A few years ago, nobody could have imagined that technology would change the financial landscape completely. Today, mobile banking has made all banking operations convenient for users and the bank staff. Now that a vast majority of operations can be executed online, you need fewer visits to the bank. In fact, you don’t need to visit banks at all, unless there’s an emergency. Mobile banking offers you all features offered by the physical branches.
It gives you more control over your bank accounts, transactions, and withdrawals. It is now possible to track your balance, transaction history, and other factors from a single centralized system. Mobile banking has enabled people to transfer money to just about anyone based in any corner of the world (as long as you have international banking enabled). You don’t need to visit the bank and ask staff to execute these transactions. You can do it on your own.
One such technology that has made mobile banking safer and the most appropriate solution to the traditional banking methods is GIS (geographic information system). It records locations where mobile transactions take place and make mobile banking infrastructure safer and better for both — customers and the bank. Let’s learn more about the uses of mobile banking in the financial industry and how this new banking method has made the financial landscape safer.
Uses of GIS in Banking
GIS is a modern remote-sensing application that has affected nearly every industry — from agriculture to aviation. Banking is not an exception. The technology provides you with data you’d otherwise miss out on if you used traditional banking. It helps banks plan the most appropriate locations to open a new branch, set up an ATM, or target the right audience. It gives you the ability to track where your current customers are, from where they are using mobile banking, how many transactions they execute on a daily basis, and how much time they spend on net banking.
All these factors play a significant role in identifying the most suitable financial products for your target audience. Banks use GIS to understand customer behavior, their choices, previous banking techniques, and demographic information so they can plan their marketing accordingly. The geo-spatial visualization gives you a clear picture of your customers. It also helps you prepare for the what-ifs so that if any emergency arises, you will be ready to deal with it in the most efficient way possible.
Why Use GIS for Mobile Banking?
The main purpose of GIS in the banking industry is to create a safe infrastructure, especially for mobile users. People executing hundreds of transactions every day through net banking need a safer and more robust system. There is no denying that mobiles offer complete coverage (even better) than banks have to offer. The technology helps the financial sector assess risks and find new opportunities for growth. By identifying the number of customers using mobile banking and their locations, GIS makes it easier for you to streamline all banking operations smoothly.