BV, one of the largest banks in the country, announces a partnership with Irrational Labs, an American behavioral research and design company. The purpose of the agreement is to increase customer engagement in the digital account through solutions that use behavioral economics, a science that studies how human emotions interfere in economic decisions.
“We have a strong innovation culture at the bank to generate value for the client. Our partnership with Irrational Labs seeks an alternative solution that has the potential to be something transformational in the way we conduct our business and our relationship with the client”, says Ricardo Sanfelice , executive director of Customers, Data and Innovation at BV.
Irrational Labs uses a scientific approach to design and develop solutions that drive consumer behavior change. Through a diagnosis of which behavior one wishes to achieve, one identifies which psychology most impacts such decision-making and which solution would work to achieve the desired behavior change.
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“Our work is based on the three steps of behavioral design: identifying behavior, reducing barriers by designing the path of least resistance, and thereby increasing benefits, driving consumer action,” says Kristen Berman , founder and CEO of Irrational Labs. “We see this collaboration with BV as an opportunity to leverage our expertise in financial markets and behavioral economics.”
What is behavioral economics?
Behavioral economics studies how emotions influence people’s financial decisions. In this regard, concepts from psychology, neuroscience and other social sciences are used to unravel human behavior in the face of economic choices. The approach is influencing the way companies view decision-making processes.
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