MAR MAR A UNIVERS ITY

FACULTY OF ENGINEERING

LOCATION ANALYSIS AND DECISION SUPPORT

MODEL IN THE BANKING SECTOR

Recep Ali Haneci - 150319565

Elif Kap - 150319640
Sena Nur Bağ atur - 150319693
Sena Uluçam - 150319704

GRADUATION PROJECT REPORT

Department of Industrial Engineering

Supervisor
Assoc. Prof. Dr. HATİCE TEKİNER MOĞ ULKOÇ

IS T AN BU L, 2022

I
 MARMARA UNIVERSITY
FACULTY OF ENGINEERING

LOCATION ANALYSIS AND DECISION SUPPORT MODEL IN THE

BANKING SECTOR
by
RECEP ALİ HANECİ
ELİF KAP
SENA NUR BAĞATUR
SENA ULUÇAM

January 15, 2022, Istanbul

SUMBITTED TO THE DEPARTMENT OF INDUSTRIAL ENGINEERING IN

PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE
OF
BACHELOR OF SCIENCE
AT
MARMARA UNIVERSITY
The author(s) hereby grant(s) to Marmara University permission to reproduce and to distribute publicly
paper and electronic copies of this document in whole or in part and declare that the prepared document
does not in any way include copying of previous work on the subject or the use of ideas, concepts or
structures regarding the subject without appropriate acknowledgement of the source material.

Accepted by …………………………………………………………………………
Project Supervisor, Department of Industrial Engineering
Certified by …………………………………………………………………………
Jury Member, Department of Industrial Engineering
Certified by …………………………………………………………………………
Jury Member, Department of Industrial Engineering

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ACKNOWLEDGEMENTS

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January, 2019 Name(s)

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TABLE OF CONTENTS

ACKNOWLEDGEMENTS.......................................................................................................ii

TABLE OF CONTENTS.........................................................................................................iii

ABSTRACT............................................................................................................................iv

Ö ZET......................................................................................................................................v

LIST OF SYMBOLS................................................................................................................vi

ABBREVIATIONS.................................................................................................................vii

LIST OF FIGURES................................................................................................................viii

LIST OF TABLES...................................................................................................................ix

1. INTRODUCTION............................................................................................................1

1.1. Project Content......................................................................................................2

2. RESEARCH OBJECTIVE.................................................................................................3

3. RELATED LITERATURE...............................................................................................4

3.1. LOCATION ANALYSIS................................................................................................4

3.1.1. Neoclassical Location Theories........................................................................6

3.1.2. Behavioral Location Theory.............................................................................7

3.1.3. Structuralist Location Theory...........................................................................8

3.2. LOCATION ANALYSIS STUDIES.................................................................................8

3.3. LOCATION ANALYSIS STUDIES IN THE BANKING SECTOR.....................................10

4. METHODOLOGY..........................................................................................................13

5. APPLICATION AND RESULTS....................................................................................14

6. CONCLUSION..............................................................................................................15

REFERENCES......................................................................................................................16

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ABSTRACT

Potential detection is one of the studies that needs to be done before a business
model is established in order to achieve accurate targeting. Location analysis is one of
the most important studies on this subject. The purpose of location analysis is to
determine the potential of that location before the business model is established in a
location. The banking sector is also one of the sectors where location analysis is most
used in terms of determining the locations where the branches will be located.

In this study, location analysis studies were used to determine a branch location on
behalf of the banking sector. For this, first of all, a literature review on location
analysis was carried out. By conducting a literature review from various sources,
information about location analysis was obtained and various methods were
evaluated. In these methods, it was found appropriate to use the A method in the
study.

Key words: Location analysis, potential detection, banking, branch location,

iv
ÖZET

Potansiyel tespiti, doğ ru hedeflemeye ulaşmak için iş modeli kurulmadan ö nce

yapılması gereken çalışmalardan biridir. Lokasyon analizi de bu konudaki en ö nemli
çalışmalardan biridir. Lokasyon analizinin amacı, bir lokasyonda iş modeli
kurulmadan ö nce o lokasyonun potansiyelini belirlemektir. Bankacılık sektö rü de
şubelerin yer alacağ ı lokasyonların belirlenmesi açısından lokasyon analizinin en çok
kullanıldığ ı sektö rlerden biridir.

