Banking / Finance

The power of location-based offers in financial marketing

01st Mar `15, 12:52 PM in Banking / Finance

With the growing adoption and use of mobile banking, the financial services industry is building new functionality and selling…

BDMS
Guest Contributor
 

With the growing adoption and use of mobile banking, the financial services industry is building new functionality and selling models that can enhance the consumer experience. Moving beyond a miniturized online banking app, banks and credit unions are developing new ways to leverage advanced analytics, mobility and location-aware technology that can provide real-time solutions where and when the consumer is in most need.

This capability comes at a time when competition is increasing and digital differentiation has become more difficult. It also comes at a time when waiting for the consumer to raise their hand is no longer a viable business strategy. Instead, financial institutions need to leverage the digital data that is available to provide highly personalized geo-targeted services that anticipate needs.

The Importance of Location-Based Offers

Location-based offer (LBO) technology is able to confirm the location of a mobile user and send offers to the user that are relevant based on insight contained within the banking organization’s database. According to the Cognizant report,U.S. Consumer Banks and the Potential of Location-Based Offers, location-based offers are increasingly important due to several factors:

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