Behavioural economics – are you missing out?

The world’s leading organisations understand that their customers are not always rational and that they make inconsistent and incoherent choices. These organisations also understand that their customers make these inconsistent and incoherent choices in predictable ways. That is, they are predictably irrational.

The latest neuroscience research shows that between 90 and 95% of our decisions are made at an unconscious level, influenced by factors outside of our awareness. Organisations that want to be exceptional at driving positive financial behaviour need to understand these influences.

Increasingly across the globe, banks are using behavioural economics to drive changes in customer behaviour. Options range from reducing non-performing loans to increasing the uptake of digital banking platforms, with incredible results.??

What is behavioural economics?

Behavioural economics studies the effects of psychological, cognitive, emotional, environmental, cultural and social factors on the economic decisions of individuals and institutions. It looks at how those decisions vary from those implied by classical economic theory.?

ABE team

As the head of Applied Behavioural Economics (ABE) at Genesis Analytics , I lead a team of behaviour change experts who specialise in the application of behavioural economics within the finance sector. We have experienced first hand the ways in which behavioural economics has transformed businesses and delivered an unprecedented return on investment for our clients. You’ll find some interesting examples of our work in our deck.?

We are here to help

Want to know more about behavioural economics and how it could be applied within your organisation? If so, I’d love to talk to you.?

?Click here to set up a free, no-obligation call at a time that works for you.

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Kindest regards

Wayne??

Financial Services Strategy

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50 Sixth Road, Hyde Park,

Gauteng, South Africa, 2196

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