Banks are leveraging location intelligence to enable customers greater access and control of their spending than ever before. This is because just being ‘digital’ is no longer enough. Customers expect endless streams of data to be at their fingertips about what they do and where they do it.
Optimising the user experience on banking apps through mapping capabilities can set financial organisations apart from their competitors. By showing customers where they made a transaction on a map, organisations can improve brand trust, enhance fraud detection and make better business decisions.
When people think about a memory, they usually describe where it happened. For example, when trying to find a photo on your phone, it’s much easier to describe where the photo happened rather than the date it was taken. The same idea can be applied to financial decisions and spending.
Instead of identifying your transaction with an indecipherable string of letters and numbers, financial institutions, such as Monzo, are using Google Maps Platform to show you helpful information about your transaction, like the name, location and logo of the purchase.
So, whether you’re buying a Pepsi at a petrol station, or an ice cream on a beach somewhere hot and sunny, each time you make a purchase - the transaction appears on a map.
By showing the location of a purchase, users aren’t left confused and desperately trying to think of what different transactions could be and the decisions behind making them.
Despite efforts to improve credit card security, hackers continue to outscore regulators and security officers, totalling more than $530 million in card fraud last year in Australia alone.
By giving customers location-context in their credit or debit card transactions, they can view where they have spent various amounts and report any suspicious purchases. This can not only help banks quickly detect financial fraud, but also save large amounts by reducing the number of calls to their support centres.
Another way of detecting fraud or crime using location based data is to match the purchase location and current location of the customer. For example, the US Bank integrated a geolocation service into their mobile app that enables the location of a card transaction to be matched to the location of a user's phone.
Many of us would have experienced that embarrassing moment when your credit card declined at dinner while on a holiday in Europe because the bank thinks you should be at home in Melbourne. However, with location technology, banks can validate if an expense is legitimate and avoid customer frustration.
Location intelligence can do more than simply improve the user experience, the financial services industry also benefits from using maps to make informed business decisions quickly. Whether it’s everyday tasks like establishing credit risk, assessing small business potential for loans, mortgage suitability or which new ventures to support, location intelligence is indispensable.
For example, Banks can use location intelligence to better understand the profiles and advantages of one location versus another to decide where to open a new ATM or bank branch.
Liveli is a Google Cloud Premier Partner that can help you in building spatial solutions for your business. Get in touch with us if you’re ready to take your banking app to the next level with location intelligence!
About the author: Amy Boyes
Amy is the Marketing Assistant at the NGIS Group.