The Financial Brand Insights - Fall 2022

Using Prescriptive Consumer Data Analytics — a unique approach to advanced analytics that can transform decision-making — will help answer these questions. This data-driven approach takes what we know, predicts what could happen and provides recommendations for moving forward. The result is that you have the essential data and insight needed to make the best decision for the long-term financial performance of your institution. Having a thoroughly developed branch deployment strategy, based on the findings of an in-depth Prescriptive Consumer Data Analysis, allows you to identify locations most aligned with

your organization's needs and business objectives. This approach maximizes opportunities and minimizes costs and risks. Leveraging Prescriptive Consumer Data Analytics to develop a branch network that is based on changing consumer behaviors, technology needs and financial usage patterns will help institutions position themselves for the future. It can also help them to attract and retain the best employees. Identifying and procuring optimal locations is a significant strategic issue financial institutions face. The “build it and they will come” model of branching no longer works in today’s competitive physical space environments. Such important

Figure 2

Market of Interest and optimal Trade Areas for branch deployment.

Figure 1

Tapestry Segmentation insights are used to help identify the ideal and most profitable customers/members.

decisions need to be backed by consumer demographics, psychographic analytics, an understanding of Market forces and competitive analysis. (Figure 1) With the experience of completing more than 800 financial projects and hundreds of projects for some of the nation’s largest and most successful retailers, such as Starbucks, McDonald’s, Walgreens and Panera Bread, The Redmond Company has developed a proprietary process of evaluating, ranking and converting the Prescriptive Consumer Data Analytics into actionable data. Using Prescriptive Consumer Data Analytics, Redmond provides data-driven

answers to the questions you have about your current and future business opportunities. It has been proven that actionable data increases revenue, reduces expenses, improves efficiency, increases the understanding of your customer/member needs and more. We partner with banks and credit unions to evaluate the Market of Interest to determine the optimal Trade Areas, Area of Influences, and Sites to maximize our client’s growth and profitability. (Figure 2) The top map illustrates the Market of Interest and lower map illustrates the optimal Trade Areas for branch deployment.





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