Objective
In this article, we will be talking about how you can use Core iQ to complete zip code based research in order to find customers within certain geographic areas. We will explore the following topics:
- How to run the Zip Code Research Report within Core iQ
- Uses for the exported version of the Zip Code Research report
How to gather data using the Zip Code Research Report
The Customer Zip Code Research Report allows you to gather customer level data on anyone within a preset geographic area. You can use this report to find those in a certain zip code area, or you can start broad and use Excel to view account balances and customer makeup based on this zip code information.
You can find the Zip Code Research Report under the Customer/Member Level tab of the Actionable Reports menu. Once you find it, you will see that most of the fields for this report are shared by other reports in this area of Core iQ. The only unique field that we will want to look at is the List of Zip Codes text box. This is where we will input the different zip codes that we want to research. If you have just a single zip code that you want to key off of, then you simply have to input that zip code on the first line of the text box. If you have multiple zip codes or want to view a range of zip codes, then input each zip code on a different line of the text box.
Core iQ does not support the use of wildcards or range data within this field, so each zip code will need to be input individually. If you want to view a large range (say 40201-40299), it may be easiest to create that list of numbers outside Core iQ and paste them into this range area. There are a number of websites that can quickly generate lists of numbers between two preset numbers.
What to do with your Zip Code Research data
Once you have your list of zip code data, you can export it to Excel to perform some additional insights. Some of the information that you might be interested in calculating is:
- Average number of customers by zip code
- Average number of Primary Relationships by zip code
- Average Core Deposit balance by zip code
- Average Loan balance by zip code
- Average Time Deposit balance by zip code
- Average customer age by zip code
All of these insights can easily be calculated using your Excel document. Grouping your customers by zip code can help you find out which geographical areas you are doing best in, which can help inform branch locations and product growth. As this data is updated nightly, you can run your report every month or quarter to see your overall growth within different sections of your market. You can also use the additional filters of the report to target existing customers once you better understand what balance data and zip codes matter most to you.