How Can Banks Help Customers Make Rational Savings Decisions?
See how Personetics Act can help your bank help its customers take the right steps to save money and reduce debt. Act is the latest in advanced money management capabilities for banks and credit unions. Using proven behavioral economics methodologies, Personetics helps banks help their customers Act rationally with their money with these 3 steps:
- Identifying the customers most likely to respond to savings insights and advising them that saving is the first step to financial success.
- Finding pockets of money and automatically transferring variable amounts to the customer savings account, without requiring them to set goals, thresholds, or time limits.
- Sending subtle nudges and engaging, interactive feedback. With these simple steps your bank reinforces positive saving behavior and transforms an irrational behavior into a favorable one.
It’s time to act with and on behalf of your customers to improve their financial well-being. Personetics Act– Self-driving finance. Discover more by downloading the ebook: https://personetics.com/resource-center/how-banks-can-use-behavioral-economics-to-improve-customer-financial-wellness-and-drive-business-impact/