Business Issues for Banks
Banks are constantly innovating to adapt to changes in consumer needs, evolving technology, and 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 any new initiative by systematically testing the idea with a subset of branches, ATM’s, customers, or employees, and thereby gaining empirical insights as to whether, how, and where to roll forward that idea. This is what APT calls Test & Learn™. Successful retail banks are using Test & Learn™ to drive more profitable decisions across their organization. Examples include:
