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An Integrated approach for Banking GIS
Competitor Analysis
This analysis answers the queries, where are our competitors located?. This analysis identifies the competitors and their customers on the Map, analyze the reason for existing performance.
Focused Marketing
GIS based solution can provide specific information on products and the areas they are well received. Therefore allowing specific advertising to take and thus reducing large advertising bills. Banks can now advertise in region media specific products, rather than major national media campaigns. Scheme’s introduction and advertising those scheme’s can be targeted to the more appropriate group (Specific income group, Some specific category like NRI account, Current Account…etc). GIS can help in identifying those target groups spatial distribution.
Business Expansion Planning
Finding the best new bank location for business expansion is really a challenging task as it requires substantial capital investment and with so much money on the line, management wants to feel sure that they have selected the right expansion site. The solution should allow the management the ability to understand the big picture for their concept, providing insight for strategic planning.
New Branch / New ATM Location
Business expansion planning needs modeling location-relevant data and providing fast and cost- effective site analysis to confidently and reliably select a new bank branch/ATM location and shorten the cycle for time to market. It is also necessary to assess the likely performance of new branches/ATMs based on the presence of key decision variables, such as Concentration of commercial areas, traffic patterns, workplaces or homes of customers whose demographics and purchase behavior match a bank's target customer profile. GIS based solution helps to understand how a potential new branch would perform based on the performance of a bank's best matching existing branches as well as compare how one of its branches is performing relative to other branches.
Banks seeking sites for location for expansion, also need information from localities, land costs, building availability and suitability, construction costs, local and state taxes, local and state development incentives, availability and cost of energy, transportation costs to customers and from suppliers, as well as such factors as the availability and quality of medical care in the area, the location and market areas of competitors, the availability of other infrastructure such as telecommunications, sewer, and water, as well as factors related to quality of life. Using GIS, these diverse information elements can more readily be identified and integrated. Additionally, the ability to display this information in map formats enables economic developers to demonstrate pictorially and comprehensively that a site or sites meet specified criteria.
Using GIS based solutions banks can determine the maximum number of branches a market, region is capable of supporting. This leads to more focused growth strategies, more efficient Banks can use GIS based solutions to rank service areas within a market according to viability for the concept. Based on the bank's criteria, the analysis can consider competition, cannibalization, demographics and other concept factors to help prioritize options.
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