This document discusses how behavioral economics can be used in open banking to help frame customers' and employees' financial decisions. It notes that money triggers emotional responses in the brain and that humans tend to make better long-term than short-term decisions. Various cognitive biases that affect financial decisions are described, like loss aversion and confirmation bias. Examples of startups using behavioral insights are provided. The importance of chief behavioral officers and "nudge units" that design solutions based on behavioral economics for open banking is discussed.