Re-evaluating Service Options

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.

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