Your Bank knows where you are and what you will do next


In this era of ATM Cards, Credit Cards, Mobile banking and Internet Banking, your bank can know where you are.

However, there were few Banks which were integrating the data, and analyzing it, for greater consumer preference insights.

In India, Indusind Bank has taken the lead to micro track its customer’s location and offer customized recommendations.

The Banks aim is to offer personalized, location-based recommendations, that too in real time.

To offer these services, Indusind Bank is relying on a new technology developed by IBM Research-India.

The customer has to opt for this service. On opting for this service, the IBM tool starts cross-referencing the user’s locations with the user’s activities and provides useful insights. Over a period of time, as the user’s history is built-up, the emails and mobile alerts become more targeted.

IBM Research – India has developed a new technology that connects people with contextual information.

The technology is embedded within the bank’s various channels – Internet, ATM, SMS, phone and branch – as part of a wider overhaul of its front office aimed at improving personalisation. Hence, the tool will start its work, the moment the customers touch any bank channel.

What interests me is that this tool can be part of the fraud-monitoring activity too. Any out of the way transactions can instantly be flagged for immediate attention of the monitoring team.

This new offering by Indusind Bank is to better anticipate, respond to and capitalize on future events quickly and ahead of its competition




2 thoughts on “Your Bank knows where you are and what you will do next”

  1. This is an attractive idea, but I’m afraid that, in the UK at least, banks will only use this for marketing purposes. Banks here see little financial advantage to be gained from safeguarding their customers’ interests. The authorities are constantly trying to persuade the banks to act with decency. They have made little progress.

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