INDOOR POSITIONING for Banks


#1

Dear Colleagues and friends,
INDOOR is an amazing company. They provide INDOOR POSITIONING systems for all industries. But in the coming years they want to focus on banks. Please see their deck: https://www.slideshare.net/DavidGyori/infuse-indoor-positioning-systems-for-banks
My humble question is: how to make this deck better? How can banks REALLY use indoor positioning?
Thank you for feedback, for criticism!


#2

Hi @DavidGyori I looked at it because of you. So I was motivated by social validation, but two quick bits of feedback. One the term Indoor Positioning does not draw me in. Second the pain point to a banker was not clear. At a big picture level I see three waves of consumer banking technology:

  1. You go to a physical bank branch

  2. You still go to a bank but via an ATM or Website or CC POS terminal

  3. The bank comes to you via your mobile device. This is what it looks like you are going after.

Small point - not totally clear from deck. Do users need to download anything? That would be an adoption killer so I assume not but it was not clear.


#3

Dear Bernard, I am HIGHLY THANKFUL for your feedback and yes, your critical points are smart and help to better the proposition. Oren Rosen (co-founder and CEO of Infuse) will read your reaction and will react. MANY THANKS!!!
Best,
David


#4

Dear Bernard @BernardLunn,

Thank you very much for your important feedback.

I would like to address to the points you have raised:

Regarding the first point, Indoor Positioning is the common term in tech. Another typical term is Indoor Localization. Perhaps we could find another term to make it more comprehensible and interesting, Perhaps Indoor GPS ?

Regarding the second point. The main pain-point for banks is that today, with smartphones ruling our lives, banks have much more competition than ever before, especially in the digital/omnichannel domains. Payment platforms, payment apps, e-wallets, loan apps, e-banks and competitive banks’ apps, all pose a direct threat to revenue and customer loyalty. To meet with the needs of clients in the digital era, banks must provide digital platforms that deliver client customized service at the right place and at the right time. But how could banks know when the client is at the right place? In many cases, especially indoors, GPS signals we usually rely on are unavailable. This means that in those scenarios, the client’s smartphone becomes “blind”, i.e., unable to determine its current location. The problem of indoor localization is considered to be one of the toughest technological challenges in the mobile and IoT worlds. Yet, Infuse has solved this problem, providing an accurate, efficient, and most importantly scalable solution.

Utilizing Infuse’s indoor localization technology enables to achieve all of the above waves you had mentioned in a contextual, accurate and customized manner. More specifically, we would enable bank/credit-card apps to enhance services in three manners:

  1. Active personalized engagement- trigger information and offers at the right time and place, e.g., send a loan offer once a user has entered a car dealership, enable payments when a user is near a paying terminal, find nearest ATM.

  2. Big-data analytics - Enable client journey and insights (not only when and where they paid), improve customer service and loyalty by enabling customer predictions based on past locations and actions.

  3. Fraud prevention - Add an additional layer of client location information to reduce fraud possibility. Initiate payment pre-authorization even if the smartphone is inside the pocket/purse.

Regarding the third point. You are absolutely right. We understand that downloading an app would be a serious obstacle for adoption. Thus, we developed Infuse as a software development kit (SDK). Namely, it is a software integrated into existing apps. In Slide 5, we pointed out that Infuse is embedded in existing bank and credit card apps. Perhaps it is unclear. What do you think would be the most appropriate way to emphasize it?

I wish to thank you again for your feedback and hope to hear from you soon.

Best regards,
Oren


#5

@oren welcome to Fintech Genome - where good conversations make things happen. You express the pain point and solution very well. I can see that one cannot change a generic name like Indoor Positioning. But if I was pitching a bank (and that is what I spent most of my career doing) I would start with problem then solution and so the headline to draw you in would not be Indoor Positioning. Only once they say “yes that is a problem we have and yes conceptually I can see what the solution should be” do they invite you to tell them technically how you solve the problem (and then how much it costs etc).


#6

@BernardLunn Thank you very much for your greetings and feedback.

I see your point here. So maybe the headline for this deck should be something like Bringing the digital and real worlds together, or The key to offline-to-online banking, or Enabling a customized banking experience . What do you think?

Maybe another idea would be to create a slide visualizing what could be achieved, e.g., a user receives a personalized loan notification upon entering a car dealership.

Would love to have your input.


#7

Oren,
Here is my feedback:

Bringing the digital and real worlds together
Enabling a customized banking experience

-Too generic sounding

The key to offline-to-online banking
Better but needs work.

This is not easy. It is the sort of work I do. Contact me via email bernard at dailyfintech dot com

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