building better products with behavioral economics at #productsf
DESCRIPTION
Cast Study/Ignite talk about Behavioral Economics and Mint.com at #ProductSF 2014. By Vince ManiagoTRANSCRIPT
![Page 1: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/1.jpg)
Building Better Productswith Behavioral Economics
Vince Maniago@uvince#productsf#minted
![Page 2: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/2.jpg)
Mint by the Numbers15 Million Registered users
5 Billion transactions tracked & categorized last year
Mint sees over 2% of the value of GDP annually (US)
#productsf @uvince
![Page 3: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/3.jpg)
“People typically intend to forfeit small, immediate gains for larger rewards in the future, but they often
fail to make the optimal choice at decision time.”- Kirby and Herrnstein 1995
#productsf @uvince
![Page 4: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/4.jpg)
“"Our emotional brain wants to max out the credit card, order dessert and smoke a cigarette. Our logical brain knows we should save for retirement, go for a jog and quit smoking”
- McClure et al
![Page 5: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/5.jpg)
Jump$tart CoalitionTesting exiting high school & college students each year
Goal is to measure and improve financial literacy
50% of college and 68% of HS failed a basic financial survey
#productsf @uvince
![Page 6: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/6.jpg)
There was no difference in the responses between users who had exhibited either good or bad financial behavior.
#productsf @uvince
![Page 7: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/7.jpg)
![Page 8: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/8.jpg)
ProblemUsers can get stuck in the Mint registration process when it comes to adding their 1st bankHypothesisWe can use one weird trick to help users complete their sign-up and become an active user.
#productsf @uvince
![Page 9: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/9.jpg)
+32%from 1 extra email
✓ Love of Free✓ Anchoring✓ Hot vs. Cold States
#productsf @uvince
![Page 10: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/10.jpg)
Hypothesis“Users can be persuaded to update their bank credentials depending on their promotion or prevention focus.”
This intrigued everyone…except the experts.
#productsf @uvince
![Page 11: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/11.jpg)
Promotion-focused people see their goals as creating a path to gain or advancement and concentrate on the rewards.
Prevention-focused people, in contrast, see their goals as responsibilities, and they concentrate on staying safe.
![Page 12: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/12.jpg)
#productsf @uvince
![Page 13: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/13.jpg)
![Page 14: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/14.jpg)
Account Alert: Don’t miss a transaction, update your Mint account today.
vs
Get your full financial picture from Mint – fix your broken account today.Prevention beats Promotion nearly 3-to-1
#productsf @uvince
![Page 15: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/15.jpg)
#productsf @uvince
![Page 16: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/16.jpg)
#productsf @uvince
✓ Love of Free✓ Social Impacts✓ Loss Aversion
![Page 17: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/17.jpg)
#productsf @uvince
✓ Self control facilitation✓ Bandwagon Effect✓ Hyperbolic Discounting
The Enemy:
![Page 18: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/18.jpg)
#productsf @uvince
![Page 19: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/19.jpg)
How can we use to {goal}?
#productsf @uvince
Gear upArm yourself with mailchimp,optimizely, google analytics, mixpanel, omniture, dropbox, etc.
![Page 20: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/20.jpg)
Optimize your A/B before you test with crowdsourcing
#productsf @uvince
![Page 21: Building Better Products with Behavioral Economics at #ProductSF](https://reader033.vdocument.in/reader033/viewer/2022061105/53f8e7238d7f72b82e8b48bb/html5/thumbnails/21.jpg)
#productsf @uvince