STRANDS and Jeff Kreisler, Editor-In-Chief of PeopleScience and co-author of Dollars and Sense (with behavioral economist Dan Ariely), joined forces to explore how banks can use Behavioral Economics to win over customers and what real, relevant, banking looks like.
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.
Behavioral Economics: The Bank’s Secret Weapon
The purpose of the eBook is to:
- Identify why banks should care about Behavioral Economics and how they can improve the relationship with their users.
- Pinpoint the skills shaping the Chief Behavioral Officer and how this role can lead the practices of behavioral science in line with business objectives.
- Show an overview of some financial industry players that are creating experiences that move users in the right direction.
STRANDS believes that it is possible to help customers make better banking decisions, because in the future, banks will have an entirely different relationship with their customer.
That relationship will be based upon an understanding of who their customers really are and why they do what they really do, i.e. based upon behavioral economics. — Jeff Kreisler
The “Behavioral Economics: The Bank’s Secret Weapon” is available online now. To download it, click here.
About Jeff Kreisler
Editor-In-Chief of PeopleScience.com, a content platform leading the conversation about how to apply behavioral principles to the modern marketplace.
Co-author of ‘Dollars & Sense’ with behavioral economist Dan Ariely, he has an in-depth knowledge on the role of behavioral science and how banks and financial institutions can harness its potential to better effect.
A Princeton educated lawyer turned award-winning comedian, author, speaker, TV pundit, speechwriter and advocate for behavioral economics, Jeff has collaborated with STRANDS to take the study of human nature and its effect on finance to the banking sector, to drive change where it counts.
STRANDS is the FinTech partner for banks, serving more than 600 bank implementations with over 100 million customers in 36 countries. Clients include Barclays, BBVA, Santander, Commercial Bank of Africa, Deutsche Bank, and Huntington, among others.
STRANDS is a FinTech pioneer with the award-winning solution for Personal Financial Management (PFM) launched in 2008 in the United States and Europe. STRANDS Finance Suite today includes a portfolio of products that share a common foundation based on Big Data Processing, Artificial Intelligence, Machine Learning, Open API and best-in-class Customer Experience.
The company’s mission is to enable banks and merchants to anticipate customer needs and proactively suggest next-best-actions to increase long-term customer value. STRANDS solutions empower people to better manage their financial and consumption life, and take decisions in a smarter, more transparent and independent way.