A major national bank was redesigning its core checking account product and needed to know which new concepts—and accompanying value propositions—appealed most to existing customers and prospects. The bank wanted to understand the impact of the underlying concept vs. the impact of the concept articulation as well as the concepts’ market potential relative to existing product offerings. The goal was to inform the strategic direction, product articulation and value proposition of the new core product.
Escalent connected with the bank’s current customers and prospects to evaluate the concepts on likelihood to act, using a series of predictive metrics. We used MaxDiff to separately evaluate the value propositions, then retested the client-defined concept+value prop pairings together. This allowed us to decouple the impact of each element. Then we used Textalytics to reveal the strengths and weaknesses of each concept. Finally, we performed an overstatement adjustment to derive application probabilities. These adjusted concept results, paired with TURF optimized value propositions, revealed the winning concepts.
Our research revealed which concepts the bank should adopt for each target audience, the optimal mix of value propositions for each, and a projected “take rate” for each option. Additionally, we learned why concepts and value propositions performed the way they did. This allowed us to recommend ways to overcome the weaknesses of the underperforming concepts. The product is currently moving through the regulatory approval process and preparing for launch.
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