Behavioural Experiment validates new financial product
Using behavioural experiments to improve product research
Applied behavioural economics
Financial services strategy
Area of Expertise:
Choice architecture build
2017 - 2018
United Kingdom (UK)
Genesis Analytics was commissioned to determine whether a pivotal new product would function by using a robust behavioural experiment. The experimental approach was key because focus groups and surveys could not adequately capture the experience of using the client’s product.
The client is developing a new digital-only bank that will replace its existing operations. The key differentiator of its product is that it uses behavioural nudges to help customers understand their finances better.
Before the team’s involvement there were important decisions to be made in terms of how the product functioned. The team created a digital environment where respondents could experience how the product would work over a series of six simulated “weeks”.
The respondents received a salary, chose what to buy, how much to save, and more. With a sample of 6 000 nationally representative respondents, the team gathered hard data on how people behaved under the various account setups.
The approach culminated in a number of specific product suggestions that the client is now building into its core banking system.
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