Location Intelligence & Mobile Engagement Enhance the Financial Services Experience

by | Mar 15, 2016

Location Intelligence & Mobile Engagement Enhance the Financial Services Consumer Experience

The digital and mobile revolution has touched every industry, and shifted the ways consumers expect to be interacted with. The Financial Services Industry as a whole has been through many transitions over the last decade, including: mergers and acquisitions; economic downturn and impact from foreign markets; increasing regulatory and cyber security guidelines; omni-channel expectations and a mobile-first experience; increasing competition from Digital Financial Services providers (Paypal, Nutmeg, Moven, and others).

In this rapidly evolving landscape, the most successful banks and financial institutions are prioritizing how they can stay on the radar of Millennials and digitally-inclined audiences to capture, retain and increase the lifetime value of these customers. Typically, the banking lifecycle can be explained in three stages:

(1) The young adult (Millennials, Gen Y) who need assistance purchasing a new car, or buying their first home

(2) The established adult (Gen-X) who are starting to acquire financial assets, seek investment advice and need to have an increasing portfolio of banking services

(3) The mature clients (Boomers, Silent Gen) – who desire assistance with Wealth Management, guidance regarding accumulation & protection of their assets, and financial & retirement planning

The goal of today’s most resilient Financial Services organizations is to continually provide the best possible customer experience for consumers of all ages, and through all financial life stages – regardless of which channel the customer prefers.

“As the competition from finch and neo-banks is increasing, banks are leveraging digital technologies to enhance customer experience by providing personalized services – anytime, anywhere, and on any device” Cap Gemini – Top 10 Trends in Banking in 2016

Leveraging New Technologies to Enhance the Financial Services Consumer Experience –

A decade ago, few businesses properly invested in their digital strategies with tools like website cookies or social media. However, those who did were able to better understand customer preferences, and then target and address them more personally. Amazon is one of the most well-known examples of these digital market leaders. The reason Amazon can make unique targeted recommendations each time one of their customers visits their website, is because they use “cookies” to understand their customer’s searches, and use powerful data mining algorithms to understand consumer interests, likes & dislikes. This use of technology allows Amazon to make relevant and personal recommendations and to provide an enhanced customized consumer experience that grows customer loyalty and drives sales.

Today, with the near ubiquity of smartphones, it is a natural extension for the personalization possible when browsing the web to transition to a customer’s mobile device. Consumers today constantly carry and use their mobile devices while they journey through the physical world. With these changing consumer habits, businesses need to adjust their strategy accordingly. This would enable them to not only follow the path-to-purchase for a consumer on their website, but also do so in the physical world as they travel near or within a store, sports arena or retail bank branch location.

“Digital business: smartphone penetration and other factors are forcing banks to improve their digital offerings rapidly” EY Transforming Banking Global Banking Outlook 2015

Gimbal Digitizes the Physical World to Enhance Mobile Experiences

Gimbal created a comprehensive solution by bundling macro-location geofences and micro-location beacons with a suite of tools to design, manage and analyze your location network and build and deliver mobile campaigns. This suite of applications enables mobile apps to understand a consumer’s location and engage them with welcome messages, VIP experiences, special offers and more.

The Gimbal solution also offers features like enhanced security – which enables a bank to ensure that only their own apps can detect their location-triggers, and gives the banks control over what messages they send. With a unique combination of macro- and micro-location tools, user preferences, sequential delivery of notifications based on time and the consumer’s location, analytics and visualization dashboards – Gimbal has created a one-stop-shop for location based marketing in your Banking environment.

We look forward to working with many of the leading banks and financial services to bring truly mobile experiences to life. We welcome your feedback and comments. Stay tuned for more as we continue to digitize the physical world!