One of the most valuable and quickly-growing tools for decision making in modern industries is GIS technology. GIS, or geographic information system, technology systems simply programs that are designed to gather, store, analyze and manage geographic data. This data can then be use for a variety of purposes within various industries.
Not only can GIS technology be used for simple purposes like to map locations or to gather customer information. It can also be used to identify areas where there is a potential for growth – this is an important application for retail businesses and other organizations.
In developed countries like the United Kingdom, the United States, and Japan, GIS technology is widely used in business sectors for information sharing, banking, and even real estate purposes. These industries use GIS technology to increase profitability and to leverage functionality. Simply put, GIS technology makes the task of making decisions easier and more accurate than ever.
How GIS is Being Used in Bangladesh
Though GIS technology is widely used in the business sector in various developed countries, it is still fairly new in other areas. In Bangladesh, for example, GIS software is used for simple purposes like to analyze resource maps and areas of risk. Not only are these uses for GIS software simple compared to what GIS can really do, but the processes used are often more complicated than they need to be.
Organizations in the Bangladesh development sector use GIS technology to prepare reports and maps. These reports and maps are very important to have but, unfortunately, they are all produced by one group. Only a single person has access to these reports and they can only do so much with them. Without adequate time to view the reports and to analyze the information, a lot of data goes to waste. This is just one example of how GIS technology is not being used to its maximum potential.
How Can GIS be Used for Banking?
Though developing countries like Bangladesh use GIS technology for a few tasks, there are many more ways that this technology can be useful. Because GIS technology can be used to gather, manipulate, and analyze geographic data, it is incredibly useful for organizations that work with location data. A prime example of this is the banking sector.
Banks need to be able to locate their account holders. If an account holder is seeking a loan for a house, the bank also needs to be able to locate the property in question to learn important information about it. GIS technology can be used to make this data collection process more efficient and accurate. Rather than sending an employee out to the site of the property, GIS technology can be used to gather information about the neighborhood, the property value, and more.
GIS technology can also be beneficial in projecting areas of future growth and for identifying new locations for businesses. If a business is applying for a loan to create a new location, having information about the area is important – the bank will use that information to determine whether or not the business is a good candidate for a loan. These are just a few of the many ways in which GIS technology can be used by the banking sector in Bangladesh to improve accuracy and efficiency.
GIS for Real Estate Banking
One of the most important functions the banking sector provides to its clients is loan services. Because there is a lot of competition within the banking sector for loans, individual companies need to be able to analyze important pieces of data such as property location, plot size, location, land valuation and more.
Currently, many companies collect this data manually but all of this data can be gathered more efficiently and accurately using GIS software. Rather than taking 30 days to evaluate a loan application, the bank could use GIS technology to gather and analyze the data and then make a decision in a much faster, more streamlined process. By reducing the evaluation time, the bank can increase their profits and put their man power to better use.
GIS technology is incredibly versatile and, in developed countries, it is widely used within the business sector. In developing countries, however, GIS technology is still widely underutilized. The example of the banking sector in Bangladesh provides a detailed example of how GIS technology can be used to increase the efficiency, accuracy, and profitability of certain banking functions such as loan servicing.