Applying Behavioural Economics to retail banking
Case Study: Imparta
Procter, a training consultancy, and their clients Barclays Bank and Lloyds Banking Group wanted to test the effectiveness of Behavioural Economics in improving customer experience and sales. Behavioural economics has become a popular business topic through the work of Daniel Kahneman (author of Thinking Fast and Slow), Dan Arely (Predictably Irrational) and others.
- Identification of 40-plus behavioural economics techniques to test in retail banking
- Workshops with Barclays and Lloyds teams to select and apply techniques
- Test and control trial over 2-week period
- Full analysis, including impact on customer satisfaction, NPS, sales and staff engagement
- Report and workshops
The trial was a success, proving that some of the 40-plus behavioural economics techniques could contribute over 20% increase in both sales and customer experience. Procter, Barclays Bank and Lloyds Banking Group have continued to work with these techniques, well ahead of the Financial Conduct Authority asking other providers to deploy behavioural economics analysis.