The Challenge: Building a Robust Investment Strategy to Grow the Customer Base in Portland
Bank of the West was operating 20 branches in the Portland area and had a vision to expand their market presence. In the near-term, the bank wanted to understand the growth opportunity and establish an investment strategy for Portland. Long-term, however, the bank aimed to create a robust analytic process that would standardize how they assessed markets across the entire footprint.
The Solution: Developing a Targeted Market Strategy Using StrataScape®
To get a 360-degree view of the landscape in Portland, Bank of the West turned to Novantas’s highly intuitive planning platform, StrataScape, to target the communities with the highest growth potential. Using industry data and a market prioritization framework, the StrataScape client services team collaborated with the executives at Bank of the West to build the Portland strategy. “In this exercise, we were focused on retail customers and our objectives were first, to understand which areas had the most headroom for growth, and second, how targeted investments in branches and ATMs could provide lift to the whole market – not just individual trade areas,” explained Tim Sieferman, Senior Vice President of the Branch Network Group at Bank of the West.
About Bank of the West
Bank of the West is a regional financial services company headquartered in San Francisco with $83.8 billion in assets as of March 31, 2017. Founded in 1874, Bank of the West provides a wide range of personal, commercial, wealth management and international banking services through more than 600 branches and offices in 23 states and digital channels. Bank of the West is a subsidiary of BNP Paribas, which has a presence in 74 countries with more than 190,000 employees. To learn more about Bank of the West, visit About Us via BankoftheWest.com.
Novantas, Inc. is the leader in customer science and revenue strategy for the financial industries, and one of the fastest growing and largest FinTech companies worldwide according to American Banker and IDC FinTech 100 listings. Novantas advisory and solution services specialize in investigating and interpreting customer needs, attitudes, and behaviors, to help banks refine pricing, distribution, marketing, customer strategies, and sales and service activities. Novantas’s StrataScape is an intuitive network planning platform which provides banks with a powerful approach to understand the opportunity across their markets as well as industry-tested branch decision models. For more information, visit www.novantas.com.