Background: Siam Commercial Bank is the fourth largest bank in Thailand.
Challenge: How to know which branch can be changed and would not affect customer loyalty?
Siam Commercial Bank has 1,154 branches in 2018, but they were finding a way to close some branches that did not have many clients or try to transform branch from traditional one to self-servicing banking. Nowadays, FinTech is popular around the world because it is convenient. We can access our bank accounts on phones, computers, and tablets. Furthermore, chatbots can help customers solve problems, in other words, people do not need trained staff to help sort out problems and provide assistance to people. However, this is the kind of thing that is disrupting the banking sector and is one of the bigger impacts on the industry. As a result, Siam Commercial Bank sought ways to reinvigorate branch relevance by refining their services as well as redesigning the physical look and feel of their locations. Wish banks can better address the needs of today’s consumers. But which branch need to be change? If we change this branch, people who usually go there will accept it or give up this bank and change to their competitors?
Main Solution Methods we used in this case:
Kiwi, a location intelligence platform
In this project, employees of getchee as consultants cooperated with Strategic Analyzing Department of Siam Commercial Bank. We focused on identifying which stores are underperforming potential in Bangkok, and that kind of stores are the target branches to be closed. First, analyzing distribution of total population, working population, household number, and age. Second, creating a customized heat maps for Siam Commercial Bank. This heat map can help them quickly understand the market in terms of where people live, work, and shop. Third, the distance of key competitors. We need to know that the consumers would change the bank or not when the branch was closed. getchee designed the model and applied it into Kiwi, a GIS platform. In this way, Siam Commercial Bank could know the coverage of branches and customers easily and visually. They can also see numerical value on the report that getchee provided to decide which stores should be closed, and also can know the number of potential risk of losing customers.