Is your financial services organisation operating at maximum profitability? Location intelligence can help answer this question, by giving you a complete view of how your products, services, resources and markets are performing.
A decade of low interest rates and a shift towards digital platforms have brought challenges to the financial services sector. It’s now both more difficult and more important than ever to ensure that the right products are being marketed to the right customers in the right locations.
In this article, we’ll explore three of the ways you can effectively use location intelligence to gain a 360–degree view of your firm’s performance.
Location intelligence for financial services
Location intelligence will give you the depth of understanding you need to optimise your resources, reduce costs and increase profitability.
Here are just three of the many ways you can use location intelligence for financial services:
1) Identify locations with the greatest potential
By combining your business data with location analytics, you can gain new insights into which products and services are doing well (or not so well) in which locations.
Link Periscope® with your company’s financial data to find out:
- Type of products sold
- Time that products are sold
- Location that products are sold in
- Volume of sales per hour
- Number of tills open
- Volume of sales per till
By combining datasets in this way, you can create accurate profit and loss reports for each branch, then make strategic decisions on how best to allocate resources to increase profitability.
You can then take the transformative step of using your own secure, corporate version of Google Maps to identify new potential locations with similar demographic features to your best-performing branches.
2) Improve product marketing
In today’s digital world, location isn’t only relevant to your physical branches. Location intelligence has an important role to play in discovering where your most promising customers live and work and ensuring your brand is present where they are.
Visualise your sales data against demographic information such as:
- House price trends
- Transport links
- Education level
- Crime rates
This level of customer insight will put your financial services firm in a strong position to target current and prospective customers with highly bespoke, location-specific marketing messages.
3) Strengthen fraud protection
The same features that yield the customer insights that facilitate more targeted marketing also help protect those customers from fraudsters.
Combining sales data and demographic information on Periscope® enables you to build detailed profiles of each customer. These can then be used to identify any non-typical activity on their accounts.
If a customer appears to make a purchase that’s outside of their usual spending pattern, you can automatically flag this as a potential fraud. With almost 190,000 cases of identity theft occurring in 2018, it’s clear financial services firms need to do more to keep their customers safe, and investing in location intelligence is a great place to start.
Use location intelligence for financial services with Periscope® from Newgrove; sign up for a free, 10-minute demo today.