Bu çalışmada bankacılık sektö rü adına şube lokasyonu belirlemek için lokasyon

analizi çalışmalarından yararlanılmıştır. Bunun için ö ncelikle konum analizi ile ilgili
bir literatü r taraması yapılmıştır. Çeşitli kaynaklardan literatü r taraması yapılarak
konum analizi hakkında bilgi edinilmiş ve çeşitli yö ntemler değ erlendirilmiştir. Bu
yö ntemlerde çalışmada A yö nteminin kullanılması uygun gö rü lmü ştü r.

Anahtar kelimeler: Lokasyon analiz, potansiyel tespiti, bankacılık, şube yerleşimi,

v
LIST OF SYMBOLS

Cd : coefficient of derivative control

t : time (sec)

T : temperature (°C)

vi
ABBREVIATIONS

ADC: Analog Digital Converter

ANN: Artificial Neural Network

DAC: Digital Analog Converter

HVAC: Heating, Ventilating and Air Conditioning

NG: Negative

PID: Proportional Integral Derivative

vii
LIST OF FIGURES

Figure 1.1 A sample figure.............................................................Error! Bookmark not defined.

viii
LIST OF TABLES

Table 1.1 A sample table.................................................................Error! Bookmark not defined.

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1. INTRODUCTION

While establishing a business model, determining the target audience and taking steps
according to this audience is one of the most important issues in terms of achieving
business goals. Location analysis is one of the studies in this field. Location Analysis
studies, especially in the banking sector, are very important in terms of determining the
location where a bank branch will be established.

With the developing technology, these studies have become much easier to do. Before
determining the area where a bank branch will be established, it is necessary to examine
the information about the people living around this area and take action accordingly.
Before opening a bank branch, the bank tries to choose the area where the customer
potential is most concentrated. Before opening a new branch, Kuveyt Turk bank, which
we talked to within the scope of our project, like these banks, while choosing the area
where this branch will be established, wants to choose the area where its potential
customers are most concentrated.

It is very important to identify a potential area, collect data about the people living in this
area, and create a background before the study. Places where data can be obtained on
this subject should be determined and studies should be carried out on this subject. Later,
these data will form the basis of the work to be done.

The ultimate aim of the project is to establish a model with the collected data, to ensure
that the bank's resources are used in the most efficient way and that the location of the
branch is made in the most appropriate way.

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 1.1. Project Content

Although banking transactions can be carried out in a mobile way today, branches
continue to maintain their importance for the sector. There is a substantial community
that still deals with their financial affairs by going to the branch. It can be observed that
there are delays due to the intensity in the branches of many banks. In this context, a
bank should consider these issues before opening a new branch.

Banks, where transactions related to money, which are seen as the most important
necessity for providing living conditions, are carried out, are at the middle of our lives. It is
very unlikely that an adult individual will not have a bank account. From this point of
view, the importance of the banking sector can be understood more clearly.

The bank branch should be positioned correctly in line with the people it will serve. In this
study, information about how a new bank branch was opened in the banking sector was
given. Location analysis is one of these studies. Location analysis, which can be used with
various methods and techniques, is one of the preferred methods before determining the
location of a bank branch.

Various methods of location analysis were examined within the scope of the project. In
the continuation of the project, a location will be determined and data will be collected
about this location. Then, a sample study will be carried out using the Electre and AHP
methods, which were learned to be used for location analysis during the literature
research and found suitable by our group.

