Brave New Banking
How innovators are making better business decisions
A new independent study, commissioned by Ordnance Survey, found that the retail banking community is becoming more aware of the importance of location intelligence. Regulation and compliance is a key driver for the use of location data, helping banks to manage risk concentrations and minimising capital set-aside requirements. Retail banks are also using location data to guide key business decisions and helping to meet the needs of the modern, mobile customer. Specifically location data can help banks:
• to better manage risk in their lending portfolios;
• decide which products to market without increasing risk concentrations;
• to improve fraud detection;
• to attract, serve and retain increasingly mobile customers and;
• to rationalise branches while maintaining high customer service.