US Bank Data (FDIC)
The FDIC houses a vast database on bank data across the US, which includes their location, deposit, and institution information. This data provides insights into the community’s economic health, which reflects consumer spending power and market stability. The data covers both consumer and business banking metrics, enabling a deeper dive into the economic characteristics of areas across the U.S.
Use Cases
- Deposit Activity: By examining deposit activity, brands can gauge the financial well-being of target communities.
- Site Selection: When selecting new sites, banks can be incorporated as points of interest and be utilized if it's determined as a traffic driver.
Methodology used by the FDIC
The FDIC collects bank branch data through its Summary of Deposits (SOD) survey, where all FDIC-insured institutions report detailed information annually on each of their branch offices.
Additionally, banks are required to report any branch status changes such as openings, closings, or relocations throughout the year. This approach enables the FDIC to provide a reliable and comprehensive resource on bank branch locations and activity across the country.
Limitations
- Annual Data Updates: Although banks are required to update any branch status changes throughout the year to the FDIC, the data is only published once a year. Typically, this is published around Fall of each year.
- Deposit-Focused Information: While deposit totals offer insight into economic health, the data lacks other metrics, such as transactional activity, which could provide a fuller picture of local market dynamics.
- Self-Reported and Aggregated Data: Banks report their own data, which can lead to inconsistencies despite FDIC verification efforts. The aggregated nature of the data lacks detailed demographic or consumer-specific insights.
FAQ
How often is this data updated?
FDIC Bank Data is updated annually
What is the coverage?
United States, point-level data
Is there a licensing cost?
FDIC Bank data is available free of charge to add as a layer for all Sitewise Pro clients.
How do I add Bank Data to my mapset as a layer?
- In Sitewise, click on the plus icon at the top of your layer sidebar.
- Under “Points”, click the point layer named “FDIC Banks (SOD)”.
- You can contact Sitewise Support for any further queries
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