Citibank needed a way to identify where its customers and potential customers were coming from in relation to its numerous branch offices. They wanted to determine whether locations were meeting population needs, and where there might be branch service redundancies or over saturations.
Analytics8 implemented QlikMaps, our location analytics engine, and Citibank now has a highly effective way to analyze geographical market penetration and compare it against competitor banks by specific regions. Citibank uses street views within QlikMaps to see any branch location’s surroundings to evaluating parking, ATM convenience, and drive-through services; and they can see the real estate across and down the street. They now plot their own branches and those of their competitors, with Census data incorporated into the custom profiles it creates. This allows Citibank to easily see aggregates of incomes, population, population density, number of people by age per household, and more. In addition, the solution produces account portfolio and market penetration reports for branch managers and sales managers.
Using QlikMaps, Citibank can more easily determine market coverage for its own branches compared against its competitors. As a result, they can identify underserved markets and minimize the cannibalization of areas with multiple Citibank branches. They can also improve the customer experience through street views that show the state of parking and other accommodating services.
Sign up for a data strategy session, and one of our analytics experts will consult with your company about your data and analytics strategies and processes.
To thrive with your data, your people, processes, and technology must all be data-focused. This may sound daunting, but we can help you get there. Sign up to meet with one of our analytics experts who will review your data struggles and help map out steps to achieve data-driven decision making.