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ND14 - Cait Hurley
- 1. 1 Getting to grips with Behavioural Economics as part of Money Advice Service’s service delivery Cait Hurley 18/06/2014
- 2. MAS’s commitment to behaviour change Business plan 2013-14
- 3. Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves
- 4. Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves East: Easy Attractive Social Timely Defaults Salience Reduce the ‘hassle’ Attract attention Rewards and sanctions Social Norms The power of networks Commitment to others Right time Immediate costs/benefits Help to plan response
- 5. gameful design Mindspace: Messenger: Incentives: Norms: Defaults: Salience: Priming: Affect: Commitment: Ego: We are more likely to act on information if the messenger has authority We dislike losses more than we like gains We overweight small possibilities We live for today at the expense of tomorrow Influenced by those around us We rarely opt out of the status quo We respond better when we easily understand We are influenced by un/conscious prior exposure We are influenced by emotional response We try to keep our promises We try to measure up to our image of ourselves East: Easy Attractive Social Timely Defaults Salience Reduce the ‘hassle’ Attract attention Rewards and sanctions Social Norms The power of networks Commitment to others Right time Immediate costs/benefits Help to plan response Gameful: The goal The task Show rewards Show progress Progressively satisfy Tell them they’re winning
- 6. Tetris task completion gets harder
- 7. Project 1: Money Lives
- 11. Healthcheck
- 13. Healthcheck
- 14. Healthcheck data New user registrations on website 11146 4968 5656 4243 4012 New user registrations with Advice Plans 2185 870 862 706 588 New user registrations due to Health Check 1512 550 577 461 364 Percentage of user registrations due to Health Check 14% 11% 10% 11% 9% Advice Plans 383551 Tasks Active 2100 Completed 8082 Dismissed 7777 Overdue 2076 Inactive 1744715
- 15. References: Daniel Kahneman “Thinking Fast and Slow” ISBN 978-0141033570 Jane McGonigal “Reality is Broken” ISBN 987-0099540281 http://www. janemcgonigal.com/ Endhil Mullainathan, Eldar Shafir “Scarcity” ISBN 978-1846143458 The Behavioural Insights Team “East: Four simple ways to apply behavioural insights” http://www.behaviouralinsights.co. uk/ Fair Banking Foundation http://www.fairbanking.org.uk/
Notas do Editor
- The Money Advice Service has embraced behaviour change and has worked with the Fairbanking Foundation, in particular, increasing in granularity the way we work with them as time goes on. What is behavioural economics? In short, it’s the junction where Psychology starts to use Economics structures to evaluate and assess how and why people behave in particular ways. The official version from Professor Ivo Vlaev is: “Economists use a classification (from Della Vigna, 2009) that is based on a very simple idea of how decisions are made. Behavioural biases and effects can affect each step. A desire to avoid unpleasant psychological experiences (e.g., regret) and urges (e.g., for immediate gratification) affect our preferences (‘wants’ and ‘needs’). Beliefs are often formed following our intuition that is incapable of assessing risk uncertainty. Different decision-making rules and shortcuts are adopted to simplify decisions.” I hope you’ve memorised that, I will be testing afterwards.
- The Behavioural Insights team, otherwise known as the ‘Nudge Unit’ came up with a framework originally known as “Mindspace” to enable folk to develop behavioural hypotheses to test in order to understand how best to get people to commit to taking actions, which you can see here on the left. It’s extensive and assumes a degree of comfort, you could say, with psychological approaches.
- They’ve since re-oriented this to East, which you can see here is a lot more concise and hopefully more usable but has the same key insights at its heart. This whole approach is explained in an excellent report you can get from them, the references are on the end page of this deck.
- I have adapted ideas and research reported by Jane McGonigal in the book “Reality is Broken” in which she argues that Games make people happier, and are very useful tools to deliver life messages, but also to engage with customers to initiate changed behaviours, but that only works if they’re really good. You’ll see that there’s a bunch of crossover here with behavioural economics ideas.
- Progressive satisfaction is explained as: a good game will start your commitment off with something small, that will take you moments to complete, give you positive feedback and reward immediately and then make the next task that little bit harder. Then harder, then harder. This is not just for players of massive multiplayer games, think back to Tetris, a game so addictive you actively have to delete it from your phone. A game designed not to celebrate winning, but not losing. By the time you do eventually lose (and you will), your mind is in such flow with the game that you are tackling complex decision making on a scale that seems impossible, compared to those initial brick laying tasks.
