more detailed and real-time data on pricing efficiencies and risk analysis, creating a competitive advantage for their organisations. And what’s more, being able to act quickly with location data in detecting fraud helps to establish an intrinsic trust between you and your customers.
Integrate multiple data streams to make decisions quickly
Location intelligence can do more than simply improve the user experience, the financial services industry also benefits from using maps as an effective internal communication tool to report to senior stakeholder and make informed decisions quickly.
Once you have collected customer data like app visits, foot traffic inside your bank branch, demographics surrounding your sites and potential fraud detection, you can integrate your own data with supplementary data sources to predict trends and anticipate change across many areas of the business.
Your CEO will appreciate being able to view a simple map on his phone on the way to the airport that shows him progress reports on different areas of the business, you can champion the change.
lets talk about your financial services project
Liveli is at the forefront of mapping product technology, with eight years in the game we can help you with your mapping related query. Do you have a project you'd like to discuss with our Google or CARTO team? We would love to hear from you.
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