In its new Focus Note, Applying Behavioral Insights in Consumer Protection Policy, CGAP (a unit affiliated with the Worldbank) presents a summary of the growing evidence from consumer and behavioral research for consumer protection policy on four topics—disclosure and transparency; complaints handling and recourse; debt stress; and fair treatment.
These new research methods provide deeper understanding of the context of the financial lives of base-of-the-pyramid financial consumers, and how that should influence consumer protection policy. Perhaps just as importantly this new research agenda is leading to more empathy for the experiences and challenges poor customers face every day. Empathy, combined with better evidence and insights, can lead to highly motivated, increasingly effective, consumer protection policies and approaches.
The CGAP experiences researching this publication — and running field experiments ourselves — have led them to five key takeaways on the role of behavioral research in consumer protection policy:
1. The behavioral evidence base in consumer protection is growing quickly.
2. To be effective, regulations need to account for incentives and how they drive behavior.
3. Innovation in base-of-the-pyramid financial markets is changing consumer protection priorities.
4. Context can greatly influence financial behavior.
5. Start small, start cheap, but just get started!
We are an international experience design consultancy helping companies and organisations to innovate their products, services and processes by putting people and their experiences first.
Design 4 Disaster features an engaging illustrated safety manual for ship passengers, a personal project by Experientia designer Dohun YuLuck Jang 유록. After the Korean ferry accident last year, Yuluck (who is Korean) wanted to find a way to make safety manuals more interesting to read. He spent one year designing an interactive safety guide […]
Invitation: sharing session, Singapore, 30 March 2015 What are the hopes and fears of the elderly in Singapore? How can designers offer solutions that support the elderly in managing their health and wellness? What can healthcare professionals do to help them keep active? What role can technology play in the elderly’s daily lives? Design consultants […]
Experientia has now its own Twitter feed. Four months of Putting People First posts and other links have already been uploaded. If you followed Experientia on Twitter through the feed of its CEO, Mark Vanderbeeken, make sure to now also follow the company (but don’t unfollow Mark, who will keep on tweeting away). And while […]
Experientia’s Putting People First blog has been redesigned. It is now entirely responsive, allows for easier browsing, searching, and filtering, and features larger images on the posts. The entire history of posts remains accessible as before. We are still tweaking things and welcome any feedback.
Why the world needs anthropologists – Coming out of the ivory tower Location: Padua, Italy, Centro Culturale Altinate/San Gaetano Date and time: Friday, 5 December 2014, 13:00 – 18:00 Padua, Italy, 5 December 2014 – The second edition of the international symposium of applied anthropologists attempts to erase the boundary between ‘pure’ and ‘applied’ anthropology, […]