Behavioral Economics for financial inclusion efforts
The Science of Savings.
One of the major reasons individuals do not reaching their savings goals is a lack of planning (Lusardi, Keller). This is contrary to belief that people cannot save because they just don’t have enough money. Given this insight, a Dartmouth research team designed a planning aid that reduced the complexity of opening an account and contributing to a pension program. They decreased the time to set up a plan and highlighted how little money it takes to start. This intervention alone doubled enrollment within 60 days of implementation.
As this example shows, and many other academics and banks have proven, small changes to the design of a savings system can have big effects on participation rates.
In this whitepaper we summarize some of the main principles that should be used when designing an end-to-end savings system.
Download the paper and as a bonus you will get a detailed, visual example of the whitepaper principles in action.
Habit Design. When, how and why.
Habit creation is hard…disrupting a person’s routine, getting them to do something different AND do this thing on a regular basis is HARD.
This paper shares the most important questions product managers, marketers and designers should ask themselves BEFORE designing for habit. We propose both alternatives for habit creation and 7 best practices if you do decide that habits are needed.
Trust: The secret ingredient that makes your customers love you.
Amidst a string of` governmental and business scandals, Americans’ trust in institutions is declining. These declining levels of trust have deep implications on how businesses interact with their constituents and consumers. As a result of these alarming trends, this whitepaper hopes to help companies proactively manage their customers’ trust.
It is a comprehensive overview of:
- The current levels of consumer trust and what trust actually means
- Why building trust matters to business and customer outcomes
- Principles to deepen trust between you and your customers
- Tangible examples of how to implement trust enhancing principles
Couples and their finances: what is the optimal approach for joint decision making?
70% of divorced couples blame quarrels about their finances as a reason why they split up. We review the relevant research on joint decision making and present the top pitfalls that couples encounter in their financial decision making process. This information can be used to shape the development of financial tools and methods.
Product Reviews. What products do well (and not well) from a behavioralist POV
We looked at three different products and broke them down in painstaking detail. Listening to these 6 videos will put you on the fast path to achieving a behavioral mindset for product development.
We ask and answer key product questions in the behavioral deep dives like: “When is the friction within the product experience too much? Where is friction a good thing? What makes the business model work (or not work)? How does the sign up flow stack up? What do we think about the incentive design structure?
Behavioral Deep Dive: DollarADay
DollarADay is a rewarding way to give to charity every day.
Behavioral Deep Dive: Treats
Treats is a new type of Credit Card for college kids that encourages giving.
We looked at the key companies in growing areas of Fintech. These overviews will help you understand what the product is about and provide high level insight to the most interesting, worrisome and surprising things about the product.
Financial “Fast Facts”
What is the financial state of the U.S. today? This overview covers the most important (and sad) facts facing our nation.
The Annual Conference. What is StartupOnomics?
Get the conference overview, logistics, agenda and list of attendees.
Summary of StartupOnomics survey results and the attendee takeaways
Learn how eMoneyPool increased the number of Pools on their platform
Learn how Kiwi increased adoption of their saving plan
Learn how Kiva will reposition their initial loan page to help borrowers get more money