WHAT IS BEHAVIORAL ECONOMICS, AND COULD IT HELP YOUR BANK GROW?

Uncovering answers in data- and beyond Bankers' efforts to understand what drives customers' decisionmaking can benefit from Al-driven technology, which has tremendous power to spot patterns and personalize offers. Points West Community Bank (PWCB) in Windsor, Colo., has teamed with Micron...

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Bibliographic Details
Published inIndependent Banker Vol. 74; no. 8; pp. 36 - 41
Main Author Sears, Judith
Format Trade Publication Article
LanguageEnglish
Published Sauk Centre Independent Community Bankers of America 01.08.2024
Subjects
Banks
Behavior
Behavioral economics
Customer feedback
Customers
Decision making
Education
Emotions
Financial literacy
Kahneman, Daniel (1934-2024)
Marketing
Parents & parenting
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Summary:Uncovering answers in data- and beyond Bankers' efforts to understand what drives customers' decisionmaking can benefit from Al-driven technology, which has tremendous power to spot patterns and personalize offers. Points West Community Bank (PWCB) in Windsor, Colo., has teamed with Micronotes.ai, a cloud-based marketing automation solution, to track and analyze customer data for tailoring marketing and other customer communications. Marin Olson, marketing director for $700 million-asset PWCB, says that the community bank has been surprised and pleased at how data analysis has driven greater customer engagement. Books: Behavioral Economics: The Basics by Philip Corr and Anke Plagnol Nudge: Improving Decisions About Health, Wealth and Happiness by Richard Thaler and Cass Sunstein Predictably Irrational by Dan Ariely Thinking Fast and Slow by Daniel Kahneman Websites: analyticom.com (includes insight on the Scientifically Predictable model for self-directed investors) danariely.com behavioraleconomics.com insidebe.com Podcasts: The Brainy Business podcast Masters in Business (Daniel Kahneman) Bank has partnered with Micronotes.ai and Experian on a cross-selling effort to customers who were deposit-only account holders.
ISSN:0019-3674