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2. RESEARCH OBJECTIVE

Introduction (The general information about the physics/math/or whatever behind

your problem). Statement of the Problem and Need for the Study (What is your
motivation for this thesis? Define the sub-problem clearly and give the importance of
the problem?). Sub-problems (Mention about your secondary motivations)

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3. RELATED LITERATURE

One of the most important work to be done before a business model is established is to
make the right targeting. It is as important as the establishment of the business to
determine in advance what age range, gender, belief class and many other variables the
work to be done will serve and to take action accordingly. One of these studies is location
analysis. When you think of location analysis, it goes back to the first ages of humanity;
When considering the Greek Agora or the Roman Forum, or even the Egyptian pyramids,
central places have always been chosen (Eiselt and Marianov, 2015). This situation shows
us that although a detailed study has not been carried out on this subject, potential has
been a matter of attention when establishing a business model (this may also be the
construction of a building).

Along with the rapidly growing and developing technology, studies on potential have
progressed in many respects. Unlike conventional research methods, it has become much
easier to identify potential customers thanks to research methods including technology.

3.1. LOCATION ANALYSIS

Location analysis is a special branch of combinatorial optimization that has been taking
place since the 1960s. The common concern of organizations all over the world is to draw
meaningful conclusions from data. For this reason, today's companies have started to
change their approaches to big data and direct their strategies with big data while taking
their future steps. In the future, the only focus will be on big data. When company data is
examined, it is seen that most of the data in companies includes location-based data.
Location-based data, on the other hand, acts as a link that reveals the relationships between
data bundles. Location-based data is available as a map layer and can also be analyzed
visually. The focus of companies is on creating insights from location-based data and
improving their business intelligence capabilities.

Daskin (2008) illustrates different location patterns, providing a taxonomy of individual

problems. Position theory is a truly interdisciplinary field with roots in mathematics,
computer science, operations research, economics, geography, and more.
4
Economic geography, which is the most important field of activity of humanity, tries to
make sense of and explain the production, consumption and distribution of goods and
services related to commercial activity in spatial terms. Therefore, the area of interest of
economic geography is the production, logistics and consumption places of commercial
product and service activities. With a different definition, economic geography is a
research area that examines the market areas of commercial activities in local, regional and
interregional dimensions. In this respect, economic geography tries to make sense of the
differentiation of commercial activities related to production, consumption and exchange
behaviors of product and service activities according to regions (Yavan, 2006).

In some studies, location is defined as a meaningful combination of parameters that attract

a company to a city or a point. In some, location is considered as the distance from one
point to another, which is an important factor in logistics activity costs, and the impact
areas of this distance. In addition, there are studies that define location as the relative
cultural proximity between market areas, beyond the traditional definition of physical
space (Yavan, 2006). Location Analysis and Site Selection is one of the main problems
encountered in many sectors. They are required to check a number of basic criteria for site
selection in all branches of activity subject to a physical location, such as store location,
warehouse location, production location, bank branch.

Location theory has a long history. This theory forms the basis of economic geography and
regional economics. Location theory had such a great impact on economists and
geographers that it even led to the birth of a new branch of science called regional science
(Barnes, 2000; Isserman, 2001).

Location theory has a long research history. For this reason, location theory pioneered a
series of studies that formed the foundations of economic geography and regional
economics. Location Theory deals with where economic activities take place. It analyzes
the geographical impact of economic decisions and human behavior. Thus, location (space)
and place, which constitute the answer to the question of where, have great importance in
location analysis. (Hoover, 1937; North, 1955).

The main questions that location theories seek to answer are, what are the main
factors/motivations that make a firm or household/individual choose a location? What are
the social, economic, cultural, political and spatial consequences and practices of the
location decision/selection? are questions.(Yavan,2006).

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Location theory developed mainly within the neoclassical tradition of microeconomics. In
general, economists contributed theoretically to the theory, while geographers made
empirical contributions (Smith, 1981). However, the greatest theoretical contribution to the
theory was made by German economists and geographers. The Anglo-Saxon tradition, on
the other hand, has built some institutional-level additions to the German origin and tested
the theory with many empirical studies (Barnes, 2003).

