Loss Aversion and Financial Decisions

Can pre-filled forms help make switching accounts easier?

IndustryConsumer Protection
Reading time1 min read

Intervention Description

The Financial Conduct Authority (FCA) in the United Kingdom has conducted numerous studies aimed at understanding the barriers preventing people from switching savings accounts. They determined that customers could use help in three areas: search and comparison, ease of implementation, and attention. The FCA tested a variety of different behavioral interventions finding that pre-filled switching forms and aptly-timed digital reminders led to the greatest increase in customers switching accounts.

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Sources

OECD (2017), Behavioral Insights and Public Policy: Lessons from Around the World, OECD Publishing, Paris. https://www.oecd-ilibrary.org/governance/behavioural-insights-and-public-policy_9789264270480-en

https://www.keepeek.com/Digital-Asset-Management/oecd/governance/behavioural-insights-and-public-policy_9789264270480-en#page218

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I was blown away with their application and translation of behavioral science into practice. They took a very complex ecosystem and created a series of interventions using an innovative mix of the latest research and creative client co-creation. I was so impressed at the final product they created, which was hugely comprehensive despite the large scope of the client being of the world's most far-reaching and best known consumer brands. I'm excited to see what we can create together in the future.

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