Similar to other industries, financial services have been leveraging mobile location data to improve its operations and services.
Investment firms analyse mobility data in conjunction with POI data to forecast revenues for various retail outlets. This enables these companies to determine which businesses will deliver a good ROI.
Retail banks utilise location data in a number of ways. An important application includes limiting or preventing fraudalent transactions. Retail banks compare the IP address of a Point-of-Sale (POS) with the GPS coordinates provided by a customer's phone to prevent credit card fraud.
Banks rely on location intelligence to drastically improve the experiences they provide their customers. Here are three examples of how retail banks can use mobility data to enhance customer service and increase competitiveness.
In each example, anonymized mobility data around Downtown Los Angeles between 1 October 2016 and 31 October 2016 was used.