Google Maps for Fintech: Enhancing Customer Experiences
Synopsis: With customers demanding more location intelligence in their services, it’s time to update your user experience. Location intelligence provides a lot of value and increased access to both online and branch services for many users. But how can financial service companies get the most out of location intelligence?
AppGeo is using our expertise in GIS to analyze and improve how financial services can use location software to get the most out of their applications. This webinar (recorded on May 27, 2021) brings together Tim Garcia, part of the Google Maps Team at Google, and David Holmes, Customer Engineer from AppGeo to discuss the potential of and best practices for Google Maps in financial service applications.
The Changing Landscape of Banking
Garcia: “Fintech (Financial Technology) is in the early stages of innovation, and these companies are really reinventing themselves and reinventing the industry to be more nimble and flexible for all customers. So there’s an evolution happening in front of us and the landscape is drastically changing. For instance, we are seeing change in the demographics. Millennials are becoming very pivotal to financial services; in fact, 75 million millennials in the US are entering middle age and are starting to settle down. That equals $68 trillion of wealth transferred between generations. So those that have been really accustomed to adopting new technologies are also starting to spend, invest, save, pay friends through apps, digitally sign up for loans, receive loyalty rewards, and a bunch of other new solutions and capabilities with these new fintech companies and solutions.”
Banking is undergoing a radical change as many groups that previously had less access to financial services are clamoring for access. The digital experience is becoming more important as generations that are more used to an online existence want in on banking. This is especially true in the wake of COVID-19 where demand for online services increased rapidly. These shifts represent a huge opportunity but also a challenge for anyone providing services in the financial space.
Enhancing the Value of Location Intelligence
Holmes: “[Branch locators applications] are so important because they represent the front door to your business. In many cases this is the app that your clients are using to find you, and one of the most popular apps that they’re using from your services. It’s very important that you think about the user experience and you streamline it and you provide enough information to your clients that they don’t have to go and search for other information.” In an increasingly digital world, using locator apps is absolutely essential to driving business and connecting to customers. But not all locator apps are equal! Making the most of your application and keeping customers engaged the whole way can greatly increase client interactions. One key method is showing directions to nearby banking locations within the app to keep customers engaged, instead of losing them in the last mile. Additionally, ensuring that customers can find all the necessary information, such as hours or available transactions, about a given ATM or branch without searching through the entire app is vital. Other services like online appointment booking, which help increase traffic, can be integrated into location services. This mapping can also serve as an opportunity to reinforce your branding through appropriate graphic design.
Used correctly, locator apps can also help customers better understand their financial behavior. When viewing transaction reports it can be hard to interpret what each item exactly references. However, by tying in locator information customers can get additional information about past purchases, by visually seeing where their money is being spent geographically and at what businesses. This will help minimize calls to customer support, reduce disputed transactions, and give your clients increased peace of mind.
The physical retail experience is also enhanced through the use of location services. By using location intelligence customers can be given departure times and branch personnel can be notified of a customer’s arrival. The uses that location intelligence has for your brand and company are nearly endless. With a platform as powerful, scalable, and versatile as Google Maps nearly anything is possible. To get the most out of your locator intelligence it is best to partner with a Google Maps Partner such as AppGeo for additional advice and discounts.