Throughout the Financial Capability Lab project we worked with a number of financial institutions to explore how they could work to improve the financial wellbeing of their customers.
We worked with Royal London and used customer transaction data and predictive analytics to find more effective ways of signposting pension customers to impartial guidance.
We also 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 designed an interactive credit card slider to give customers more control by helping credit card holders pay back their debt faster by understanding the tradeoffs between repayment size and repayment timescales.
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…
Developing saving habits through prize-linked savings accounts
Making a habit of saving money is crucial to developing long-term financial wellbeing. Yet over 10 million working aged people in…
Smarter Signposting to pensions guidance
Many people do not seek freely available financial guidance that could help them to understand and make the most of…
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