Customer Story

Large North American Bank Uses Precisely Location-Based Data and Analytics for Branch Transformation

The efficiency of a bank’s branch network can have a significant impact on the institution’s performance. That’s why one of North America’s largest banks has deployed Precisely location-based data and analytics — data technologies, demographic, and financial services datasets, and analytical solutions— to help transform its business. The project has improved decision-making related to changes in branch placement and format, identified untapped revenue opportunities, and increased Location and Business Intelligence capabilities across the organization.

The bank’s retail distribution group is responsible for recommending where to open new branches, which branches to close, and which to renovate. Previously, they made these decisions on a one-off basis, with little analysis of how the decisions would impact the overall business. Additionally, the retail distribution group considers the optimal product mix for each location, identifies opportunities to increase sales and provides Business Intelligence to other internal groups.

The bank tapped Precisely financial services expertise to upgrade its Location Intelligence capability. At the heart of the new system is a Precisely Spectrum data-mart that holds 36 months’ worth of customer history, account openings and closures, transaction and other data from every branch. Spectrum also pulls in the Precisely Demographics, Business, and Demand Insight Financial datasets. Based on tens of millions of actual customer banking records, the Demand Insight Financial dataset estimates customer demand for 20 types of banking products throughout the U.S.

The Precisely GeoInsight solution presents the information from the data-mart in an easy-to-digest map-based format. The Spectrum data-mart also feeds information to Precisely WinSITE, a predictive analytics solution that forecasts the incremental impact of opening a new branch in a specific location or closing an existing branch. Precisely PERFORM.360 helps the bank set opportunity-based sales targets for each branch. Precisely helped the bank’s retail distribution team understand how to interpret and leverage results coming out of the new solution.

The proportion of branches hitting revenue targets has increased, as has morale among staff and managers, who now have a better understanding of the reasoning behind their sales goals.

Large bank uses Precisely location-based data and analytics for branch transformation and sales growth