Behavioural Economics (BE) is a blend of Psychology and Economics which relies on cost efficient ‘nudges’ to encourage customers towards desired outcomes. Many Financial Services firms are already using Behavioural Economics to design better customer experiences and increase response rates.
How we use Behavioural Economics
Simplify: Do your customers really understand you? We create content that has meaning to customers, avoiding common communication mistakes and eliminating friction by reducing the cognitive load.
Engage: We design the process and communications that show your customers the benefits of continuing on a positive customer journey. This is particularly effective for mandatory / regulatory requirements where you need the customer’s assistance.
Enable: We make it easy for your customers to respond positively to your requests.
Why Grant Thornton
Grant Thornton and Behavioural Works collaborate to create and deliver innovative, bespoke Behavioural Change programmes. Together we have successfully delivered some of the largest financial services Behavioural Change programmes in Ireland. We have the expertise and scale to help your organisation ‘nudge’ customers towards successful outcomes.
Grant Thornton has the experience and scale to support end-to-end project/campaign management, development, implementation and monitoring. In using Behavioural Economics to implement change, our clients have:
- Increased customer response rates from BAU norms of 11% to 79%;
- Increased customer uptake of digital solutions from 12% to 81%; and
- Designed customer contact campaigns that reduced default by over 50%.
Behavioural Works has the specialised Behavioural Economics consulting experience to create strategy and associated communications and processes that motivate consumers into action. Our proven methodology is consistently effective in increasing positive customer engagement and enhancing customer trust and loyalty.
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