Location Intelligence Key to the growth of BFSI sector

Business leaders and Technology experts discuss future technology trends impacting the BFSI sector

at

Map The Future Dialogue

MapmyIndia in association with TechGig hosted an exclusive ‘Boardroom Dialogue’ on 10th May 2018 at Times House in Mumbai. The event witnessed the industry thought leadership from leading banks, insurance & financial to discuss the critical importance of location intelligence in the BFSI domain. MapmyIndia was pleased to welcome senior executives from leading companies at, “Map the Future” dialogue, focused on Banking, Financial Services, and Insurance.

“Why location matters in BFSI sector” Have banking services become commodities due to growing competition with the requirements of the customer going diverse. The session deliberated on how location is envisioned in the BFSI growth story. ‘Costs, Privacy, Customer Analytics, Risk & Use of Artificial Intelligence” dominated this boardroom discussion.

Location is important to build data layer. Overlaying market potential on current transaction data will help to identify top markets for penetration. Companies in the BFSI sector are investing heavily in Financial Technologies (Fintech) and the addition of location layer is becoming critical, especially for banks, to track the consumer footprints. Shivalik Prasad, Executive Director, MapmyIndia stressed on the transformation of banking sector — automation, digitization and visualization rendering obsolete, the concept of traditional banking from i.e. checkbooks to RTGS and online.

“It is essential to adopt new technologies to understand your users and deep dive to build customer intelligence data. Using artificial intelligence along with geotagging to know customer intent will help develop authentic consumer profiles”.

Geo analytics as a part of location technology is useful for Market penetration and Gap analysis. It helps executives to identify and validate the potential of new market opportunities, current position, success capabilities and investment criteria for a new product or service launch. Insights into customer transactions and behavior help to create customer profiles and are useful in planning and risk mitigation. “Understanding location-based transactions for lending are becoming important for credit models.
MapmyIndia is providing the location layer to bridge the gap between the physical and the digital world. With the government push, the trends in Indian banking and financial sector are increasing exponentially. Marrying the customer information data with banking will offer data based on location intelligence and that would bring in the intelligent use of location in workflows and processes with artificial intelligence. This hybrid data, thus collected, would be the best indicator of growth in the financial sector.