CU QUICK FACTS
Delta Community Credit Union
Data as of 03.31.17
HQ: Atlanta, GA
12-MO SHARE GROWTH: 7.8%
12-MO LOAN GROWTH: 15.0%
Georgia’s largest credit union, Delta Community Credit Union ($5.5B, Atlanta, GA), serves more than 350,000 members in 11 metro Atlanta counties and beyond. Its 26-branch footprint includes nearly two dozen locations in Georgia as well as a handful in Cincinnati, Dallas, and Salt Lake City.
According to Chris Hankins, strategic research and reporting manager for Delta Community, the credit union opened one branch every year from 2005 to 2011. After a period of sustainment, the organization decided in 2016 to start a branch expansion project and open its 27th branch.
Before choosing a location, however, this far-reaching Peach State financial institution needed the right competitive intelligence, so the credit union’s strategy team set out to identify network gaps and objectively identify the most attractive community for its next branch.
This tool is great for credit unions looking for competitive intelligence. We’ve created a robust, sound plan.
We did a ton of market research using Callahan’s BranchAnalyzer, Hankins says. We ranked markets based on demographics and product usage or estimated demand for our products and services.
Delta Community’s decision-making framework overlaid data found in BranchAnalyzer against the attributes it had identified for an ideal market. Specific data points the credit union considered included the number of financial institutions and branches located in a specific market as well as a market’s median income, number of housing units, homeowners, and deposit market share.
Find The Ideal Branch Location
You can use BranchAnalyzer like Delta Community to find the perfect market for your next branch by accounting for market saturation, deposit market share of local branches, and the demographic makeup of the market.
The credit union discovered Alpharetta, GA, boasts 70 bank and credit union branches, but even with a good amount of coverage, there are very few credit unions in certain areas. BranchAnalyzer even helped the credit union identify an ideal location in Alpharetta a vacant bank branch that will open as Delta Community’s newest location at the end of May.
The maps in BranchAnalyzer helped us see where, exactly, competitors were located and find pockets that might be underserved but still have a strong demand for our products, Hankins says.
Click through the tabs below to see the maps and other market analysis Delta Community used to create a robust, sound branching plan with help from Callahan’s BranchAnalyzer.
1. Competitive Analysis Alpharetta
2. Competitive Analysis Fulton County
3. Competitive Analysis Market Share
Through its own research and speaking with outside consulting firms, the credit union knew the average cost for a market survey with this kind of insight and map visualization could run $100,000 or more. Some firms quoted as much as $2,000 for a single map with far fewer insights. BranchAnalyzer helped the Delta Community team dig deeper than static surveys priced at a premium and use existing resources to map out the best path for expansion.
Delta Community used BranchAnalyzer to complete, in house, every piece of its 2016 branch expansion project, which included financial projections the credit union reverse engineered based on deposit market share and market demographics.
Today, Delta Community is working on phase two of its branch expansion plan, which includes refreshing earlier research and analysis and looking for changes and updates within the markets it serves. And once again, it’s using BranchAnalyzer to make an objective, data-driven decision about branch placement.
This tool is great for credit unions looking for competitive intelligence, Hankins says. We’ve created a robust, sound plan. I would definitely recommend using BranchAnalyzer before hiring a third party.