Applied behavioural economics
Overview
Behavioural economics is a powerful field that combines economics and psychology to influence behaviour and improve decision-making for the better through low-cost, high-impact, easy-to-implement interventions. Genesis Analytics created the first team of consultants in Africa in 2014 to use a scientific understanding of human behaviour to solve practical problems in the world of business.
Projects
Behavioural campaigns lift loans response rates by 102%
A large financial institution approached the Applied Behavioural Economics (ABE) team to increase the response rates for one of its financial services campaigns. Behavioural economics principles were successfully applied to optimise various existing customer communication channels throughout the personal loan take-up/uptake journey.
Assisting to build internal behavioural economics capability
Based on a series of exceptionally successful projects with a major financial services provider over the past five years, the Applied Behavioural Economics (ABE) team has been working closely with stakeholders to continue achieving this success on a larger scale by establishing and guiding an internal behavioural economics capability.
Behavioural experiment validates new financial product
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.
Real-time system to update customer information for major FSP
Genesis Analytics assisted in the development and assessment of a new, face-to-face, system-driven, financial advice process that involved real-time information updating on customers. This involved a rigorous behavioural approach to testing and analysing the impact on market perceptions.
Behavioural economics boosts annual premiums by 60%
The Applied Behavioural Economics team was commissioned to improve the conversion rates and the premiums collected for an asset manager’s retirement-product campaigns. The campaigns sought to migrate customers from old-generation products to new ones, while also increasing monthly premium contributions.
Related Focus Areas
Infectious diseases and pandemic preparedness
Reproductive, maternal, child health and nutrition
Health financing and health systems optimisation
Digital health and data transformation
Climate Finance and Economics
Climate change is the great challenge of our era, and the flow and timing of climate finance is woefully insufficient to address the growing emergency.
The private sector must be involved, and public funding that is already committed must be made more easily accessible to developing and emerging economies. We aim to be the leading global advisory firm unlocking climate finance for a just transition and to build climate adaptation and resilience.
Communications and broadcasting
We work with governments and regulators to cut through the complexities of digital markets and ensure that digital policy and regulation are fit for purpose, striking the optimal balance between intervention and innovation. Our work includes all aspects of governance and economic regulation including competition, digital rights, data protection and privacy, consumer protection, e-commerce, economic structure and digital trade.
Health
We help to strengthen and support sustainable, country-owned health systems that can deliver positive, equitable health outcomes.
We bring deep knowledge and understanding of local contexts and combine this with technical and operational excellence. Our focus is on Africa and other countries with growing young populations across Asia and the Middle East.
Our technical areas of expertise include:
Financial Services Strategy
Our Financial Services team has completed more than 1000 projects across sub-Saharan Africa and the Middle East since 2001. We work with leading financial institutions to address their challenges, unlock value for their stakeholders and shape the future of the industry.
Our team understands the evolving technology and market structures, economics and regulatory trends across all segments of the financial services sector. Our distinct approach is characterised by deep specialisation and rigorous analysis based on a strong economics foundation.