Behavioural Science in Financial Services
Behaviour insight is not a new concept and is used in many sectors to influence a desired consumer response.
The insights afforded by behavioural insight are of great interest to marketing practitioners in financial services. An understanding of its implications can help create a choice architecture that increases desired behaviours.
This series of lessons and case studies will get you thinking about how behavioural insight can improve customer experience and the effectiveness of marketing campaigns. For example, every click, every step, every field adds friction and inhibits action. Where can you remove one click right now?
Through training, research and consultancy we help you identify different types of barriers that are stopping people from engaging with your propositions – and we advise what you can do to make it easier for them to take desired actions.
Nudge2Engage was founded by Maria Borstnar, a consumer psychologist with a mission to help every organisation, regardless of its budgets, to benefit from behavioural insight.
LESSON 1: SMALL NUDGES – BIG IMPACT
An Introduction to Behavioural Science in Financial Services Marketing
• Introduction to Behavioural Science and its implication for financial services marketing
• What exactly is a ‘nudge’?
• Are you (unwittingly) losing out on more responses by failing to take into account the behavioural perspective?
• Mini case study: ‘Nudged’ marketing communication versus a traditional marketing copy.
SUPPORTING MATERIAL 1: KEY NUDGES CHECKLIST
Download a one-page handout with key ‘nudges’ you should be considering today. A hand checklist to review each and every marketing campaign or consumer touch-point.
GROUP DISCUSSION: BEHAVIOURAL SCIENCE IN FINANCIAL SERVICES MARKETING
Join our community discussion to share your own experiences of behavioural science in financial services.
• Ask our industry expert a question.
• highlight a product that is help you deliver effecting nudges in your marketing activity.
• Suggest a topic for a future lesson.
WORKSHOP 1: HOUSTON, WE HAVE A PROBLEM…
A creative, bespoke workshop session, informed by behavioural insight. This facilitated half-day workshop is designed to explore and deliver a range of solutions to specific challenges you’re facing today.
The workshop can be delivered remotely as a one-to-one session, or to a team of up to eight.
This workshop session is free to Corporate Members of FSMarTech, as part of your annual workshop allowance.
LESSON 2: UNCERTAINTY KILLS CONVERSIONS
Practical and psychological barriers to action–and how we can (gently) nudge users into action.
This session will consider different types of barriers to action – and what we can do as marketers to help our users make decisions (and take action).
We will focus on the role of uncertainty, an important psychological barrier to action, very relevant to financial services (past performance is no guarantee… etc etc., bad experiences in the past, complicated forms, T&Cs 5 pages long full of jargon that nobody understands…!).
WORKSHOP 2: INSPIRE & EMPOWER YOUR TEAM
Learn about ‘nudge’ in : a system of positive reinforcement and indirect suggestions that will help your team be more creative and deliver better marketing responses.
The half-day workshop can be delivered remotely as a one-to-one session, or to a team of up to eight.
These sessions are free to Corporate Members of FSMarTech, as part of your annual workshop allowance.
Please contact FSMarTech for details on Online Member prices.
CASE STUDY 1: DUE DILLIGENCE
DueDil is a company intelligence platform that delivers insights on more than 50 million companies and the people behind them. DueDil provides a complete view of the UK and Irish market so the SME onboarding process is as robust as it is frictionless. View their behavioural science case study.