How Banks Can Use Behavioral Economics to Improve Customer Financial Wellness and Drive Business Impact
Your customers need help to make better decisions about money. People often get overwhelmed by managing the complexity of their finances. They don’t know how to start saving, they suffer from cognitive biases and self-defeating behaviors that prevent them from making decisions in their best long-term interest.
What if you could do more to help your customers – by removing the cognitive load and relieving the burden of complexity?
In our new eBook, we show you how to combine the latest research from behavioral economics with digital banking solutions to guide your customers to better financial wellness.
Here are 6 essential concepts that you’ll learn from our eBook:
- Get your customers to overcome “present bias” and save for the future – by helping them visualize their futures.
- Help your customers overcome “anchoring” bias by presenting relevant numbers tailored to their own circumstances.
- Use the Zeignarnik Effect to help people start saving and keep saving – by showing them progress.
- Remove mental “friction” from your customers’ decisions to save and invest – and keep them on track for long-term goals.
- Use “nudges,” “boosts,” and “temptation bundling” to help people make better decisions without feeling forced.
- Design your customer experience with “choice architecture” to provide helpful defaults and reduce choice overload – in a way that supports your customers’ financial wellness over time.
Our new eBook shows how your financial institution can automatically help people save, invest, and pay off debt. By guiding your customers with friendly reminders, you can help them achieve a higher level of financial wellness – without any effort or decisions from the customer.
Behavioral economics and automation solutions are creating a new model of financial services: Self-Driving Finance.
Fill out the form and you will discover more in our new eBook.