THE FORESENSE SOLUTION: Technology You Can Bank On

BANKS HAVE UNDERGONE massive changes moving into the 21st century.

Digitisation of services – and money itself – has seen the need for customers to actually physically enter banking premises decrease dramatically.

Person-to-person interaction is largely limited to only the most important of banking services such as discussions involving mortgages and loans and business cash deposit transactions.

Alongside digitisation in the banking sector, competition has also undergone massive change.

Traditionally, the big banks had a monopoly on lending services and money deposits.

First came credit unions, building societies and mutuals.

Now customers have unprecedented choice in how they move money to buy, sell and borrow.

Tech ‘go-between’ companies such as PayPal have interjected themselves into the online space between customer, seller, and the big banks to eke out a thriving business model.

Buy now pay later services such as Afterpay have followed suit, again carving out a new positions in these in-between digital spaces.

Open banking aggregation services such as Revolut and Monzo have also entered the fray, further threatening banking models.

And at the edge of all this, Big Tech companies including Apple, Amazon, Facebook, Google are evolving their own digital economies, for the most part leaving out the banks in their own closed transaction systems.

More than ever, banks need to look after their own interests by looking after their own customers.

Companies that operate in digital spaces have a key advantage over basic brick and mortar physical spaces, including banks.

That is, they build upon creating highly detailed customer profiles over time, where knowledge is power.

Whenever a person goes online, behavioural data is gleaned and utilized to deliver a better customer experience – and increase the likelihood of return visitations and commitment to purchase goods and services.

Whenever a person actually goes into a bank, they face queuing, excessive wait times and protracted discussion on what they are there for and who they actually need to speak to.

When a person goes online – be it for banking or anything in general – they are typically only a few minutes and a few clicks away from their intended destination and desired outcome.

In an age of increasing competition, banks simply must deliver the best possible experience for their customers in the real-world, often the site of their largest, most important transactions.

If only the key metrics afforded in online spaces could be translated into bricks and mortar spaces…

Now they can, with Foresense Technologies.

"Foresense introduces an all- encompassing solution to monitor individual customers in real-time to discover overarching trends.

Foresense facilitates the collection of presence data and the analysis of how people act – and interact – on-site in real world settings to provide real-time analytics of traffic inside and around any physical location.

At its core, the Foresense platform utilises proprietary AI to identify areas for improvement and guide commercially based decisions to increase operational KPIs and efficiencies with highly detailed, quantifiable behavioural data.

Foresense introduces an all- encompassing solution to monitor individual customers in real-time to discover overarching trends.

In a similar way to how behavioural data is utilised online through careful analysis of aspects such as site navigation, page dwell time, session duration, and unique and return visitations Foresense collects data through an array of sensors that integrate with visitor smartphones.

As a complete journey mapping solution, individual visitor data such as total time in the area, and the breakdown of time spent at individual floor sections – ATMs, foyers and waiting spaces, queueing, refreshment areas, talking with tellers and sales staff – is all collected and collated.

This presents a total customer journey insight, delivering definitive traffic data and heat maps for each and every floor section.

With a direct line of communication via push notification technology exciting new opportunities for highly targeted finecast marketing are made possible.

Detailed individual profiles can be built to identify the habits of casual, frequent and infrequent visitors and offer tailored information about banking products while actually on site to initiate further discussion with staff.

Automatically detect valued and VIP customers on entry to have staff greet them by name and usher them to a highly personalised, fast tracked transaction experience.

Incentivise particular customers with real time offers and rewards in association with corporate partners in loyalty programs.

Foresense digital video sensors can also be utilised in a new way for targeted messages based on visitor profile as they pass by, or are captive while seated or queuing, for example.

The technology can also complement existing security surveillance systems. The AI platform detects loitering, erratic behaviour and unauthorised entry to deploy security staff in real-time as issues develop.

As we learn to live with COVID, Foresense can also complement existing digital tools to monitor and log customers as they move across the floor to assist contact tracers and keep everyone safer. In this way it can also be used to monitor and control the number of people gathering in any particular area to address crowd density regulations.

It can also identify vaccination status or those who have not recently received a negative COVID test result when required by law, or can send digital reminders to scan in at QR code points, taking responsibility out of the hands of attendants and staff.

Foresense can increase efficiency and safety, decrease costs and increase profitability at low investment.

In an age where competition in the financial sector is rapidly moving beyond the realm of bricks and mortar and into digital spaces, customer retention is key to future viability.

Foresense levels this new playing field, allowing physical banks to access the same data metrics and marketing tools that the online world allows.

With the banking sector in such a hyper- competitive marketplace customers expect a higher level of service and care and now with the Foresense platform a full 360 degree solution is at hand 24/7.

When it comes to smarter data, bank on Foresense to make the most sense.