With rapid development of science and technology, Geographic Information System (GIS) becomes important and essential application to help an organization to make decision for their business based on geographic information.
GIS plays an important role in banking industry to achieve bank business objectives by providing support in decision-making & strategic planning. Here, we discuss some of the areas that banks may use GIS to understand their data better.
a) Marketing campaign
Most of the day, we will hear “credit card is doing promotion now”, “if you sign up today, you can entitled to get this or that rewards” or “Apply for our credit card to enjoy terrific discounts and promotions”. Therefore, without good marketing strategies, you will be out of the game soon!
To identify different market segment and understanding where your customer located is important to offer them the right financial products and services. SmartMap helps to deliver the geographic visualization and assist to make any marketing analysis. Banks can plot every customers address accurately on a map to calculate and determine their customer spending behavior, demographic patterns and buying habits. Let’s discuss on the products analysis using SmartMap.
i) Credit card
How SmartMap helps financial institution to tap into new customers and tackle the right customers?
Step 1 : To geocode & plot your existing customer
Step 2: You can analysis market segment and potential customer using SmartMap content – property transaction price and demographic characteristics.
Step 3: Now, you can plan varieties of marketing strategies such as organize an event or carry out advertising at specific area based on the results provided.
ii) Re-finance services
Besides above banking products, banks may also do their marketing program for other products such as re-finance mortgage. Through SmartMap, banks can deliver awareness to potential customer with minimal cost and target your most desirable customers.
For example, you plotted your existing customer on the map and using SmartMap content to get property transacted value and Property Asking Value to decide whether to advise customer to refinance the mortgage loan. With the information that you have and content SmartMap, Banks can precisely target your customer with your marketing campaign and thus, bring low risk to your decision. For this case, if your target customer agreed to have re-finance their mortgage loan, additional value (Current loan – property transacted value) will be additional revenue for the bank.
b) Business expansion planning
Finding the best bank location for business expansion is challenging. To make the right decision, GIS can help you to find the right site for your next branches or service facilities. SmartMap can help you to blend your customer survey with census data available in SmartMap to visualize and understand the best options for your branches expansion.
Step 1: Pinpoint your branches on the map.
Step 2: Use the radius search and determine the radius you required.
Step 3: Query for nearby POI to study and analysis the market of area interest.
Step 4: After you select the POI, the results will be showed on the right hand side; you can make the best strategic decision in order to serve all the customers and bring convenience to customers.
GIS brings a lot of benefits to different industries including banks industry. Through benefits explained as above, GIS able to help you understand your data well. Besides, GIS plays an important role to achieve business objectives such as
a) Expansion of customer base based on marketing campaign.
b) Consistent business growth
c) Increase customer satisfaction
d) To make accurate analysis of real-world to reduce business complexity
You may contact our hotline number 1-300-88-4627 or email to firstname.lastname@example.org for more information.