Finding Growth Opportunities

Re-evaluating Service Options

Situation

Facing increasing costs for extended banking hours, a financial institution wanted to know if it could reduce its branch service hours and if so, what the optimum strategy might be and the risk associated with it.            

 

Approach

A custom-designed approach elicited consumer reactions to a variety of branch service hour scenarios. Modelling the consumer response enabled us to:

  • Understand the underlying level of consumer demand for various branch opening and closing hours.
  • Measure the elasticity of consumer demand for branch hours.

 

Outcome

We were able to identify the optimum weekday/weekend opening and closing hours for branches in major urban and rural markets. The client was armed with the information they required to make their final decisions.