Geofencing for Financial Services

Continuing our series of blogs on Geofencing, I wanted to share with you a great guest post titled "Geofencing for Financial Services" that Locaid's SVP of Sales & Marketing, Jeff Allyn, wrote for ZootBlog. While in previous posts we've focused predominantly on Geofence use cases for Retail, this blog focuses on the Financial Services industry and how those banks and organizations that are incorporating layers of geo-intelligence are increasing customer service levels and driving up transactions and revenue.

Jeff outlines the following 3 use cases for geofencing that he's seen Locaid's financial service customers successfully implement:

1)      HNWI (High Net Worth Individuals) are priority customers for any financial organization. And they’re the customers that require the highest level of service. By setting up geofences around branches, banks can identify their HNWI customers when they are onsite and ensure they are given the appropriate level of service.

2)      The industry is becoming increasingly competitive and customers want, indeed are demanding, more and more added value in order to keep their business. Smart financial organizations are combining the power of purchasing information with the customers’ location. By combining these data points, the organizations can now offer customers special deals and promotions from the merchants they shop with the most.

3)      The merchant network is an important source of revenue for financial organizations. By using geofences to send notifications that promote merchants and support their sales, financial organizations are not only ensuring good working relationships but ultimately driving up overall transactions and revenue for themselves.

As readers of this blog will know, banks and credit card companies are already seeing the benefits of using location as an additional data point in preventing fraud, reducing false positives and stopping identity theft. While there are a few early adopters of Geofencing in this vertical, the "large segment of borrowers in each market (wanting) more tailored services akin to what they now expect from retailers" is going to drive use of the location-based service. And drive it fast.

To read the full post on ZootBlog click here.