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5 Ways Location Technology Can Improve Banking Service

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The banking industry is one of the many industries affected by digital disruption. Banks are looking to meet customer demands with innovative technologies and offer them convenience and efficiency.

With technology changing the way customers interact with their world, banking customers are also seeking better, more convenient and faster service.

Banking serviceAccording to a report by Fujitsu UK&I [1], 72% of UK customers use online banking on a weekly basis. Furthermore, in a Juniper Research [2] report, it is stated that 71% of UK customers use mobile banking. Both numbers show how important it is for banks to have an online presence and more specifically, a mobile one. However, it is not enough to only create a mobile app or a mobile-friendly website to keep up with customers’ demands. Banks need to go the extra mile and deliver an exceptional, personalised experience to their customers.

With 39% of UK customers considering leaving their provider if digital demands are not met, banks need to consider new technologies to improve their service.

Location technology is one of these technologies. Here are five ways in which location technology can improve payment and banking experiences.

VIP Greeting and Service

Banks can use beacon technology to integrate the physical branch of a bank with a mobile device in the hands of a customer. When customers enter a branch, the staff can be alerted and can greet customers in person, by name. Staff can be updated with a customer’s personal details on a dashboard or mobile device, allowing them to provide a personalised service based on the customer profile.

Dynamic Scheduling

Dynamic scheduling would allow for staff to provide flexible scheduling options to customers, by enabling them to book and updated appointments in real-time. For example, when a customer is close to a bank branch, they could check to see whether that particular branch has an available advisor at that moment. This would enable them to book an appointment straight away, or the bank could provide the customer an alternative time or branch, saving time and avoiding queues.

Frictionless Checkout

Banking serviceLocation technology can be used to streamline the payment process, whether payment is online from home, in branches or through third party websites (such as paying for an Amazon order).

There is nothing more frustrating for customers than being asked to enter personal details multiple times for the same payment transaction. For example, when customers order online through a retailer and are prompt to enter passwords and are redirected to the bank website for security checks. To eliminate this long process of identifying whether the person who is doing the transaction is the owner of that bank account/credit card, banks can use location technology. By knowing the person’s location, banks could monitor where the mobile device of that person is in real-time and compare it to the address on the system. If the person’s device is at the home or work address, the payment process could be shortened, as it confirms the right person is making the payment.

People can also use mobile apps on their devices to pay for their groceries in store. A pre-authorised tokenised payment can be triggered by their phone, simply by being in proximity to the POS, avoiding the need to queue and creating a frictionless payment experience.

Complimentary Offers

For those customers using mobile apps, relevant and complimentary financial offers could be delivered to their mobile phone, based on their existing product holdings, whilst in the branch.

Targeted Digital Displays in Branches

Digital media displays could be updated based on the profiles of the customers who are currently in a branch. For example, if the customers in the branch are all retirees, the digital displays may advertise personal loans for sea cruises, and show age-appropriate imagery that they can relate to.

This is only the start of how location technology is breaking through the banking industry. If you see the potential, get in touch with us to discuss how we can help.

[1] European Financial Services Survey 2016.pdf