Promoting Inclusive Markets and Financial Systems
Introduction to Behavioral Design in Inclusive Finance
This first webinar in the “Behavioral Approaches for Financial Product Design” series will illustrate the importance of behavioral science thinking in financial product design and begin to touch on what it means to do systemic product innovation using the behavioral approach.
Bringing to life behavioral science concepts and the psychological biases that come into play in financial decision-making, speakers will contextualize these biases in real world situations and showcase examples of financial products or services that were designed to address those biases for improved outcomes. Then, they will introduce a few key behavioral principles to keep in mind when building financial products for the poor and underserved, and invite discussion from the participants on applying these principles.
Participants will walk away with a strong understanding of key psychological biases and heuristics that influence consumers’ financial decision-making. Participants will also see several concrete examples of how the design of financial products can either alleviate or aggravate negative client behaviors. In combination, these will help to illustrate the importance of behavioral design as a way to address such behaviors.
This webinar is organized by SEEP and delivered by ideas42, with the support of MetLife Foundation, as a part of the "Behavioral Approaches for Financial Product Design" webinar series.
Marina Dimova is a Vice President at ideas42. She designs, tests and scales behaviorally-informed products and programs in consumer finance, international development and financial inclusion. Her work spans projects with U.S. financial institutions aimed at improving financial management behaviors and loan repayment outcomes, as well as the scale-up of a heuristics-based financial management training for microentrepreneurs in developing countries. She also works on the design of pro-poor social programs. Prior to ideas42, Marina was an Associate Director at Ikatu International where she led the strategic research on the design of a youth employment and skills training program in West Africa. She has also worked on agricultural value chains and private sector development with the World Bank, as well as finance and healthcare consulting. Marina holds a BA in Economics and Government from Franklin & Marshall College, and an MPA degree in International Development from the Kennedy School of Government at Harvard University. She enjoys road trips, dance, mountains and good conversations.
Alex Blau is a Senior Associate at ideas42 currently focusing on challenges in consumer finance, design and decision-making, and international development. Prior to joining ideas42, Alex worked as a research analyst at Tufts University’s Friedman School of Nutrition Science and Policy, examining the exit-strategies of a number of large, Title-II funded integrated nutrition interventions in Kenya. In addition, Alex has extensive experience developing agricultural supply chains for small-scale organic farmers in the Caribbean. Alex holds an MSc in food policy and applied nutrition science from Tufts University, and a BA in political science with a focus in international relations from Brown University.
Jiyoung Han is a Senior Associate at ideas42. She previously served in the Korean Presidential Committee team that founded the G20′s Development Agenda and its Business Summit. She also worked with the GAVI Alliance, a public-private partnership that increases access to vaccines for children in low-income countries. Her field experiences in development include supporting conflict resolution and social inclusion programs in Nepal, as well as harnessing behavioral insights to improve program impacts in Kenya. Jiyoung has studied at the Harvard Kennedy School, the University of Chicago, and Sciences Po Paris.