[Put the financial institutions video 2 at the top of this page]
Throughout the Financial Capability Lab, we worked with a number of financial institutions to explore how they could embrace financial wellbeing. Financial services institutions can affect the financial wellbeing of their clients in many ways, including by:
- Using behavioural science to design financial products by making them more user-centered and conducive to key behaviours
- Using data to target customers
- Tailoring communications using behavioural science
For example, we worked with Nationwide to integrate important behavioural insights into the design of a cutting-edge prize-linked savings account and to understand how best to communicate about its features.
We also worked with MaPS and a leading UK bank to explore ways to help clients better manage their credit card debt.
Resources & results
Can banking institutions use prize draws to help customers save money?
To help people save more of their money, banks, building societies and credit unions have launched accounts in recent years known as prize-linked savings accounts. These accounts represent an innovative…
A behavioural approach to managing money: Ideas and results from the Financial Capability Lab
A partnership between the Money Advice Service, the Behavioural Insights Team & Ipsos MORI