GIS in Finance/Banking Sector

Using geospatial visualization allows banks to gather information and make connections that might be missed by using traditional tables and charts. By using GIS effectively, banks and financial institutions can be more successful in sales and marketing, regulatory compliance, business continuity planning, and service location and site evaluation. Today’s digital maps can enable effective location simple bank ammenities such as ATMs or closest branches to seek services. It goes without doubt that this industry has advanced, the development of intelligent system that detects an authorized user login/activity, based on user location and frequency of access in a geo-location.

Location-Based Authentication and Authorization.

Secuirty of Mobile Banking Apps has advanced beyond the basic authentications mechanisms that rely on use of passwords. Security critical services, such as online banking, now rely on the use of multi-factor authentication solution. Even though these factors are sufficient for most cases, the alternative improvement such as location authentication makes it more secure.

Smartphones have advanced and almost all of them are now equipped with GPS chips that detect user location. Smart phones can be used to detect and send the location of a particular user to back-end servers, which shall verify the location as a factor for authentication and authorization purposes.