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FinTech Pulse

Behavioral Economics: The Bank's Secret Weapon

In this digital era, with easy, fast and limitless options, decision-making has become even more difficult.

Banks can’t predict user behavior with absolute certainty, but they can help frame their financial decisions by understanding how choices are made, and designing solutions around them.

This is where Behavioral Economics, the study of how and why we make decisions, can be a powerful tool for the banking industry.

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Topics: Personal Financial Management (PFM), banking and technology, banking, behavioral economics, chief behavioral officer

Author: Miriam Ballesteros on Aug 1, 2018

Behavioral Economics is the Key to User Engagement in Banking: An Interview With Jeff Kreisler

The science behind behavioral economics confirms that people make wholly irrational decisions. In the finance world, identifying which emotions come into play when people make the financial choices they do, can help bankers and those in the finance sector to understand why, whether it’s buying a house, withdrawing cash, investing money or saving for retirement.

To shed some light on the subject, we sat down to chat with the man of the moment Jeff Kreisler, a Princeton educated lawyer turned author, speaker, comedian and advocate for behavioral science. He's co-author of Dollars And Sense and Editor-in-Chief of PeopleScience.com.

He shared his thoughts with us on behavioral science applied to banking.

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Topics: Personal Financial Management (PFM), banking and technology, banking, behavioral economics, chief behavioral officer

Author: Aoife Crean - Content Manager on May 28, 2018

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