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FinTech Pulse

Invisible Banking: How to Make Saving Easy

In the 1960s, Stanford University conducted the so-called Marshmallow Experiment, a study conducted by Professor Walter Mischel in which a child was offered the choice of being able to eat a single marshmallow now, or if they waited 15 minutes, two. As you can imagine, some children resisted whilst others went for instant indulgence, eating the marshmallow right away.

This experiment shed unexpected light on people’s nature, their motivations, including their financial decision-making.

Good impulse control turned out to be a predictor of success and fulfillment of long-term goals. In other words, we can choose to have something now, or we can choose to have something bigger and better at a later time in life - by saving.

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Topics: FinTech, Digital Transformation, digital banking, design for finance, behavioral economics

Author: Vaida Pakulyte on Mar 21, 2018

Behavioral Economics in Digital Banking: Taking the Pain Out of Finances

This blog post is inspired by one of the Top 10 books every FinTech professional should read- “Dollars and Sense” by Daniel Ariely and Jeff Kreisler.

Understanding the rationale behind financial decision-making has long been a challenge. Money touches every part of our modern consumer life, from family budgets to national politics, from shopping lists to saving accounts. And there is more and more to think about every day, as the financial world becomes more advanced. The truth is, making bad money decisions is the hallmark of humanity.

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Topics: FinTech, Digital Transformation, digital banking, design for finance, behavioral economics

Author: Vaida Pakulyte on Feb 28, 2018

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