Business Issues for Banks
Retail Banks are constantly innovating to adapt to changes in consumer needs, evolving technology, retail banking trends, and banking regulation. From adding sales reps exclusively focused on high potential clients to new checking account fee structures to installing interactive in-branch work stations, banks are trying a range of initiatives to keep pace with the changing environment. The problem is that too often banks move forward with network-wide implementation of these ideas before they understand whether the idea will work. Banks need to be able to de-risk new initiatives by testing new ideas with a subset of branches, ATM’s, customers, or employees, and thereby gaining empirical insights as to whether, how, and where to roll forward these ideas. This is what APT calls the Test & Learn™ Management System. Successful retail banks are using Test & Learn™ to drive more profitable decisions across their organization. Examples include:
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