Location lies at the heart of many disciplines within the financial sector.  Success in retail banking relies on a knowledge of markets, channels, competitors and customers; all of which have a spatial element.  In financing and investment, risk has a spatial element too, especially in property.  Due to the importance of location in insurance, insurance applications have been covered separately.     

Growth in retail banking

Using MapInfo technology, spatial demographic data and geocoded customer data, you can gain valuable insight into the playing field in which you operate.  Opportunities to grow your client base can be identified by selecting target markets, analysing market penetration and researching competitor activity.  By understanding the demographics and buying patterns of your customers and potential markets, appropriate media and messages can be selected, yielding better return on marketing spend.  Understanding your customer also opens opportunities for appropriate cross selling. 

Retaining customers through improved service 

Using demographics to better understand your customer allows you to cater for and adapt to their specific needs which in turn improves service.  Products and services can be enhanced and personalised.  Using spatial information you can match your staff to your markets (e.g. language and literacy), ensure appropriate touch points (e.g. face-to-face services vs online services) and communication channels, and tailor information provided to your clients.  Empowering your channel with local market information not only enables them to improve their service delivery, but also enables fair perfomance measurement across the channel as consideration can be made for market drivers.

Network planning

By understanding the spatial distribution of your branch/ATM network (and your competitors’ network) you can optimise your channel.  This is done through scientific site selection which takes account of market presense, market profile, competitor activity and proximity analysis.  Growth nodes, gaps and overlaps are easily pinpointed so cannabalism can be managed, opportunities can be actioned and territories can be well balanced.

Minimising risk

Risk can be reduced by profiling ‘good’ and ‘bad’ customers and market clusters, understanding exposure and adapting to market and property value trends.

Please contact us to see how we can assist your specific business needs.