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
“Coming soon to a location near you!”
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
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?
The reality is that most banking executives have limited funds for deploying new technology. Even if they had unlimited capital, testing a new model in one location, before deploying it network-wide, is a valuable way to avoid costly mistakes on a grander scale. The question remains, how does one decide where to test the new model? The scenario below offers insight into the first of many factors to be considered… #bestpractices #marketdemographics #consumerpreferences #selfse