The Financial Brand Insights - Fall 2022 Article - Flipbook - Page 3
anch
Profits
er Analytics
By The Redmond Company
The right location has the potential to significantly
boost a financial institution’s long-term
performance, financial growth and success. Even
more important, a poor location can cost millions
of dollars in misspent resources and future
business opportunities. Financial institutions that
leverage advanced data analytics as part of their
branch deployment strategy gain a competitive
advantage when making critical business
decisions, such as:
• Where should my branches be located
and why?
• Are my existing branches properly positioned
to maximize growth and profitability?
• What is the gross profit of each branch?
• What size and type of branch can a particular
Market support? Is a microbranch, small
footprint or a full-service branch best?
• Depending on the demographics,
psychographics, Market conditions and
customers/members profiles, what services
should the branch provide?
• Should I consider a “hub-and-spoke” approach
to my branch network, or is a “thin line” strategy
more appropriate?
Using Prescriptive Consumer Data Analytics
– a unique approach to advanced analytics
that can transform decision-making – will
help answer these questions. This data-driven
approach takes what we know, predicts what
could happen and provides recommendations
for moving forward. The result is that you have
the essential data and insight needed to make
the best decision for the long-term financial
performance of your institution.
Having a thoroughly developed branch
deployment strategy, based on the findings of
an in-depth Prescriptive Consumer Data Analysis,
allows you to identify locations most aligned with
THE FINANCIAL BRAND INSIGHTS
FALL 2022
56
