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 crafting meaningful customer interactions (hint: scratch the 9 teller windows).
Today, we're going to discuss WHERE. Where will you place your next branch?
Before engaging a real estate broker and negotiating a property deal, spend a couple minutes learning about what goes into a data-driven location decision.
Have you taken the time to truly assess your current situation? The insights gained from evaluating your market(s) and your customer patterns will fine-tune your target trade area(s) and may very likely save you from costly site location errors.