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Markets in Asia are continuing to grow and evolve extremely fast. As a result, banks have come across challenges in keeping track of where target customers live, work, and shop. Spotting consumer trends and rapidly adjusting offerings and branch locations has become more difficult for banks to achieve.
Banking is a location-driven business and branches contribute a majority of revenue to the overall organization. Branches also make up a little less than half an organization’s costs. Assessing and managing the costs and risks of these assets based on local demand patterns is crucial to efficient expansion and staying ahead.
Changing Consumer Trends — It’s tough to spot trends, especially when data is compiled in ordinary spreadsheets. Applying a geospatial aspect to data makes makes demand patterns and consumer concentrations much easier to spot. Truly understanding how to adapt to rapid changes in consumer behavior requires mapping various market factors of an entire region first and then down to trade zones at at the micro-market level.
The Branch Legacy Struggle — Bank branches tend to stick around for quite a while. For many locations, unfortunately, the surrounding markets that support these branches evolve or even completely move to other areas. However, site evaluations and branch network optimization efforts help you steer clear of this ‘off-pitch’ trap.
Utilizing GIS — Aggregating and simultaneously analyzing location and business data on a map can identify hotspots that aren’t usually highlighted by traditional site survey methods. This approach also provides a quantitative assessment of target sites, reducing costs associated with management and time spent out in the field.
Standardizing Communications — Analyzing up-to-date market data with a dynamic software solution minimizes subjective analyses and opens the door to efficient network planning and marketing.