Everyone likes to believe that they are rational, especially when it comes to money. But people often make irrational choices, despite what economists would have us believe.
While irrationality might seem like a bad thing, it can be harnessed to help people achieve their goals. By understanding human foibles, financial services providers can design products that will direct that behavior down positive paths. In this episode, we talk with Kristen Berman, the co-founder of Irrational Labs, and Brad Swain of the Common Cents Lab at Duke University, about what their research shows when it comes to money management and what that can mean for product design.
We learn how people’s affinity for the easiest path and even certain numbers can translate into financial gains for both individuals an financial services companies.
If you want to learn more about our guests’ research, you can visit the Irrational Labs Web site at
and the Common Cents Lab web Site at
If you want to stay on top of new developments in the industry, plan to attend the Innovative Payments Conference in Washington DC, April 6-8. Learn more and register at: https://www.americanbanker.com/conference/innovative-payments
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