In the Q3 2017 Prox.Report, we take a deep dive into the financial services industry, uncovering how both investment firms and commercial banks are utilizing location and proximity data to enrich market strategies and customer experiences. The report includes 6 real-world case studies, providing examples of the impact proximity and location data can have on industry success.
Investment companies actually identified the value of location data a long time ago. Until recently, they would send someone to the big box retailers to count cars in the parking lots and visitors coming in and out. Based on this information, investors made financial predictions for companies and industries. Location and proximity data allow these companies to obtain similar information but with more sophistication and on a larger scale, which brings fortune telling on the stock market to the end.
Meanwhile, commercial banks are facing several issues. First, low consumer interest rates lead to low margins. Second, technological shifts result in the declining number of in-branch transactions and rising digital and mobile self-services. Third, banking products are becoming commodities while consumer needs are getting more diverse. To stand out, banks need to personalize and differentiate their offerings. What is the solution? Location and proximity technologies.
Highlights of the Report:
· Location data and context allow commercial banks to improve efficiency, optimize locations of branches and ATMs, and modify services offered within the branches.
· Banking apps, empowered by proximity technologies - such as beacons, geofences, and NFC tags - accommodate mobile payments, facilitate communication with customers, and help develop loyalty.
· Location and proximity data from smartphones, IoT connected devices, and sensors allows investment companies to differentiate their portfolios, avoid risky trade, and maximize profits.
· 457 companies from 58 different countries are registered on Proximity.Directory.
· North America and Europe are leading the game with 77% of the total number of companies coming from there.
· Matching location data on where consumers live, work, shop, and entertain with contextual information, such as card transactions and demographic distribution, allows financial institutions make better decisions.
· As of Q3 2017 17,300,000 sensors are registered on Proximity.Directory
· Swirl remains an absolute leader among the software companies according to the Proximity Solution Provider index (PSPi).
· Kontakt.io is number one in the PSPi hardware category.