Behavioral Design for Financial Services
People Deal with Money Daily.
People's Behavior and Decisions about Money often Violate Economic Rationally
It is (economically) Irrational to:
Have, at the same time, 500$ debt (loan) and 7000$ in savings.
Pay very high interest rates for seemingly useless purchases.
Get a loan of 400$ at 10% interest, then put 400$ in a savings account with 4% interest.
Gladly pay 10$ for a bottled water in a restaurant and spend 20 minutes looking for a 20¢ coupon at the local grocery.
Forgo a 10$ discount and be outraged by an 8$ surcharge.
Nonetheless, lots of real people do some of these things and for very good reasons.
People Have Apparently Conflicting Goals Regarding Money:
Enjoy Spending Money and Having Financial Security.
Indulge in Spur of the Moment Purchases and Avoid the Regret of Overspending.
When it comes to money
people want to eat the cake and still have it.
Good Financial services should be able to accommodate these (apparently) conflicting goals.
Behavioral Science & Behavioral Design for Consumer Finance Products (insurance, banking, savings etc.)
An MBA-Style Learning Program
Get a clear picture on the psychological shortcomings people have when making money-related decisions.
Become acquainted with examples of how behavioral science can improve financial services.
Learn how to communicate risk & financial information in an easy to process way.
Learn how to encourage financially responsible behaviors by designing self-control support tools.
Learn how to design incentives, rewards, reminders and notifications that work.
Learn the behavioral design methodology and how to run experiments.
Participate in hands-on case-based behavioral design challenges.