“Geolocation is the identification or estimation of the real-world geographic location of an object, such as a radar source, mobile phone, or Internet-connected computer terminal. “
Yes, we can also locate a person with, say, a mobile phone. It took some time to recognize the potential and then some to take full advantage of geolocation trackers in users’ smartphones. Banks have to recognize the value that lies in location-based services. They can completely reshape their customer experience by providing a new spectre of personalized offers based on user location.
There are numerous ways of utilising geolocation. The most common one is locating the nearest branch or ATM with directions on how to get there. This makes using banking services very easy and convenient. Location can also be used to identify people as they walk into a branch, and offer them quick help. In this way you are taking the pressure off your tellers and advisers, decreasing queues and increasing customer satisfaction.
More opportunities arise if you combine location-based services with the right product or offer in the right place and at the right time. Provide potential customers with access to relevant offers by delivering content based on where they are. Target clients with specific offers outside particular shopping malls and inform them about discounts they would get if they make a purchase with the Bank’s card at listed partners. The mechanism is really straightforward – a client gets a push notification that they are in the vicinity of a shop that is offering discounts. When they swipe over the notification, it triggers a splash screen that displays available discounts. Using the application the client can then choose to pay with one of the cards or they can opt for the pre-approved offer you have made for them.
And this is not the end of it – do not forget the data. You hold personal data on your clients. Behavioural analytics can give you a valuable insight into your customers’ habits, what they typically spend their money on. This enables you to create more appropriate offers and place them at the most suitable moment.
Great expectations demand advanced responses. Be prepared to respond with appropriate offer at the right time and place. Be ready to move with your clients.
All this and much more is at your fingertips with our iBanking app.