Despite what the well-known phrase "What you don't know can't hurt you" might have you believe, in fact the opposite is often all too true. For small and medium-sized businesses especially, the unknown presents pretty major risks.
The retail banking sector is at something of a crossroads at the moment. Evolving consumer demographics and banking platform preferences, as well as the lingering effects of the 2008 financial crisis, have considerably changed the game. Connecting with customers and providing the ideal brand experience is essential to reducing churn and encouraging current account holders to take advantage of other financial services.
People typically think of location data as your current location according to your smartphone. However, while a user’s geo-coordinates are certainly an element of location data (and a valuable one at that), location data has evolved well beyond this user-centric concept, especially when it comes to businesses.
Even with the rise of Bitcoin and digital currency, people still like cold hard cash. And that’s not likely to change any time soon. Since banking customers will continue to rely on ATMs to withdraw cash, ATMs will remain a critical part of the banking future. Unfortunately, managing ATM location data is a nightmare for most banking institutions.