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Banks often rely on surveys, questionnaires, focus groups and other market research techniques to develop theories and design strategies about which branch changes will improve the customer experience. Unfortunately, these techniques cannot accurately predict customer reaction when the changes are made because what people say they will do and how they actually behave are often different. Consequently, banks often make flawed decisions about how to design and operate each branch.
However, leading retail banks are now overcoming this challenge by using the Test & Learn approach to predict customer reaction to branch changes and optimize the implementation of new bank programs.
The true impact of any proposed retail bank program or idea can be accurately determined by intelligently testing it in some branches before implementing throughout the bank network. The Test & Learn approach identifies management actions that are most successful in improving performance, evaluates their impact, and helps executives make better, more accurate decisions about whether and how to move forward with new concepts.
A Best Practice Test & Learn capability answers three key questions before committing to rollout:
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What impact will the program have on my key performance measures (revenue, profits, share, ROI, etc.)?
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Will the program have a bigger impact on some branches than others? Which branches or regions offer the best predicted performance?
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Can elements of the idea or program be modified for maximum positive impact?
THE APT ADVANTAGE
Predict the outcome of high-stakes programs.
The APT Suite doesn't just report on past actions — it predicts the impact of future actions in order to optimize them. Many systems allow analysts to review past sales trends and detect patterns. However, through a scientific Test & Learn approach, APT enables users to identify statistically significant results and build models directly from these results to predict the impact of future decisions. This enables organizations to make direct links from analysis to specific actions.
By contrast, commonly available reporting tools, despite working with similar data, do not have these predictive and analytic capabilities. In other words, they leave you guessing.
The APT Suite allows you to accurately predict the profit impact of a variety of key business decisions. For example, APT empowers you to:
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Determine the impact of any marketing or merchandising initiative, such as new product introductions, promotions, advertising, direct mail, etc.
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Determine the market capacity for any concept — by region and by market.
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Quantify the cannibalization impact of network changes.
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Determine the impact of any operational change, such as a new branch layout, change in staffing levels, change in hours, training, etc.
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Identify how locations are performing vs. potential overall and by category; specify which operational shortfalls are creating performance gaps.
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Predict which programs will be most successful in which locations; identify where to profitably roll out new programs to additional branches.
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Create a “Winners Profile” for locations in your network.
Perform analysis at warp-speed.
The APT Suite's built-in pattern recognition and optimization technology automatically seeks out segmentation and targeting opportunities to maximize the ROI of any action. It is built on the reality that most new business ideas are neither all success nor all failure — they tend to work well in certain situations but may not in others. In each analysis, the APT software automatically examines every element of data available about each location and looks for correlations between a location's performance and its other characteristics. Items with the highest correlation are presented to the analyst for review.
Tailor solutions for your business.
One size does not fit all. APT's modular approach allows you to tailor the software to the unique challenges your company faces. Four core products work together to support the Test & Learn™ platform:
Test & Learn for Sites provides the most advanced workflow-driven application of test management for large-scale consumer-focused organizations:
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- An intuitive interface guides the user through each step of the Test & Learn process, from hypothesis creation and test design to test evaluation and rollout.
- The tool also provides guidance on the broader challenges of managing a Test & Learn organization, from establishing default criteria for evaluating initiative success to monitoring the overall organizational testing calendar.
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Network Planner is a complete tool for network planning and capital investment for brick-and-mortar sales:
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- From new site planning through existing site modification, Network Planner helps real estate professionals and planners assess investment opportunities and manage network growth.
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Performance Manager provides performance-driven cultures with a front-to-back process for setting and managing performance targets:
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- Starting with benchmarking and modeling the underlying drivers of performance, this product allows field and operations managers to identify cohorts of similar sites or performers and establish experience-based targets for category-by-category and metric-by-metric expectations of performance.
- Customized report design and real-time performance reporting allow for precise measurement against your targets.
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Test & Learn for Customers is the most advanced application for measuring the impact of a mix of actions across channels and over time:
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- Integrated customer, branch, and geographic data allow retail banks to assess response to a program by customer segment so they can create targeted marketing offers.
- A cross-channel view of customer response and spending makes it easy to assess how an action in one channel is affecting customer spending in another channel.
- Allows you to maximize response by targeting customer communication to channel preference, products purchased, branch location, customer demographics, and more.
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