What is decongestion?
Decongestion refers to overcrowding of a store, outlet, or branch. However, it is majorly relevant for bank branches. Overcrowded banking halls and long queues during operational hours are a standard part of customers’ experience that banks should address for the smooth running of a branch. Banks should decongest their branch to cater to the growing demand for customer convenience and combat slow or disorganized queues. This helps them offer an enriching customer experience and increase footfall.
Need to combat decongestion
Selecting the perfect branch location is strategically crucial for banks. A suitable branch location has a more substantial potential to rope in sales and garner profitable customers. The number of branches in a particular region has a direct impact on the growth of the bank.
How does Dista help?
Dista’s location intelligence platform optimizes bank branch networks by suggesting relocation and closing branches in the city to decongest over-serviced areas. It offers intelligent recommendations about new and favorable locations in the city and suggests optimal allocation of personnel to service leads more efficiently. Moreover, it provides the range of pincodes to be served from each of the bank branches.
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1) Site selection
As per reports, banks must focus on their location strategy to keep their branch network profitable in the long run. Our smart system offers recommendations regarding opening a new branch location and relocation in the city that will lead to an efficient branch network. Over-representation in a particular area can lead to cannibalization of revenue of a branch by another branch in the nearby area. Moreover, our software also suggests closely located branches that can be consolidated to a single more profitable branch.
2) Optimum allocation of field and sales representatives
Moreover, our solution also helps with the optimal allocation of personnel to service leads more efficiently. It determines the clusters of the pin codes, which can be served together, and identifies potential leads in the pincode. Banks can also select the central point for each cluster, from where their sales officer can optimally service incoming leads. This helps in improving the lead conversion rate and expanding area coverage.