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Behavioral Economics Allows Insight into Customer Decision-Making

By Michael Kiella

Editor’s Note: BankBeat asked academics and marketers to weigh in on how behavioral economics is transforming the industry. This is part one of a two-part series.

Patterns of behavior, including how a customer feels — their emotional state when they are interacting with banking professionals — is valuable information in creating successful transactions and relationships. If bankers know the behavior of a group inside of its customer base in data-analytical terms, and know how their customers feel when they are interacting with their financial selves, it makes it easier to offer products and services that the customer may not know exist. This is behavioral economics applied to financial services.


Artificial Intelligence to Reach Human-Level Intelligence by 2040

Since AI’s inception in 1956, in the form of “a machine that could think,” AI continues to evolve and impact society, businesses and humanity. Its cognitive tools have systematically reshaped how people and companies interact and possess the power to radically transform business exchanges and human capabilities.


Loan Origination Costs Drive Lenders to Alternate Tech

As mortgage loan origination costs continue to climb, a growing number of mortgage lenders are starting to consider alternatives to the traditional loan origination system deployment, Greenwood Village, Colo.-based mortgage advisory firm STRATMOR Group reports.


Fintech Revenues Projected to Reach $638 Billion by 2024

New data from U.K.-based Juniper Research has found that fintech platform revenues will reach $638 billion by 2024, up from an estimated $263 billion in 2019, driven by increasing consumer acceptance of fintech-powered solutions.


Small Business Banking Made Better

Detroit, Mich. //

Sparta, Mich.-based ChoiceOne Bank, which has a strong focus on small business banking, was one of the first institutions to launch Autobooks, a small business payment and accounting platform integrated within a financial institution’s digital experience.

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