Behavioural science studies how people behave and tries to answer why they behave in the way they do. This is done by looking at how people process information and how context affects our decisions. Being aware of their customers’ decision-making processes can help financial services providers develop products that really satisfy consumer’s needs – eventually increasing the take up and usage thereof. The behavioural science team at insight2impact, situated at the host Cenfri, aims to help providers incorporate behavioural science in the design, delivery and marketing of their financial products.
As a part of this development, we conducted a training workshop in Nairobi for eight investees from LeapFrog Investments: JUMO, miLife Insurance, ARM Pensions, AIICO Insurance, Goodlife Pharmacy, Fincare, Dvara and SoftLogic, EduGuide Review. The workshop ran for half a day and formed a part of Leapfrog’s larger CX Launchpad program, which trains their portfolio companies on a host of customer experience skills and methodologies. We presented on the behavioural design process and aimed to give participants the tools they would need to structure their own behavioural design projects at the completion of the workshop. The participants we asked to identify a problem they face with customer decision-making (e.g. sign-up process drop off, late payments, cancellations) and we then helped them:
- define behavioural objectives
- develop hypotheses for the current behaviour
- develop intervention ideas to shift behaviour to the desired state
All in all, we had a fantastic day with the participants, who brought some truly innovative behavioural design solutions to the table during our discussions. Following the workshop, we have partnered with one of the attendees to help them design and execute a behavioural project – we look forward to sharing the results in the near future.
View the presentation here.
If you’re interested in running a behavioural design project, or training your team on the process and methodologies, get in touch with one of our in-house behavioural scientists at [email protected] or [email protected].