{"id":5073,"date":"2020-07-30T14:24:00","date_gmt":"2020-07-30T14:24:00","guid":{"rendered":"https:\/\/apadmi.com\/insights\/behavioural-science-data-and-tech-in-financial-services\/"},"modified":"2026-07-23T11:56:01","modified_gmt":"2026-07-23T11:56:01","slug":"behavioural-science-data-and-tech-in-financial-services","status":"publish","type":"insight","link":"https:\/\/www.apadmi.com\/en-nl\/insights\/behavioural-science-data-and-tech-in-financial-services\/","title":{"rendered":"Behavioural science, data and tech in Financial Services"},"content":{"rendered":"\n\t
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\n\t\n\t\tBehavioural science, data and tech in Financial Services\t<\/h1>\n\n\t\n\t<\/div>\t<\/div>\n<\/div>\n\n\n\t
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\n\t\t\tAs a mobile technology agency, we\u2019re increasingly being asked about the role of artificial intelligence and tech in Financial Services \u2013 how can behavioural science data be used to better predict patterns in customer behaviours?\t\t<\/p>\n\t\n\t\n\t

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\n\tCan wealth management companies use mobile apps to deliver better, more relevant and timely content? How can AI deliver a better experience, and how does this impact UX design? There\u2019s a lot of talk about digital transformation  \u2013 how important is the role of data in delivering new mobile and web products to the investment sector?<\/p>\n\n

\n\tTo understand more, we asked Sam Shaw to talk to digitally-focussed industry leaders, about the real opportunities for data and tech in Financial Services.<\/p>\n\n\n\tBehavioural Science & The Power of Persuasion<\/h2>\n\n

\n\tIn classical mythology, Homer\u2019s Odyssey recounts how, when sailing past the Sirens\u2019 island, Odysseus ordered his crew to plug their own ears and tie him to their ship\u2019s mast, such was his curiosity over their beautiful, yet ultimately fatal, song. Despite begging to be untied, the sailors ignored their boss\u2019s pleas, tying him even tighter until they\u2019d passed safely out of earshot.<\/p>\n\n

\n\tThat example of how short-term desire can supersede longer-term sensibility, is referred to by behavioural scientists as \u2018present bias\u2019. In being aware of it, Odysseus\u2019s crew saved his life \u2013 but when it comes to the financial sector, what measures can be put in place to override some of our inherent human behaviours, and how can data help?<\/p>\n\n\n\tData and tech in Financial Services<\/h2>\n\n

\n\tAs \u201copen banking\u201d expands into \u201copen finance\u201d \u2013 stretching to mortgages, consumer credit, savings and investments, pension accounts and general insurance \u2013 the data opportunity appears almost limitless. <\/p>\n\n

\n\tCaptured and used responsibly, even the City watchdog has identified its potential, suggesting open APIs will allow third parties to create financial products, services and mobile applications. These would leverage customer data in a less siloed fashion than ever before, leading to innovation through the use of apps and digital wallets. <\/p>\n\n

\n\tDeciding what, when and how to use data to create more meaningful client experiences without moving into \u2018Big Brother\u2019 territory is the sector\u2019s clear challenge. As Chief Digital Officer at Hargreaves Lansdown, Chris Worle said: \u201cWe\u2019ve got this great insight, but how do we use it at scale?\u201d<\/p>\n\n

\n\tWorle said a recent use-case related to Covid-19 and the ensuing market troubles. \u201cWe know which clients would typically panic-sell in those circumstances. Obviously, we can\u2019t stop them doing that, but we can anticipate it, get some timely content to them to hopefully reassure, and get them thinking about things differently.\u201d<\/p>\n\n

\n\tCharles Stanley is also increasing its efforts in this direction, with ambitions of capturing more data to help it produce more personalised, relevant content \u2013 but also, to help the business discover whether clients are achieving their desired outcomes. And, if they aren\u2019t, what options are available to help them?<\/p>\n\n

\n\tPaul Searby, interim Head of Digital, used the example of a self-directed client, whose fairly high-risk strategy wasn\u2019t performing very well \u2013 they might be sent an educational piece around attitudes to risk, or how to build a more diversified portfolio for the longer term.<\/p>\n\n\n\tStaying one step ahead of the customer journey<\/h2>\n\n

\n\tUnlike many other sectors, the financial services road is long. <\/p>\n\n

\n\tFirms might start capturing someone\u2019s digital footprint months, or even years, before they eventually become a client, often taking routes that are neither logical nor linear. <\/p>\n\n

