Geo-fencing or Proximity marketing solution by Peekaboo Connect is a feature in a software program that uses the global positioning system (GPS) or radio frequency identification (RFID) to define geographical boundaries. Geo-fencing allows an administrator to set up triggers so when a user/device enters (or exits) the defined boundary, an alert is issued.
With advancements in mobile banking, banks have begun to understanding the importance of the location data. Not only the geo targeting solutions yield greater marketing ROI and engagement, with the right approach it can also help the financial institution learn a lot more about their customers and their behavior.
Imagine a customer entering a branch is sent a welcome message, a person visiting a car dealership is timely advised about the auto-financing option or a person entering a mall is reminded of the available discount offers on the bank cards at the merchant locations at that mall.
In addition to the personalized and timely communication, location data collected during the customer journeys provides incredible opportunity for the banks to do customer segmentation based on patterns and behavior of the customers.
- Which other banks do the customers visit?
- Which types of places do the customer’s visit?
- Where do they work?
- How long do they stay at important locations?
- What are the waiting times at different branches?
Peekaboo Connect provides a technology solution to unearth these questions.
The solution offers the flexibility to set messaging frequencies as well as sleep time. It also takes into account the optimization with respect to the different operating systems to ensure smarter location processing.