What if you knew how the brain made decisions? What if your credit union could tap into those hidden choices in the subconscious mind of your member to know exactly what would encourage them to join your credit union or get new products and services? Your current and potential members are illogical beings who make irrational choices – but their behavior is very predictable when you understand the brain.
The landscape is changing – behavioral economics is being implemented in companies around the world in great succession since Richard Thaler won the Nobel prize in 2017. That means credit unions must change as well. And the best thing is, the change will result in a benefit for members. This presentation will explain what behavioral economics is, and how brain science is being incorporated into everything from hospitals to household products. And, of course, Melina will include examples from financial institutions, where it is being implemented in everything from brand messaging to membership, products and pricing to branching.