Guest Opinion: Putting Mobile Banking on the Map
To know where you are going, it’s good to reflect upon where you’ve come from.
The first banks date back to around 2000 BC in Assyria and Babylonia and consisted of merchants that made loans to farmers and traders that carried goods between cities. The real beginnings of what we know as the modern banking model can be traced to early Renaissance Italy, where the Bardi and Peruzzi families established a presence that slowly spread to many other parts of Europe.
An exploration of the spatial dimension of customer behavior provides insight into the geographic dispersion of remote banking. How consumers learn about and adopt remote channels is heavily influenced by their local community and its characteristics, a process known as social contagion. Location intelligence is an excellent tool for exploring and interpreting this behavior and provides insights that are missed through other analytical techniques.
By using geospatial information, financial institutions can better market customers across multiple channels. For example, by diving into members’ demographics, credit unions can determine where to promote mobile banking options the most based on where there is a high usage of online services, or a heavy presence of smartphones.