Strategic Insights Session: Embracing Location Economics
Executives from the financial sector gathered for a strategic insights session hosted by DMTI Spatial, a leading provider of location-based intelligence, together with the Location Based Marketing Association (LBMA) and The IT Media Group. The discussion centered on how location intelligence is being leveraged to create economic value when married with other sources of data.
Following the successful format of a session held in November participants engaged with location economics experts John Fisher, CEO of DMTI Spatial, and Asif Khan, founder of the LBMA, and with each other. John Pickett, VP, executive events with The IT Media Group acted as session facilitator.
Location intelligence is of growing interest to all industry segments, but particularly in the insurance and banking industries where location information can help to mitigate risk in the issuance of insurance policies and mortgages.
The vast majority of data of any sort has a recognizable element of location. For example, transactions are conducted from a specific device and place, mortgages relate to specific properties in specific geographical locations, and a growing number of transactions as well as messages take place on mobile devices such as smart phones, whose location can be identified through integrated GPS.
Participants showed enthusiastic support for the concept of a location economics ecosystem in which owners of financial and demographic data, such as credit bureaus, municipalities, and the banks and insurance companies themselves, cooperate and share information that can be tagged with location-identifying data through a process managed or brokered by DMTI Spatial.
Following are video highlights from the session:
The value of location-based intelligence