How GIS Technology is Transforming the Financial Sector and Core Banking

In recent times, drastic changes can be seen in the banking industry. It seems that these changes are reflecting several kinds of underlying developments. The dissemination of financial information and financial services can be broadened and accelerated through the significant advancements in communication and information technology and by this way the complexity has been also increased.

GIS Data management is one of the key aspects on which the success of Banks and Financial Institutions may depend

It seems that the competition among the different domestic and foreign banking institutions has been increased. It can be stated that the banks are adopting better operational strategies as well as upgrading different skills due to regulations. Due to all these factors, challenges to banking sector are increasing.

To address these challenges, a customer-oriented business prototype may be one solution. The responsibility of a bank is to provide various financial products and services to the customers. Today, banks should have to be market responsive as well as market driven.

Data management is one of the key aspects of financial institutions

Data management is one of the key aspects on which the success of these institutions majorly depends. Customer relation organization is also another important factor in this regard. Banks manage lots of customer related data. Banks can gain an enormous advantage by the addition of an element called “Location” to the client-records. Banking /Financial institutions community can be well benefited through long-term planning mixed with geographic modeling.

For a better understanding of the markets and prospective customers, the marketing departments of the banks may use GIS

With the aim of achieving different business objectives of banks, GIS plays a significant part in many important parts of banking. The objectives are to expand the Customer base, to improve the class of services, to increase Customer Satisfaction, to maintain consistency in business growth, and to increase profitability. GIS helps to provide support in strategic planning and decision-making in different functional Areas of the banks.

Geo-demographic investigation is very important to marketing

Marketing is a client-orientated operation, which is crucial for any bank in today’s highly competitive Business environment. For a better understanding of the markets and prospective customers, the marketing departments of the banks may use GIS- based Marketing analysis. It can be stated that the marketing depends on the demand as well on supply. Supply and demand can easily point to a terrestrial locality. GIS can help in analyzing these factors easily. Today it seems that geo-demographic investigation is very important to marketing. To target the specified customers, all kinds of market segmentation techniques are important.