Location theory is based on the work of three great classical founders (Fujita et al.,
1999:26). The first of these is the Von Thünen tradition, which laid the foundations of
agricultural location theory. The other is the tradition of Alfred Weber, who introduced the
industrial location theory. The ultimate result is the Christaller-Lösch tradition, which tries
to explain the location of cities/settlements as market centres.

There are three types of site selection theory. These are, in order, neoclassical location
theory, behavioral location theory, and structuralist location theory.

3.1.1. Neoclassical Location Theories

In its most essential form, the theory deals with where economic activities take place. On
the other hand, it analyzes the behavior of both the firm and the household.

3.1.1.1. Weber's Theory of Least Cost

Weber's basic theory is that the most suitable location for a firm's plant location is where
the production costs are the least. Its basic assumption is that profits are the same-equal at
every location.

According to Weber, "logistics cost" is the most important parameter that affects a firm's
location selection. Weber's basic theory is that "A firm decides to open its facility where it
minimizes transportation costs from logistics costs".

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3.1.1.2. Lösch's Theory of Highest Earnings
Lösch has presented his work in three phases to show the formation and importance of
economic market places for companies. As a first step, by developing a spatial demand
cone, a firm produces at the center point (point A) of this cone, and the firm has the
demand curve BC in Figure 2.12. When the price is taken as a function of the distance
measure, the EU shows the logistics transportation cost and the transportation cost
increases with the distance. In this cone of demand, as the distance from the market center
increases, the logistics transportation costs will increase, so the quantity demanded will
decrease, and eventually, when point B is reached, the demand will fall to zero. Because
beyond point B, the price of A's goods becomes very expensive (assuming each firm has a
circular market space) and consumers demand the other firm's goods because it is cheaper.
The ABC cone gives the firm's total sales size. By rotating the demand curve 360 degrees
around point A, Lösch revealed that the market area was initially circular and that each
firm had a circular market area (Yavan 2006).

3.1.2. Behavioral Location Theory

It was created by economic geographers who were dissatisfied with the explanations of
neoclassical location theory. The neoclassical theory opposed the assumption of perfect
competition, rational firms, and entrepreneurs with perfect knowledge, trying to maximize
their profits.

Contrary to the normative nature of the neoclassical approach, the behavioral approach is
concerned with what actually exists. That's why he's interested in positive analysis. The
behavioral approach created a new perspective by focusing on the firm's decision-making
process.

3.1.2.1. Pred's Behavioral Matrix

For the first time in economic geography, Pred (1967, 1969) discussed the process of
choosing the location of firms from a behavioral perspective. According to Pred (1967:
24), every location decision occurs under the differentiations that occur in the use of
knowledge and ability by those who make the choice. It is based on two criteria. The first
is the availability of local knowledge, and the second is the ability to use the knowledge.

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3.1.3. Structuralist Location Theory

With the introduction of radical/marxist philosophy into geography since the 1970s, it has
led to the development of the structuralist theory of location. He argues that traditional
theories are based on inadequate and unrealistic assumptions. Emphasis is placed neither
on profit maximization nor on company strategy nor on the market. Emphasis is placed on
the entire economic system. It depends on social, political and economic conditions and
processes. The location problem is handled in the context of the general functioning of the
capitalist economic system. In particular, it ignores the location selection and decision of
the companies. It does not have normative (what should be) directives.

Thanks to the developing satellite systems and artificial intelligence, we now produce
geographical data in every step we take. Location analytics and theorems are defined as a
business application that allows a company or organization to analyze geographic data.
Businesses use location analytics and theorems according to sectors with various working
methods.
Location analysis is a branch of geography that focuses on the placement and siting of
public and private facilities and analyzes urban-economic systems. Location theory serves
as the foundation for location analysis, which has grown to be a highly interdisciplinary
field of study. Geographical information systems (GISs) are used by location analysts
nowadays to create and apply cutting-edge quantitative methodologies to research topics
with both academic and practical applications (Horner, 2009).

3.2. LOCATION ANALYSIS STUDIES

In this part of the literature review, studies location analysis by sector were examined. It
was found that different solution models and variables are used in the different studies.

