Nudgeathon 2018 - UNSW Josh Levy, David Rodgers, Daniel Thornton, - - PowerPoint PPT Presentation

Nudgeathon 2018 - UNSW

Josh Levy, David Rodgers, Daniel Thornton, Jonathan Nathan

Hi Sally Welcome to OneChoice

Our recommended card +$500

Your savings:

What? How?

Has your financial situation changed recently?

Switch

Yes

Get money now

Switch Back

Get money now +$100 Repay over the next year

• $150

Our recommended card +$500

What? How? How?

Hi Sally Welcome to OneChoice

Hi again Sally,

Over the past year, you would have saved $600 if you had the best credit card in the market. You have a worse deal than 7 out of 10 people in your postcode who use their credit cards in a similar way to you.

Credit Cards

One slide where we show that we know what we’re talking about

• What do we recommend? Minimal projected net cost appropriate credit product (M).
• Saving = projected cost under current product - M.
• Only one suggestion? We randomize across roughly equivalent optimal products.
• Switch buttons lead to simple instructions - eventually done by us using `write’.
• ‘Money Now’ option is the commercial basis on OneChoice. Must cover credit risk.
• Release of anonymous, random, sample by credit providers. Recognise needs change to

Open Banking rules.

• 2nd stage notification: $300 saving threshold for sending these. $500 if switched in past 12

months.

The details

Personalisation Bounded rationality Salience Choice overload Present bias Positive framing Colour heuristic

Choice overload Bounded rationality Colour heuristic Present bias Loss aversion Salience Positive framing

Hi again Sally,

Over the past year, you would have saved $600 if you had the best credit card in the market. You have a worse deal than 7 out of 10 people in your postcode who use their credit cards in a similar way to you.

Positive framing Framing Social norms

1. Government based comparison service 2. ATO link-in 3. Scalability 4. Increased Consumer Data interest, support, and use

Potential Extensions and Benefits