Invisible Steps: Behavioral Economics Driving Design
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Intuit's Vince Maniago shares how Mint.com uses behavioral economics to inform design. Follow Vince (@uvince) and Intuit (@IntuitInc) on Twitter.
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Invisible Steps: Behavioral Economics Driving Design
- 1. Invisible Steps! Behavioral Economics Driving Design Vince Maniago! @uvince! SXSW 2014
- 2. Overview! • Scale and reach of our experiments • Behavioral Economics / Psychology as it applies to Mint • Financial Literacy and how it makes experiments so important • A deep look at experiments, including some surprises • Applying our learning to your work & questions
- 3. Mint by the Numbers! • 14 Million Registered users • 5 Billion transactions tracked & categorized last year • Mint sees over 2% of the value of GDP annually (US)
- 5. “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
- 7. “"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
- 9. Jump$tart Coalition! • Testing 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
- 12. There was no difference in the responses between users who had exhibited either good or bad financial behavior.
- 16. Problem! Users can get stuck in the Mint registration process when it comes to adding their 1st bank
- 17. Hypothesis! Users who get an email from me will be more likely to complete their sign-up and become an active user.
- 19. Test!
- 21. Hypothesis! “We can use the loss-aversion tendency to increase the number of users that setup and link an emergency fund in Mint”
- 22. Hypothesis! Additionally: “Users are more likely to engage with Mint if we help them setup an Emergency fund.”
- 23. Test!
- 25. Optimize your A/B before you test with crowdsourcing.
- 26. Rainy Days & Emergencies Can Happen. Here's How We Can Help. ! vs. ! Start Investing in Your Future. Here's How We Can Help.
- 27. Results! ! Rainy Days: 18.1% open, 0.8% click ! ! Start Investing: 16.3% open, 0.7% click
- 28. But! ! Rainy Days: less accounts linked + users returned ! ! Start Investing: 2/3rd’s of users became active again
- 29. Hypothesis! “Users can be persuaded to update their bank credentials depending on their promotion or prevention focus.” This intrigued everyone…except the experts.
- 31. Test! Email users with accounts that won’t connect and measure the open and login rate. Users received either a promotion or prevention centric message.
- 33. 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.
- 34. 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
- 35. How! Can you use Behavioral Psychology to make your product better? Broadly applicable learnings
- 36. Gear up! Arm yourself with mailchimp,optimizely, google analytics, mixpanel, omniture, etc.
- 37. Capture! Measure everything. Analyze just what matters.
- 38. Don’t! Leave it all to the experts.
- 39. • Dan Ariely professor of psychology and behavioral economics, the author of Predictably Irrational and The Upside of Irrationality • Nir Eyal author of Hooked: How to Build Habit-Forming Products • BJ Fogg creator of the Behavior Model and Tiny Habits Read Up
- 41. How can we use! to {goal}?!
- 43. Takeaways! • Figure out how to test fast, “Done is better than perfect” • Capture everything, it will save you test cycles in the long run • Don’t leave it all to the experts, educate yourself and your team • What we plan to do is not what we ultimately do.
- 47. "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).