18 July 2014

Financial consumer protection: 5 lessons from behavioral research

Be the first to share

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!

Be the first to share
31 July 2015
Service Design in Consumer Banking: the challenges and opportunities
Last month the people from Irish UX consultancy Frontend Design looked at the UX revolution in healthcare and how changes in that sector are moving towards putting the customer at the centre of the service. …
18 July 2015
LSE anthropologist: microcredit only adds to poverty
Far from being a panacea, small loans add to poverty and undermine people by saddling them with unsustainable debt, argues anthropologist Dr. Jason Hickel of the London School of Economics: What’s so fascinating about the microfinance …
2 July 2015
Wells Fargo bank uses ethnographic research to design a better customer experience
During a Speaker Spotlight Q&A at Forrester’s CXNYC 2015 conference for customer experience professionals, Mark McCormick, Wells Fargo’s Head of Wholesale User Experience, talked about how past customer experiences shape consumer behaviors and how understanding …
16 April 2015
Putting technology in its place
Kentaro Toyama is a former Microsoft Research Executive and now an associate professor at the University of Michigan. Toyama calls himself “a recovering technoholic”—someone who once was “addicted to a technological way of solving problems.” …
3 April 2015
Design prototypes for Nairobi, Kenya
In 2014, Ericsson and UN-Habitat (United Nations Human Settlements Programme) entered a three-year partnership with the intention to collaborate around Information and Communication Technologies (ICTs) and sustainable urbanization. One of the first explorations was driven by …
23 March 2015
Design fiction personas illustrate possible impact of educational tech
People talk about the future of technology in education as though it’s right around the corner, but most of us get to that corner and see it disappearing around the next. This innovation-obsessed cycle continues …
17 March 2015
Research on being “good with money” in Silicon Valley
FAIR Money, a small research collective consisting of anthropologists and design researchers based in the San Francisco Bay Area, has just published its first report, Good with Money: Getting by in Silicon Valley. The report, …
7 March 2015
Why most customer experience efforts fail
It is no secret among Customer Experience (CX) professionals that most CX efforts fall flat. Forrester found that only 25% of CX professionals say their companies’ CX programs actually improve customer experience, and Avaya recently …

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.

2 July 2015
Getting citizens involved in protecting fragile energy environments

A new project funded under the FP7 European Commission framework is getting citizens involved in testing new tools for reducing energy consumption during peak loads, in the hope that its pilot program will set the new state of the art for protecting locations with fragile electricity supplies. One of France’s most fragile regions The Provence-Alpes-Côte […]

5 May 2015
Experientia designer Dohun YuLuck Jang 유록 in Design 4 Disaster

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 […]

16 March 2015
Better Health and Wellbeing: Giving the elderly in Singapore sparkling golden years

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 […]

1 January 2015
Happy Playful New Year
21 December 2014
Experientia’s Twitter feed live

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 […]

19 December 2014
Putting People First blog redesigned

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.

See all articles