Posts related to “consumer finance”

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New White Paper: The Power of Heuristics

Jan 17, 2014

People are presented with many choices throughout their day, from what to have for lunch to where to go on vacation to how much money to save for emergencies. In many situations, this ability to choose enhances our lives. However, having too many choices can sometimes feel like a burden, especially if the choices are … Read more.

The BETA Project Wrap-Up: Small Changes, Real Impact

Jan 7, 2014

Reflecting back, 2013 was an exciting year for ideas42, CFED and the Citi Foundation. Through the BETA (Behavioral Economics Technical Assistance) Project, we worked with Accion Texas, the Cleveland Housing Network, and Neighborhood Trust Financial Partners to design and test new solutions for their programs using insights from behavioral economics. We defined the problems to be … Read more.

From ‘To-Do’ to Done: Simple Plan-Making Strategies in the BETA Project

Oct 8, 2013

Take a look at your to-do list. Which task do you expect to complete first? Probably something fairly simple and concrete: “Buy groceries,” “Pay phone bill,” “Clean bathroom.” Now, which task always gets pushed to the bottom of the list? Learning conversational Spanish would be fun and would make you a stronger job candidate, but … Read more.

CFPB Innovations Project: Announcing Call for Prototyping Partners

Oct 3, 2013

ideas42 and its partners, the Doorways to Dreams (D2D) Fund, the Center for Financial Services Innovation (CFSI), and the Corporation for Enterprise Development (CFED), are excited to announce a call for prototyping partners on the CFPB Innovations Project. The project seeks to develop and test prototypes of new approaches for helping consumers overcome common decision-making … Read more.

Designing for Difficulty: The BETA Project

Sep 30, 2013

“Make It Easy” – it’s not just a Staples advertising gimmick, but a key design principle from behavioral economics. How can we make sure people sign up for 401(k) savings accounts? Make it easy by setting a default plan. How can we get people to eat right? Make it easier by designing an intuitive food … Read more.

Read this Now! The Art & Science of Reminders in the BETA Project

Sep 24, 2013

Have you ever meant to do something so important or so forgettable that you created a reminder for yourself, only to find that you still failed to follow through? Maybe you wrote a note reminding yourself to pick up the dry cleaning on the way home from work, but you completely forgot after a busy … Read more.

Take a Walk in Someone Else’s Shoes: The BETA Project

Aug 5, 2013

At what point can we say that we understand another person’s behavior? “Before you abuse, criticize and accuse,” singer Joe South told us, “Walk a mile in my shoes.” If we walked a mile in the shoes of every client that our three BETA test sites serve, we would need to cover approximately 3,797 miles. … Read more.

Look for the Unexpected: The BETA Project

Jul 29, 2013

Part of diagnosing a behavioral problem is realizing that you don’t always know where to look for the “symptoms.” In medical diagnosis, symptoms are at least limited to the physical human body. Human behavior, on the other hand, is shaped by a complex blend of contextual details and internal neuro-cognitive processes into which we have … Read more.