\n\tPeople rarely arrive with one clear brief to create a holistic life plan; it tends to happen in stages. As such, Worle sees the digital future as an equally fragmented experience. \u201cI don\u2019t see a big monolithic AI where you put in your life and it spits out a solution [\u2026] I see it being more about how we provide individual tools to help clients solve individual challenges. \u2018Show me the parts of my portfolio that are unbalanced and some alternatives.\u2019 \u2018Show me smart projections for my pension going forward.\u2019\u201d<\/p>\n\n

\n\tThe need for greater personalisation (and high expectation of that experience) is a growing theme amongst wealth management consumers. Increasingly time-poor and overwhelmed by messaging, they demand their experiences to be relevant, timely and engaging in order to cut through the noise. <\/p>\n\n

\n\tBut, tailored content is only one side of it. Data can also be used to improve operational efficiencies. <\/p>\n\n

\n\tOne large financial advice firm has been working with a consumer credit agency to take clients\u2019 publicly available data to help understand their behaviour (referred to as \u201cpropensity to purchase\u201d or \u201cpropensity to engage\u201d) and combine that with information held by their financial adviser. <\/p>\n\n

\n\tFor instance, if they had taken out an investment bond valued at \u00a3100,000 it could lead to one of several scenarios. A sales director at the company told me: \u201cWe can tell a couple of things and categorise them accordingly. For instance, if they\u2019ve given us \u00a3100,000, do they have any more money to invest? If they have more money, are they the type that are likely to invest with us \u2013 a group of financial advisors, or not? If they aren\u2019t, are they likely to go to a bank? Will they go to a robo-offering, or will they go to a self-directed platform?\u201d<\/p>\n\n

\n\tSuch insights help anticipate likely behaviours, which then allow his team to prioritise their time more effectively.<\/p>\n\n\n\tTackling “behavioural bottlenecks”<\/h2>\n\n

\n\tWhere data scientists might believe providing such information or economic incentives could change behaviours, behavioural scientists look at the world differently.<\/p>\n\n

\n\tJames Guszcza, US Chief Data Scientist at Deloitte Consulting who inspired the Odyssey example, said: \u201cInstead of trying to make people more rational by giving them an optimal amount of information, let\u2019s take people as they are and just change the landscape around them to make it natural.\u201d<\/p>\n\n

\n\tMany digital wealth offerings pitch themselves as a quasi-\u2018Siri for your bank account\u2019, he said, with the use of voice responses, real-time modelling and natural language processing increasingly on the horizon.<\/p>\n\n

\n\tBut if people resist their financial projections because they relate to their \u2018future self\u2019 and therefore fail to resonate, even the slickest design efforts are wasted. <\/p>\n\n

\n\tIf people\u2019s egos lead them to believe they should hold out for a lower entry point before investing, they might miss out if prices bounce. <\/p>\n\n

\n\tApplying behavioural principles, bringing together data, digital and design, leads to true customer-centricity. By understanding \u201cbehavioural bottlenecks\u201d such as forgetfulness or letting short-term pleasures trump long-term goals, predictive models \u2013 which Guszcza likens to credit scoring models \u2013 could identify in advance which customers might be more receptive to certain messages, or information presented in a particular way.<\/p>\n\n

\n\tBehavioural tactics include local comparisons, often used by energy companies that peg you against your neighbours. Switching to opt-out from opt-in saw 10 million new people in the UK saving for retirement when auto-enrolment was introduced by the government, known as a \u201csmart default\u201d. Altering a mobile app\u2019s display to prevent people thinking about short-term fluctuations in the market, and more in terms of long-term decision-making, might make all the difference.<\/p>\n\n

\n\tGuszcza said we can \u201credesign our digital environments to go with the grain of human psychology\u201d \u2013 which sounds far less cumbersome than tying ourselves to a ship\u2019s mast, but metaphorically speaking, might help save us from ourselves.<\/p>\n\n

\n\tSo, it\u2019s clear that there\u2019s a role for tech in Financial Services \u2013 and an opportunity, along with the desire, for data analytics to innovate. At Apadmi, we\u2019re fascinated by what\u2019s coming next and can see huge potential for a new, intuitive relationship between wealth managers and their clients, through mobile apps and other connected devices.<\/p>\n\n\n\t<\/div>\n<\/div>\t<\/div>\n<\/div>\n\n\n\t

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