Location Intelligence in Financial Services

The application of Spectrum Spatial Analyst in the Financial Sector

 

In a market as fiercely competitive as today’s financial sector, with new players emerging and challenging the status quo at any given time, the ability to stay one step ahead of the competition and provide a focused customer experience is paramount to building and maintaining a successful brand.

Time is of the essence. Decision-making, must be clear and concise. Services; targeted, streamlined and efficient. To achieve such standards, we need access to the latest and most reliable sets of information. Do you know where your customers live and work? Where do you place assets and resources in order to best serve those customers? Which areas of your business network are under or over-performing? Where will you find new customers?

The ability to share valuable business information across the workplace is as pertinent as ever. Focusing on how that information is compiled, processed, managed and supplied to various departments within a business can easily become a repetitive and very time-consuming process. Such high and constant needs for output will often result in a very heavy demand for manual labour as the views of data are not scalable to each area, attribute information is not easily combined and the whole process becomes extremely taxing on analytical time. However, when this information is supplied in the form of a live visualisation, complex ideas can be combined and conveyed in a simpler fashion. The information at hand can be consumed and acted upon in a more efficient manner.

SSA’s ability to combine various layers of business data via multiple data sources at the same time means the necessary information needed to make important business decisions is all located in a single hub. Furthermore, due to the live nature of the data connections, analyses are automatically updated and users can share this data much quicker and easier than ever before. Uploaded in a once-off fashion, all necessary information, from the building plans of new developments and expansions to consolidating existing markets, is streamlined and made accessible across the workplace – instilling a low time to value etiquette. Easing collaboration across departments and reducing the time taken to perform such tasks can be further enhanced through the implementation of backend processes that aim to automatically enable spatial data, query it and report valuable results back to those who need them.

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Pitney Bowes’ Spectrum Spatial Analyst is an out-of-the-box, web-based GIS application that is able to quickly and easily provide location-based insights across an entire organization. Enhancing profitability in critical areas of business such as asset and risk management, network planning, site selection and more.

Giving businesses instant access to the interpretation of current and future trends means no more high volumes of manual work for analysts whose efforts could be better focused on decision making, rather than static map making. No more bulky email trails of data attachments. Fewer risks of integral business data falling into the wrong hands. Enjoy complete accessibility to centralised information, no matter the platform or device.

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These are just a few of the advantages that leading financial brands in Southern Africa are already experiencing through the implementation of Spectrum Spatial Analyst. Its seamless integration with MapInfo Pro ensures that SSA provides an exciting, once-off and automated nature to map publishing and data analysis. Completely transforming the planning and decision-making process as we know it.

SSA’s in-depth access control and security parameters ensures that information is located within a safe environment and that only those with the allocated privileges are able to work with the data at hand. This is implemented through SSA’s access control feature. Whether it’s just the simple ability to click and interrogate a branches transaction types on a day or operational and logistical aspects of ATM management – SSA can structure this level of access with ease.

Map projects can be created in order to provide specifically curated datasets and visuals to be used by various departments such as planning, marketing, sales and more. Playing a pivotal role in saving the time taken with regards to branch network optimization, market analysis, basic mapping requests, simple data queries and the exporting of valuable business reports. Monitor and audit any changes made to data within Spectrum, ensuring accountability within the workplace and implementing proper procedure to any database changes. Furthermore, any updates made to business databases are available to decision-makers in real-time without the need for clunky database replication and synchronization.

 

Asset and Resource Management

  • Where do you place assets and resources to best service your customers?
  • Every financial organisation has assets and resources - both fixed and mobile.
  • What types of transactions occur at your branch network, per time of day, per day of the week and how can you better schedule your staffing resources to best serve your customers at optimal operational cost?
  • In order to maximise ROI and control operational costs it is important that these assets and resources are managed and deployed in the most efficient manner.
  • SSA assists in the placement and utilisation of assets and resources and can also be used to interpret trends. Using Sitemarker, predictions can be made about future business requirements.
  • What areas of your business are currently under- or over-performing and what trends or patterns are emerging?
  • A banking organisation can map traffic patterns and catchment areas and make informed decisions about the number and type of outlets required for any given geography.
  • How can we accelerate response time, service or deliveries?

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Branch Network Optimization

  • Quickly analyze branch networks within any market, clearly identifying important revenue drivers and enhancing the clarity of your decision-making process.
  • Quickly determine the most efficient set of branch locations to maximize revenue and minimize operational costs.
  • We also provide concrete data showing you whether to retain, relocate, renovate or consolidate existing branch locations.
  • With SSA, you can manage every detail of your branch planning efforts.
  • Does the presence of mobile banking app uptake affect our branch network?
  • Do the plans to expand your current network really require the risk of opening up an entire new branch or would it be better justified by planning a new ATM?
  • Could the nature of transactions be better served by promoting self-service mobile banking apps, or perhaps by offering more self-service terminals within a branch?

