Utilization of Geolocation Data for Personalizing Financial Services

This article examines the essence and specific features of applying geolocation data for personalizing financial services. In the context of the rapid digitalization of this sector (as well as others), the use of such data is becoming strategically significant both today and in the future. Banks and financial institutions are actively integrating spatial analytics into their services to enhance service quality and personalize offerings. However, along with the beneficial effects, several critical challenges and contradictions arise, including the interpretation of geodata, privacy concerns, and the efficiency of processing algorithms. The objective of this study is to analyze the ways geolocation data is utilized to personalize financial services, identify key advantages, highlight problematic areas, and outline future directions for its application. The article reviews the primary technological approaches and emphasizes that despite the evident benefits, large-scale implementation of geolocation technologies requires careful consideration of personal data protection and transparency of algorithms. The author’s contribution lies in the comprehensive examination of the issue, presenting a classification of geolocation applications and identifying gaps in the academic literature. The findings will be valuable for financial institutions, fintech solution developers, digital marketing specialists, and analysts working with spatial data.