Choosing a site for a new branch or ATM requires a clear understanding of where demand exists within your distribution network.
In the past, this task may have been outsourced. Today, banks are finding that choosing their next branch or ATM location is as simple as creating an interactive map of their sales territory.
MapData Services has a clever mapping tool that enables financial institutions to map their existing distribution network with information about profitability; customer demand and competitors. The resulting view means banks can instantly identify network opportunities and risks.
The tool also allows financial institutions to map and analyse their existing branch network with customer demographics data, to locate where demand for particular services exists.
This means, branches in locations that have a prevalence of particular languages or cultures could be staffed by multi-lingual personnel; or an area with a high rate of customers who work full-time may require a mobile mortgage lender.
Matching services to demand in this way raises the quality of personalised customer service to a completely new level that has never been seen in the banking sector.
Essentially, the tool enables banks to get more out of their existing data – and it provides customers with a more personalised, relevant banking experience than anyone thought possible.