- I want to quickly talk you through the research Money Advice Service undertook with the help of Fairbanking for the Money Lives report, which whilst not digital, highlights clearly interventions that work, and why. Money lives was a longitudinal study, videoing and returning to 72 families across the UK over a nine month period. The Fair Banking Foundation conducted 5 interventions after extensive analysis of the verbal responses people were making during the research, and I’ve picked the most effective here and why – you’ll see that it chimes in with the points we have already been discussing. Substitution cards Folks were give straightforward cards. This was by far the most useful intervention, when it was used by people who were in a receptive frame of mind – you can see the element of Timeliness being important there. The card was very simple, as you can see. The emphasis here is not on prescribed actions, but getting people to write down their own. Making a contract with yourself – and using a pen, is a very powerful tool, yet this is a surprisingly small action, and evidence showed it working best when those being tested offset very do-able actions. Instead of buying new clothes on a whim, there was the reward of searching out bargains on Ebay, or the very simple change from posh catfood to not quite so posh. The important point being that there was reward involved. Actual denial is denied. The important evidence here is that not only did this action work, but it increased the resilience of those being tested such that they actively expanded upon the action themselves. There was no need to nanny-like, prescribe their actions and the next ones. Taken one brick off the floor, the world suddenly looked different, and changeable. This was by far the most impressive intervention in the Money Lives research, and it’s something that we’re testing to replicate for customers to take away from face-to-face money advice discussions.
- Moving to online, here’s a straightforward way that behavioural economics has been integrated in to the newly built mortgage calculator. You can see the old one here. Tells you everything you need to know. Massive numbers, we’re the no.3 mortgage calculator for natural search (search you’ve done yourself) in the UK and that means a lot of custom. Inputs are clear, it calculates very quickly, people get what they need and the rush off. And they really rushed off. Dwell time on this tool was 1:10.
- Applying behavioural economics to builds works perfectly in an agile development process given that the starting position is one of solving user need, rather than establishing a solution immediately ie: one starts from the premise that until you start testing with customers, whatever you have thought of is wrong. So building in user testing in to the build cycle means that you can add behavioural techniques to a user experience and directly test whether customers gel with them or not. You can see that the new mortgage calculator is clear, less cluttered, it actually forces you to click ‘next’ which you would think is counter-intuitive, surely they can just get everything they need right here, yes? The old one did. Here, you’re focusing on the things that really matter – the numbers you know, and the things that you really need to know – presented simply, and clearly. URL: https://www.moneyadviceservice.org.uk/en/tools/mortgage-calculator-new
- The results page equally gives you the opportunity of playing with the results: it’s attractive, it’s timely, it’s easy to use and play with, and there’s a small, gently worded nudge to give you a number which may clang against your vision of yourself, of what you can afford. We need to be providing that rational hand. The key output here is not how many more people are using the tool, the usage numbers are large, it’s by far our most used calculator, clocking in at 80k+ completions a month. The difference comes in ‘Dwell time’, the number of seconds spent on the product. The old, up front calculator people used and left in seconds – literally. The average dwell time on that page was 1:10; on the new calculator it’s 3 ½ minutes. So, the ease of use, the different playful scenarios and the attractiveness of the product has increased peoples’ interaction time, which in turn means those key, small scale nudge messages are being read and absorbed.
- We’ve also worked on more experimental products that utilise many behavioural tickboxes. The Money Healthcheck is a wide ranging demographics questionnaire related to your feelings about money and where you are in life, after which Money Advice gives you a selection of advice plans based on that information. URL: https://www.moneyadviceservice.org.uk/en/tools/health-check
- I’ve got myself a bit of a financial ruin here, the red frown doesn’t come up for many customers, but the green smiley and orange “hmm” do. This is straight out of the book behavioural economics but seems to feel potentially patronising and we definitely haven’t got the wording right, we’ve received feedback to say as much. Three plans tailored to you, and we’re not telling you which one is the most important. It’s up to you to tell us, or rather, make that step toward commitment by actively choosing yourself, rather than us telling you.
- A list of actions on the left, some social norming based around the actions here – I hope you take note of that statistic, then a personal commitment to a time when you will complete the task. In order to get the most out of the product, you’ll want to join, and get reminded. There’s a lot to update and change based on user feedback. Our tone needs to change, our tasks need to follow that gaming premis of easy first, getting more complex later, in order that the tasks and the positive feedback we give people are always satisfying. So the attractiveness of the content is the piece of the puzzle that isn’t working.
- The proof of success is in the data, which provides a mixed picture. 383k advice plans delivered, of which only 20k actions from within the plans have been interacted with, and yet, the % of registrations for the whole of Money Advice is pretty high, for a tool which at present is receiving no promotional activity. So those 10 thousand actions which are currently active or completed have meaning, and much more meaning than would have been present in a print off list or just a run down of recommended actions, which is what used to be the case. However, you can see that those numbers are small. Another key learning from games that is reflected in East: “Attractive”. It’s got to be worth it, it’s got to be engaging, and it has to have an element of fun. It’s difficult to say that the Healthcheck is *not* a success. It’s at the start of its journey and this is the point with all of this: putting products in to the wild, judging success from actual usage and having time built in to the development process to enable the product to be refined and in some cases, have whole bits of it either thrown away or revised heavily. My key takeout here is that we forgot the principle of ‘Simple’ and we didn’t understand, at the time of building, the true importance of getting the customer to not simply identify their own commitment but actively make a contract with themselves, in some digital form. Which means looking at this again, in a while new way. How can we built on what we’ve learned, and strip away the layers of slightly paternalistic complexity. For a product of this breadth, this is hard. But if you’re in the business of actively getting people to Do, and change their world view, then by using behavioural economis techniques and listening to where the customers are getting the most from the experience, we can get better at helping.