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CASE STUDY
OAK
VALLEY
COMMUNITY
BANK
SITUATION:
Oak Valley Community Bank is a Central Valley-based bank, with
branches in five counties. They have a thriving residential and
commercial banking business, with high customer satisfaction rates, a
healthy balance sheet, and a sustainable growth plan.
The leadership at Oak Valley wanted to expand their commercial
banking products into new sectors. Specifically, they wanted to
develop products tailored for dental practices, but they first needed to
understand the financing and banking environment that dentists rely on.
Oak Valley hired InterQ Research to conduct in-depth interviews with
dentists who reside in the five counties where they have branches.
ACTION TAKEN:
InterQ began the process by running quantitative reports on the dental
financial sector. We looked at the biggest competitors in the financing
space, examined dental office average incomes, and segmented out
dental offices and nearby competitors within the five counties.
Following the quantitative research, InterQ then conducted in-depth
qualitative interviews with dentists within the geographical region of
Oak Valley branches. We asked dentists how they find financing options;
asked their perceptions about the dental manufacturing companies that
offer financing; learned about banking services they use; asked about
their needs for financial services; and discussed lifestyle questions,
including media-watching habits.
We assembled a comprehensive report, with details of the quantitative
and qualitative findings, and we included observations and implications
for moving forward with product development and marketing initiatives.
RESULTS:
The Oak Valley team was extremely pleased with the report findings.
Equipped with a better understanding about the dental practices within
their region, they were able to make a strategic decision about how
to develop new financing and banking products, and come up with
practical ways to better serve dental practices.