Behavioural economics continues to be a subject area that members are highly engaged with and therefore very keen for the Forum to cover within our event schedule. With this in mind, we were delighted to be joined by experts Henry Stott and Nick Chater from Decision Technology on Thursday 12 January 2017 for a seminar kindly hosted by Sapient.
Nick and Henry’s presentation focused on how financial services firms can create digital platforms that consumers want to use. They began by outlining three key assertions about digital channels: digital is tabloid, digital is malleable, and digital is trustworthy – three positive adjectives to be welcomed by financial services companies. By incorporating these three pillars into their digital journeys, Dectech believes the opportunity for companies to improve relationships and engage with consumers is huge.
First up for consideration was trust. The speakers presented research demonstrating that consumers are more willing to be honest with companies over digital channels than they are in face-to-face situations. When quizzed about their savings in a face-to-face interview, 29% of respondents reported that they saved money regularly. In comparison, only 14% admitted to saving regularly when asked to complete a digital questionnaire (Lind,L H. et al, 2013).
To continue to read the event summary, please download the PDF document.