Anyone can pick a piece of real estate to locate a branch or store. Someone on your team is likely familiar with the area. You may know that there is a new retail center being developed near a busy intersection. A helpful broker will provide a demographic summary of the area immediately around the property and maybe even some traffic counts. It begs the question: What value is there in conducting a market expansion analysis or site selection study? Investing in a new location
My son’s second grade class has been learning about maps and, last week, I had the opportunity to introduce the class to GIS (geographic information system) software. Once I got over the fear of being in front of twenty-two unpredictable kiddos (way more intimidating than a room full of executives!), it was important to find a simple way to explain why visualizing things on a map is so powerful and how it truly helps us make better decisions. I decided the best way to get the
You had a list. You checked it twice. You must be done… shew (wipe of the brow). Now it’s time to sit back and reap the rewards of your branch transformation efforts… Please, No! Don’t stop here! Branch transformation is not a one-time project to check off a priority list. It’s not a piece of equipment, or any one item. It is a long-term commitment to transforming your culture, bringing along both your employees and customers, and adapting to changes as the industry evolves.
Setting aside any arguments for brick & mortar expansion vs. online/mobile growth – I think we’ll all agree that it’s an exciting time when your business is ready to expand. Whether you’re looking to expand to a nearby location in a market you know well, or are rapidly expanding into new markets with which you are less familiar, the question remains: How will you decide exactly where to open your next location(s)? If you’re Amazon and want to find the best fit for a second HQ
By “creating space,” we don’t necessarily mean adding more square feet. More likely than not, “creating space” won’t require one additional square inch and may even lead to reducing your physical branch square footage. It's about being accessible to your customers in the ways that work for them. How are your customers currently interacting with your institution? How are you learning more about their preferences? Through industry research? Directly asking them? Testing and lea
We use the word “data-driven” [a lot!] to describe the strategic recommendations we provide to financial institutions and retailers. And, the truth is, with so many buzz words in our business lexicon, our beloved ‘data-driven’ may be interpreted by readers as another puffed up word that carries little weight. Conversely, some people may even assume that we’re referring to a fully-automated decision tool, with no qualitative input woven into our insights. Instead wondering how