Authentication of Cards and eWallets using Location Intelligence
Here’s what we know so far: Location Intelligence helps financial institutions in understanding complex relationships between location and data, to drive better business decisions. Businesses can benefit from meaningful insight by fully utilizing it to make solutions more location relevant and more situation specific.
Applications with location intelligence not only provides institutions with the ability to design and promote intuitive loyalty programs, but it also allows them to authenticate cards and eWallets. A 2011 report by the Department of Justice indicated a 31 per cent increase in credit card theft cases locally. Since then, banks have incorporated more complex models and algorithms into their transaction approval platforms in efforts to prevent crime.
As a result, more and more consumers are seeing valid transactions declined. This is especially when they travel or change purchasing behaviors. Banks soon can confirm that cardholders are in possession of their card by comparing the consumer’s physical whereabouts with smartphone GIS intelligence, eliminating the chances of cardholders being inconvenienced by unnecessary card declines.
At the end of the day, it’s all about institutions making their consumers feel like they are understood as services become more personalised to each individual. Consider the many ways financial institutions are already relying on location data today – which includes site selection for new and relocated branches, branch network optimization, target marketing campaign enhancement and accurate market profiling – and how it will bring the landscape of customer-centric services to a whole other level.
Accelteam has been actively working with customers from the various technology industries driving business improvements using geocoding and location intelligence. With the aim to promote the customer-centric location application technology, Accelteam has the right solution to help customers gain an advantage over existing competition.
In fact, for the past two decades, AccelTeam has been one of the leaders in providing location intelligence in this region. If you would like to learn more about the IoM or Information on Map, please reach out to us at email@example.com