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Market Analysis

  • A solid understanding of the marketplace in which you operate—or would like to operate—is integral to profitable growth.
  • With SSA you can visualize and analyze critical market characteristics such as concentrations of demographic / lifestyle profiles, product demand and growth characteristics—from consumers, small business and daytime worker populations and more.
  • You can easily combine these variables with your own customer data to make more informed decisions.
  • Accurately forecast new market opportunities within each sales region by profiling your current successful business territories as well as the potential gaps within your business footprint.
  • Overlay your existing ATM or branch network with in-depth demographics, infrastructure and population insights data such as day/night statistics, expenditure patterns, shopping center data (existing and planned) and much more.
  • Where do your customers live and work?
  • Where can you most successfully introduce a new product?

 

Targeted Marketing

  • Where will you find new customers and what products and services are they likely to want - both today and into the future?
  • Once you've identified the new or existing markets or products you would like to penetrate, you need to develop a targeted marketing campaign to reach those new customers.
  • SSA enables you to share advanced customer profiling, demographic analysis and lifestyle attributes to define and identify the ideal, profitable customers.
  • You can use this information to develop effective marketing campaigns, maximizing the return on your marketing spend.
  • Should advertising messages at branch level speak to home loans for first time buyers, stokvels, portfolio investments, or student finances? Shotgun or rifle approach? Print or billboard?
  • Does your company have access to predictive analytics that can support in the decision-making process about which options may work best?

 

Strategic Business Planning

  • SSA assist in the sharing of predictive analysis of future trends and requirements. Risk analysis, current performance by province or region, including competitive coverage.
  • Analysis, and predictive business modeling are just a few of the tasks that can be simplified with the use of spatial technology.
  • Management can measure performance by brand, or product, or branch or region of single or multiple parameters, such as value of loans in a given period.
  • This can be displayed visually either as real values or as a ranking with other branches or geographies.
  • Does the presence of mobile banking app uptake affect our branch network?
  • Is there a gap in the market for mobile money, as is the case for some countries in Africa? What impact could this have on our branch network? Is there potential to identify smaller mobile money vendors to capitalize on a new revenue stream?

 

Risk Analysis

  • What kinds of risks are associated with a given location?
  • Where, and how often, does ATM fraud occur?
  • Is ATM vandalism prevalent? Are vandalism events moving to other areas and is there a trend?
  • Are cash-in-transit heists happening, and is there a geographic and temporal correlation?
  • Where are my high risk and low risk customers?

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Competitor locations can be analysed and acted upon in real time in order to reveal valuable patterns of expansion and reduction within the financial sector’s physical network. Identify potential symbiotic relationships that your brand might share with retail outlets and planned lifestyle developments. Using the power of Location Intelligence in order to map out traffic patterns and catchment areas, one can make informed decisions about the number and type of outlets required for any given geography or target market. Processes and trends within your business data that might have previously required months to uncover can be discovered and shared in minutes, supplemented further through the added benefit of visualizing such findings.

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Access to information across the organisation means that productivity levels are at their peak and collaboration between various business teams is now easier than ever, eliminating the turnaround times that can so often hinder the progress of a project.

The static nature to sharing business data and providing time-consuming focused analytical views is easily replaced by SSA’s interactive mapping interface – allowing for a more granular approach to analyzing who your clients really are and what the available infrastructure is that’s surrounding them and your business. The need to backtrack to original map outlines, analyses and fixed views are a thing of the past as SSA provides a completely flexible and up-to-date view of business information.

SSA can show you what’s really happening on the ground.

Reduce the time and costs involved in training up staff members with this easy-to-master mapping application. It’s intuitive and user-friendly, increasing the levels of confidence in which processes are performed. Reports can easily be exported and shared whilst analytical maps can be created, shared and sent to print faster than ever before.

Create a unique customer experience through the ability to provide various self-service capabilities, eliminating the heavy workload that is so often placed on call-center departments. Operations such as “Find-my-Nearest” allows for customers to locate the nearest ATM or branch to a location of their choice. Provide further insight into a branch’s operating hours or available services through the customisable template designer. Calculate the fastest route for a client to travel in order to reach the suggested ATM or branch location, even providing a Google Street view of the destination. Offer pre-defined queries that can output which branches provide the service that is required. All of this being supplied through a portal that has the desired look and feel according to your brand and image.

Whether it’s the mapping of your service centers, ATM’s or branch locations, the analysis of competitor footprints and gaps within the market or just the simple case of sharing the profile of shop centers and town classifications, SSA can do it all.

Visualise the findings, reduce the time and costs in sharing data, identify and accommodate your clients at a new level of service and provide quick and efficient reports into any fundamental analytics within your business. With a large number of South Africa’s leading financial institutions already implementing the system across their daily processes, why aren’t you?

 

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