The study of multinational enterprises' location decisions has long been a focus of
international business research. That area of research focuses mostly on analyzing how
geography influences multinational enterprises’ strategic approach to new geographic
markets and how they choose their location (Jain et al., 2016; Nielsen et al., 2017). The
multinational enterprise’s selection of a certain location is influenced by a wide range of

8
factors.These can be roughly classified into two categories: institutional-cultural
influences and economic drives (Flores and Aguilera, 2007). 

While economic factors such as market size, growth, and wealth have received much
attention in the past, there have also been productivity-enhancing factors such as
resource availability. have received much attention in the past, there have also been
productivity-enhancing factors such as resource availability (Caves, 1996; Culem, 1988;
Dunning, 1980; Sethi et al., 2003; Vernon, 1966). 

Parente et al. (2018) suggested in their location decisions, platforms may prioritize market
shares to promote first-mover advantages and network externalities, even if they are
aware that this may lead to regulatory conflicts.

While we assume that platforms consider certain formal institutions in their location
decisions, we argue that platforms also rely on their mobile customer base in two ways.
First, app-based platform companies have the ability to identify latent demand for their
services in new markets by tracking their customers in cities around the world using the
Global Positioning System (Johnson, 2016; Van Dijck et al., 2018). Second, mobile
customers form a "trusted community" that paves the way into new local markets, not
only as potential users in new markets, but also as bearers of legitimacy.

In this study, the (AHP) method, which provides objective weighting of electric pump
location criteria and verification of statistical consistency of weighting, is proposed to be
much more consistent than conventional methods because it uses a multi-criteria system
and a statistically consistent weighting mechanism, and is also objective and based on
logical criteria (de Luis-Ruiz et al., 2022).

In evaluating the appropriate location for a wind farm, a new unified approach, including
the software GIS-AHP-HOMER, is used for a complex decision-making process involving
multiple factors. The software HOMER was used for technical-economic, sensitivity, and
environmental analyses, AHP for percentage importance, and GIS for the final map of
desired sites (Dehghan et al., 2022).

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Based on a large amount of detailed data from GIS, this paper uses ArcGIS software to
conduct a suitability analysis to preliminarily filter out the site with high suitability for the
photovoltaic charging station. The evaluation of natural factors, economic factors,
technical factors and social factors are used to further analyze the suitable location (Zhou
et al., 2022).

AHP and PROMETHEE II were combined to create a hybrid MCDM method that Abdel-
Basset et al. (2021) reported for choosing the site of offshore wind energy facilities. They
claimed that the insufficient use of information and data loss throughout the decision-
making process necessitated the use of MCDM approaches.

Under this heading, we have discussed the techniques that companies use for industry-
specific location analysis. The methods and applications of location analysis in the banking
industry will be covered in the following chapter.

3.3. LOCATION ANALYSIS STUDIES IN THE BANKING

SECTOR

In this part of the literature review, location analysis studies in the banking sector were
examined. It has been observed that different solution models and variables are used in the
different studies. 

For instance, Clawson (1974) conducted a study aiming to determine the locations of new
branches to be opened by the Stepwise Linear Regression method. Min (1989) used the
Fuzzy Goal Programming method for the selection of the location of the commercial bank
branches in the state of Ohio, USA, examined which criteria were important when
determining the location of the establishment, and showed that the demographic, socio-
economic, commercial activities in the region and transportation facilities of the potential
service point were effective.

Boufounou (1995) analyzed the branch performances of a national bank in Greece with
Regression Analysis and took into account information such as  total population of the
region, average household size, population growth rate, income per capita, number of firms
by sector and location of other banks. Avery et al. (1997) concluded in the study they
10
conducted in the USA that the legislation in the states, technology, and the economic,
geographical and demographic characteristics of the region are effective in the branching
of banks. Min and Melachrinoudis (2001) discussed the layout of bank branches in three
stages as ATM, bank branch offices and main branches and developed a Chance
Constrained Goal Programming Model. Morrison and O'Brien (2001) used Geographic
Information Systems (GIS) to determine suitable locations for bank branches.

