Digital Design Fundamentals -Decision Theory
In our two previous articles, we’ve discussed how good design and gamification are two critical components of Digital Design Fundamentals. Combining them as elements of your Digital Design strategy can increase operational efficiencies, manage costs and transform how you engage with your clients -- reaching upwards of 80% of Digital Success. To reach 100% and realize maximum business value from your digital transformation program, you must deploy and execute the final component, Decision Theory functions. What exactly are these functions and how can they be incorporated into your platform? We will start by exploring InvestCloud’s Decision Theory functions - known to us as CHAAPIF?.
CHAAPIF is an acronym consisting of 8 Decision Theory functions that, when collectively deployed, are proven to result in the desired buying decision. “C” refers to creating Confidence. An educated buyer chooses to buy because they believe that the value (return) is worth the risk (cost). Another key element “H” stands for Herd. This can be understood as community buying - choosing to buy because others are also buying, irrespective of other encouraging or discouraging available data.
Combining Confidence and Herd functions into your digital platform can include integrating stories and testimonials within the client user experience. Relevant client insights alongside selected portions of the user experience, portfolio analysis or product reports, creating emotional connections to the investing experience through client stories. Examples of this can be “See what others are saying” or “Learn how other people are saving money and bettering their lives” with options to drill into and learn more.
Other CHAAPIF Decision Theory functions include Anchoring and Availability Bias - being front of mind with your customer, or ensuring your digital platform presents your products and services where your buyers and prospects are. While the financial industry has been embracing digital technology, the use of decision theory functions in other industries is not new. They have long been deployed by leading firms such as Amazon, Apple, Virgin, Starbucks, Design Within Reach and In-N-Out Burger. In the FinTech space, our objective is for clients to become comfortable and become more engaged with their finances. This leads to our clients getting the most out of their digital platform through increased adoption.
The remaining three dynamics of CHAAPIF makeup InvestCloud’s Decision Theory capabilities. Good digital design incorporates these functions along with the Gamification dynamics we discussed in our previous articles to increase your operational efficiencies and user adoption. Together, these elements help you achieve 100% of a Digital Platform Fundamental Score.