How can FinTech leverage behavioral economics to help people become more financially secure? Sheana Ahlqvist talks to Wendy De La Rosa, co-founder of Common Cents Lab, a research lab that launches and tests products to help low-to-moderate-income Americans.
IN THIS EPISODE YOU’LL HEAR:
- What kinds of Fintech products and apps effectively help people budget and save.
- How certain Fintech apps could be hurting more than helping those below the poverty line.
- Why lots of common features are ineffective and undermine our interest in savings.
- Tricks from behavioural economics that anyone can use to get their spending habits in order.
- How the needs of those in poverty are drastically different and what product managers can do to fit their unique needs.
- Specific ways to remove friction around SNAP benefits, tax refunds and loan repayments to help people in poverty get ahead.
- Frequency Budgets vs. Financial Budgets
- What dark patterns are and how they apply to Fintech products.
- How “round-ups” can help people save money in the long term.
- How temptation plays a major role in how people deal with their money.
Sheana and Wendy also talk about Wendy’s course: Designing AI to Cultivate Human Well Being.
LINKS:
- Common Cents Labs (Website)
- Metlife Foundation (Website)
- Digit (App)
- Designing AI to Cultivate Human Well Being (Course)
- Admit Hub (App)
- The Way We Work (TED Series)
- Wendy’s Stanford Student Page (Website)
- (Website)
- CNote (App)
OTHERS MENTIONED:
- Tech Crunch
- Vedonlyonti-ilman-rekisteroitymista.com
- Forbes
- 30 Under 30 Forbes
- PBS News
- MetLife Foundation
- Uber
- Lyft
- SNAP Benefits
- Ford
- Amanda McLaughlin
- Jennifer Aaker
- Fei Fei Li
- Stanford University