What location intelligence tells you about the services your bank branches should offer

Define the services your bank branches should offer and optimise them for local markets using advanced yet intuitive location intelligence software. 

In this article, we will introduce you to some of the simple ways you can use data already integrated into Periscope® to learn more about local demographics and adapt your banking services accordingly. 

Key customer demographics and the services your bank branches should offer 

Included below is a list of key customer demographics. 

Each of these is accompanied by an overview of how you can identify each demographic and what services your bank branches should offer to attract them: 

1) Older people 

Calculate and visualise these datasets to define areas with high volumes of older people: 

  • Census data 
  • Demographic classification data (three-tier system, featuring 76 individual demographic classifications) 

Adapt your services to accommodate the banking preferences of older people by styling your branches in a more traditional way, with more onus on cashiers and less on new technology. 

You might also want to consider a few extra features to make your bank branches more welcoming. This could include additional seating areas, or a policy of offering visitors some form of refreshment. 

2) Students 

Calculate and visualise these datasets to define areas with high volumes of students: 

  • Census data 
  • Maps (areas where universities are easily accessible on foot/via public transport) 
  • Council tax bands/average house prices (low property values with high numbers of rooms) 
  • Demographic classification 
  • Income decile (classification of local residents’ income from 1-10) 
  • Employee count with social grade (volume of people within each social grade) 

Adapt your services to accommodate the banking preferences of students by offering services linked to student loans, money management advice and overdrafts. 

Leverage the latest technology to fit with their preferred banking methodology and streamline costs. Also, put in place services in case these customers decide to remain with your bank until they become young professionals. 

3) Young professionals/couples 

Calculate and visualise these datasets to define areas with high volumes of young professionals/couples: 

  • Census data 
  • Income decile 
  • Council tax bands/average house prices 
  • Demographic classification 
  • Employee count with social grade 

Adapt your services to accommodate the banking preferences of young professionals and couples by offering services linked to mortgages, Help-to-Buy ISAs, overdrafts and financial planning advice. 

As with students, you can afford to rely more heavily on technology with this demographic. Also, consider what services would be beneficial should these professionals settle down and start a family. 

4) High-earners 

Calculate and visualise these datasets to define areas with high volumes of high-earners: 

  • Income decile 
  • Council tax bands/house prices 
  • Demographic classification 
  • Employee count with social grade 

Adapt your services to accommodate the banking preferences of high-earners by focusing on services relating to high-value transactions, such as investment advice or wealth management services. 

Consider giving your branches more of a premium aesthetic and place the onus on consultative services, with dedicated break-out rooms for discussing potentially sensitive financial transactions. 

Use this insight to identify key demographics and decide which services your bank branches should offer. 

Optimise your banking services and increase profitability with location intelligence; sign up for a 10-minute Periscope® demo today.