marisa@humanist.africa
PROJECT
Launching a New Bank Using Behavioral Science & Cognitive Bias Modeling
Objective: A large established investment company aimed to launch a customer-centric banking model that overcame cognitive biases, improved financial decision-making and promoted long-term behavior change, such as better savings and loan repayments. The challenge was to create an intuitive and engaging banking experience in a competitive market.
Our approach:
Solution: Humanist applied behavioral science principles, including cognitive bias modeling, nudging, and choice architecture, to help Old Mutual Bank shape customer behavior and improve decision-making.
Key components of the solution included:
Cognitive Bias Modeling: Identifying biases like loss aversion and status quo bias to design intuitive products and communication strategies.
Behavioral Feedback Loops: Providing personalized nudges based on customer behavior to reinforce positive financial actions.
Nudging & Choice Architecture: Using defaults like automatic savings to encourage positive financial behavior.
Product Design & Customization: Tailoring products to align with customers’ mental models for easier adoption.
Communication Strategy: Using behavioral linguistics and human storytelling to build trust and emotional engagement.