GIS In Business

In today’s fast moving world, Geographic Information Systems (GIS) are becoming an important part of mainstream business and management around the world, and in may diverse organizations. In recent years, the banking industry has been undergoing drastic changes, reflecting a number of underlying developments. Significant advancements in communication and information technology accelerated and broadened the dissemination of financial information and financial services and also increased the complexity. Another key impetus for change has been the increasing competition among a broad range of domestic and foreign institutions in providing banking and related financial services. Regulations are forcing the banks to adopt better operational strategies and upgrade their skills. All these are throwing more challenges to banking sector.

A customer-centric business model can help address these challenges. A bank’s primary function is to deliver financial services and products to the customers. Banks, today, need to be market driven and market responsive. The success of such an institution depends on its approach to data management, customer relation management. Banks manage a world of information about customers, customer profiles and so much more. By adding a component called ‘Location’ to their database, banks can gain enormous advantage in many ways. Long range planning mixed with geographic modeling will yield tangible benefits to the Banking /Financial institutions community. Banking, insurance, media are some of the areas where GIS is in business.

GIS plays an important role in various functional areas of banking in achieving the various business objectives of banks such as expansion of customer base, improvement in quality of the services, increased customer satisfaction, consistent business growth, and increase in profitability.

GIS helps in banks various functional Areas by providing support in decision-making and strategic planning. In today's highly...