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
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