Business leaders and Technology experts discuss future technology trends impacting the BFSI sector
Map The Future Dialogue
MapmyIndia in association with TechGig hosted an exclusive ‘Boardroom Dialogue’ on 10th May 2018 at Times House in Mumbai. The event witnessed the industry thought leadership from leading banks, insurance & financial to discuss the critical importance of location intelligence in the BFSI domain. MapmyIndia was pleased to welcome senior executives from leading companies at, “Map the Future” dialogue, focused on Banking, Financial Services, and Insurance.
“Why location matters in BFSI sector” Have banking services become commodities due to growing competition with the requirements of the customer going diverse. The session deliberated on how location is envisioned in the BFSI growth story. ‘Costs, Privacy, Customer Analytics, Risk & Use of Artificial Intelligence” dominated this boardroom discussion.
Location is important to build data layer. Overlaying market potential on current transaction data will help to identify top markets for penetration. Companies in the BFSI sector are investing heavily in Financial Technologies (Fintech) and the addition of location layer is becoming critical, especially for banks, to track the consumer footprints. Shivalik Prasad, Executive Director, MapmyIndia stressed on the transformation of banking sector — automation, digitization and visualization rendering obsolete, the concept of traditional banking from i.e. checkbooks to RTGS and online.
“It is essential to adopt new technologies to understand your users and deep dive to build customer intelligence data. Using artificial intelligence along with geotagging to know customer intent will help develop authentic consumer profiles”.
Geo analytics as a part of location technology is useful for Market penetration and Gap analysis. It helps executives to identify and validate the potential of new market opportunities, current position, success capabilities and investment criteria for a new product or service launch. Insights into customer transactions and behavior help to create customer profiles and are useful in planning and risk mitigation. “Understanding location-based transactions for lending are becoming important for credit models.
MapmyIndia is providing the location layer to bridge the gap between the physical and the digital world. With the government push, the trends in Indian banking and financial sector are increasing exponentially. Marrying the customer information data with banking will offer data based on location intelligence and that would bring in the intelligent use of location in workflows and processes with artificial intelligence. This hybrid data, thus collected, would be the best indicator of growth in the financial sector.
We are excited to help software developers and enterprises increase the value of their apps and IT systems by integrating location intelligence capabilities. Our offering is more attractive than other map platforms as it offers best-in-class map data, a price point that starts at free and affordable scales up based on usage, and additional services including custom API and app development as well as base map data licensing options. Our APIs help developers build location-based apps very easily and quickly and are extremely happy that 200 developers have already signed up since we privately released the APIs last month.
By using our Map APIs, software developers and enterprises can integrate our map data into their location-based applications. Our map database has been continuously built and updated over the last 20 years by employing state-of-the-art mapping and video car survey technologies and the continuous efforts of 400+ field surveyors and 150+ map specialist engineers. Even after the entry of multinational competitors, we remain the preferred source of digital map data for over 1500 enterprises including leading automotive companies, businesses across all verticals and governments at all levels and over 1 million consumers, given its superiority in terms of comprehensiveness, level of detail, accuracy, quality and freshness. Our map database currently includes street-level data for 7000 cities, house-level data for 80 cities, 10 million points of interest, and pan India data for 6 lakh villages, 34,000 pin codes, and 2.1 million kilometers of road network with navigation attributes.
Our APIs are available for free, forever, for developers to build and test an unlimited number of applications. Users that deploy commercial applications, and want higher levels of API transactions and customer support, can choose from one of the available paid plans. The process of building an app powered by our APIs is quite simple. A developer visits the API website, signs up with his/her details, gets a license key instantly, and can start developing and deploying an app immediately. Complete documentation explaining each API, including live demos and downloadable source code of examples, is also available. Enterprises that need quick and hassle-free solutions to their specific location needs can leverage our additional services to develop custom APIs and complete applications, and additional data licensing solutions for the underlying vector map and location database of points of interest, house addresses, pin codes, localities, roads, cities, towns, villages, districts and states across India, as well as pan-India census geo-demographics and locality-wise population and income estimates across major cities.
Our Map APIs are available for use immediately. Interested users can learn more and sign up at http://www.mapmyindia.com/api/.