Miliotis et al. (2002) proposed a two-stage model for the optimal location of bank branches
and used this model in selecting a new location for a large Greek bank. In the first stage,
there is the lowest number of branches that can be opened in a way that will provide the
lowest coverage requirement of the demand points. In the second stage, the most suitable
places where these branches can be opened are selected in a way that will maximize the
coverage level of demand points. In the application, geographical, demographic and
economic criteria were determined and the most suitable region for branch establishment
was determined.

Wang et al. (2003) Greedy Interchange, TA and Lagrange Method were used for branch
opening-closing in New York Amherst and the results were compared. The proposed
methods were applied on 270 problems, inspired by real life problems, including 459
demand points and 89 potential branch locations, in order to determine the most
appropriate location of bank branches in New York State. Abbasi (2003) developed a
decision support system for the branch location of the banks in Jordan, considering the
population density, income level, cultural characteristics of the region, the number of firms
in the region, total deposits, growth potential and competition variables.

Çınar (2010), using the Fuzzy TOPSIS method, determined which of the 6 candidate cities
in the Southeastern Anatolia Region of Turkey should establish a branch for a bank and
determined 21 different sub-criteria belonging to 5 main groups that affect the mission and
strategy of the bank. On the other hand, Alexandris and Giannikos (2010) used the
Maximal Coverage Model for the bank branch location selection in Athens.

Rahgan and Mirzazadeh (2012) describe 5 main criteria which are cost, demographics,
banking, geographical conditions and accessibility and 14 sub-criteria at the first level of
the hierarchical model defined for determining suitable locations for bank branches.
Because the criteria are qualitative and quantitative, Fuzzy AHP and Evidential Reasoning

11
methods were used in this study. Gorener et al. (2013) used AHP and MOORA methods to
select the most suitable establishment location for a bank. In their studies, 3 main as
demographic, economic, investment and banking and 11 sub-criteria were used.

Soba (2014), in order to determine which district would be the most suitable for the
establishment of a bank branch in the province of Uşak, the number of other bank
branches, the rent, the distance to the city center, the tax paid and the population, etc.
determined the factors as criteria and used the AHP and ELECTRE methods. Zhang and
Rushton (2008) suggested a branch layout model in which the total benefit is maximized
depending on the customers' waiting time and the budget constraint for the bank branches
to be opened, and they used Genetic Algorithm to determine the size of the branches.

As a result, location analysis has a great place before the establishment of many business
models. Before the implementation of the business model, it is very important to carry out
the necessary studies, to determine the target audience and to choose a suitable location.
Many different techniques are used in these studies. While determining a branch location
in the banking sector, such studies are carried out and a location suitable for the target
audience is selected. While selecting this location, location analysis techniques are used.

12
4. METHODOLOGY

Design (implementation/simulation studies), The experimental setups/the

algorithms/the HW designs must be mentioned in detail. The logic behind the study
must be explained.

13
5. APPLICATION AND RESULTS

Present the results of your study. Comment about the results: Are they satisfactory
enough to solve your problem mentioned in first chapter? Use these results to
comment about your study: Which part of your study is not good enough and why?
Discuss the satisfactory/unsatisfactory parts.

14
6. CONCLUSION

In conclusion, Today, the demand problem created by the increasing population

causes a noticeable increase in demand in many sectors. One of these sectors is the
banking sector. Due to the increasing population and the increase in demand during
urbanization, companies are working on location analysis by improving their
processes in the most optimal way.

As it is known, banks are institutions that use branches as distribution channels, and
branches are very important in the organizational structure as they are places where
customers can reach and receive service easily, work in accordance with economies
of scale in the banking system, and reduce failures by distributing risk.

One of the most important factors that come to the fore in the evaluation of the
performance of the branches, which is so important for the banks, is the location of
the bank branch.

15
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