than 90% of new checking account openings originate in a branch. Therefore, we look at prospective households through two different models of convenience: demonstrated and predicted. Demonstrated convenience is defined by your existing customer base and your recent opening successes. They are the households who likely find your bank convenient based on where they live; they are the neighbors of your existing customers. This is, in essence, lookalike marketing. If you map your existing customer base with the data you already have, you will find concentrations in neighborhoods near your branches. However, recent developments in technology have redefined convenience. This opens a less obvious but equally valuable audience: people who may not live near your branch but commute nearby for work, shopping or dining. Since branch lobbies are typically open from 9 a.m. to 5 p.m., consumers often use branch services near where they work. This commuter audience displays what we call predicted convenience, and it expands the pool of potential customers beyond what demonstrated convenience alone may reveal. For example, consider Norman, Oklahoma. Norman has a population of approximately 131,000 and is a major employment center within the Oklahoma City metro area. Major employers such as the University of Oklahoma, Norman Regional Health System and Johnson Controls support a substantial daily workforce, drawing inbound commuters from across the region and making Norman an important destination for workers in the area. By leveraging GPS data, you can identify people who work or commute near your locations. This sophisticated data-driven geo-targeting model is designed to identify additional prospects with a high probability of selecting your bank. Once identified, you can target these prospects through an omnichannel approach to build and maintain top-of-mind awareness. While we cannot create demand, we can create awareness and steer existing demand to specific locations. By leveraging both demonstrated and predicted convenience, your marketing can be more precise and effective, decreasing customer acquisition costs while driving a higher return on investment. Preston Afrank serves as senior executive vice president at Haberfeld, a data-driven consulting firm specializing in core relationships and profitability growth for community-based financial institutions. Preston can be reached at (402) 750-3313 or pafrank@haberfeld.com. If you map your existing customer base with the data you already have, you will find concentrations in neighborhoods near your branches. 22 WEST VIRGINIA BANKER
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