Financial institutions have been spending significantly on acquiring digital technology encompassing design & architectural improvements, loyalty & insights driven personalization, channel & integration refresh as well as extensive use of automation & AI levers. However key business challenges still exist for banks globally. Could the missing piece involve an application of behavioural economics, cognitive neuroscience, network theory and social psychology during each customer interaction?
What is in it for you?
While initial areas of focus at banks have been primarily around changing consumer behaviour pertaining to investments/retirement discipline, insurance coverage uptake, savings improvement, credit discipline as well as risk mitigation – the potential is huge. Progressive banks have started their journey to build out the next generation behavioural banking technology , one that would cater well to both financial and psychological needs of users.