3 Steps to Selecting the Right Site for your Financial Institution

Posted by Caitlin On July 2017

Is it time for you to move? Do you feel like you’ve outgrown your current facility? Are your numbers down and you’re wondering if a different location would make a difference? Is it time to start looking for an additional location? Unfortunately, the best locations for branches are no longer just for branches – other strong businesses are also on the hunt for these sites. Because sites are becoming harder to find, you must be ready to make the jump as soon as a good site becomes available. But how do you decide where the correct location is? These three factors are the key to selecting the correct site for your new branch.

Convenience

No matter what you do, convenience will always influence where consumers bank. Transaction counts are on the decline, which makes it even more important for your facility to be in a convenient location. When consumers do want that valuable face-to-face contact, they need to be able to easily reach you.

Frequency of Visits

Being on the correct side of the street can make a difference for your branch. Proximity to highways and access ramps also has become important in the site selection process as they improve driving time. In the age of convenience, adding only 3 minutes, as opposed to 8 minutes, onto consumers driving time will increase the probability that they will stop.

Brand Awareness

Having impressive and visible signage is very important for your brand awareness. Having a message center with editable and moving texts will allow you to update your message and remain current while also drawing the eye. While your lenders are out selling, your facility should be doing the same.

While some people believe that online and mobile banking will be the way of the future, time and time again research proves that financial institutions will continue to need all forms of delivery channels. In fact, the best customers still prefer personal interaction found in a bank, no matter what their age. By continuing to improve your facilities presence, you will continue to be successful and improve your overall strategy.