
Leveraging your credit union’s data to guide branch strategy
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 credit union 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, where will you locate the new branch? Investing in a new location is one of the largest financial commitments a credit unio

Why would we invest in an analysis when we already know where to put our new location?
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


The power of maps.
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

Don't stop now!!
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.

Uncovering hidden trends and patterns: Three reasons why ‘data-driven’ matters
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
How do you assess where to expand?
There is much industry debate about the value of branches in today's digital world. Based on our work with clients across the country, here's our take: branches are a vital vehicle for acquiring customers as financial institutions grow. They also serve a central role in building and maintaining customer relationships. Branches going forward, generally, won't look like branches of the past and we have dedicated earlier posts to discussing which branch elements are key to craft

Is your branch location convenient?
Providing convenience for your customers includes being easily accessible. Sometimes this means being embedded in their mobile device with slick features, sometimes this means a simple and powerful online banking platform, and sometimes this still means a physical location in the community. Consumer preferences continue to show that consumers of all ages frequently turn to in-person service for opening new accounts, addressing more complex questions, and seeking financial adv

How do I choose where to test technology? (Part 4)
Selecting a branch that is already prime for adopting self-service will help kick start your technology integration efforts. The first three steps in this strategy challenge focused on answering the following questions: How likely are market consumers to use self-service channels to conduct their banking activities? What proportion of Sample Bank’s existing customers rely on each available channel? What is the transition mix at each branch? How many transactions can be target

How do I choose where to test technology? (Part 3)
Once you’ve assessed the market likelihood to adopt self-service, and evaluated customer behavior across your network, it’s time to examine the transaction mix at each of your branches. Which transactions will you target for migration to self-service? Identify which transactions will work best via the self-service channel and understand how that will impact the remaining teller transaction volume. Keep in mind that not all routine transactions will shift from the teller line