Good Afternoon Everyone! So - I have made posts in the past about Geo-fencing and have received some wonderful feedback from many of you. We are now in a place at our FI where the marketing department and bank president wants to move forward with Geo-fencing and retargeting and has requested a meeting with the compliance department (who has brought up many concerns) and the IT committee (who has also brought up concerns). What I'm looking for now is any banks that are currently using Geo-fencing and/or retargeting as a form of advertising/marketing. I'm just looking for feedback on how it's working for you, any pitfalls that came about after putting it in place? Who owns any customer information gathered during the process (the FI or the vendor)? I've already got my concerns with the normal advertising rules along with Fair Lending, redlining and possibly privacy. Is there anything specific that those of you that may be using this process put in place prior to using it?

Is there any FI's out there that are using it?? I would love to hear from you!

Thanks so much!

Bumping this thread in case somebody who is using geo-fencing and/or retargeting missed it the first time.

ALSO - to add on to this question. Are any banks using beacons within their mobile apps??

Thanks again!

None of the institutions that I know of use either services/systems. I have seen proposals, but there were too many downsides at the time to move forward, for all of the reasons you noted. Things change but at the time we were pitched the systems weren't well accepted at least with our prime demographic...things change though...

I know personally I hate all of these types of customized advertisements, tracking etc. and turn them off whenever I can, but I'm apparently a troglodyte.

Kimo - thanks for the response. This seems to be the most common response I have received. There just aren't very many FI's, that I can find, that are using either process. And I agree, it will be something I turn off as soon as I start receiving the alerts/messages. However, I do think we are going to proceed forward, so we will just need to make sure that we are following all advertising rules and regulations and be careful of redlining when drawing "fences", and see what happens!

Thanks again for your response! It has been hard finding another banker with information on this.