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/   Spotlight

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Fast Facts: Student Loans

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/   Insights

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Intuit 2020 Report: The Future of Financial Services

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/   Insights

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/   Spotlight

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/   Insights

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/   Insights

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/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

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/   Spotlight

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Want to woo consumers? Time to fluff up the psychologist’s couch.

More and more professionals in the financial industry are finding that tips and tricks from that old Psych 101 class hold true when it comes to working with consumers and customers.

Think about it: Consumer behavior is a term that describes how consumers think, feel and react. Psychology is a discipline that seeks to understand behaviors. So, it makes perfect sense that psychological techniques are redefining the way financial industry professionals are understanding and influencing consumer motivations. In fact, there’s an entire profession dedicated to the merging of the two fields, called consumer psychologist.

If you’re interested in becoming a financial consumer psychologist and bringing a little behaviorism into your career, read on, and learn more about leveraging your inner Freud:

  • Be likable. This dates back to playground psychology. If someone feels comfortable around you, they’re more willing to interact with you. Let your customers and clients know you value their opinions and input. Take extra steps to make them feel at ease when you’re discussing financial matters. Be responsive and model the type of respectful behavior you hope for from them. Men and women who feel a genuine connection will share much more than those who don’t. And, the more they share, the more you learn.
  • Listen more than you talk. Whether moderating a group or taking a survey to get a better understanding of a person’s assets, it’s important to remember that it’s not about asking a ton of questions. Rather, it’s about asking the right questions. And, in turn, really listening to what your client has to say. It’s a timeless fact: if someone feels heard, he or she is motivated to continue sharing.
  • Look beyond the surface. In addition to actively listening to what clients say, it’s at least as important to notice what they don’t say. There is some information that consumers choose not to share, and there’s information that they are unable to share because they aren’t consciously aware of it or struggle to articulate it (purchase considerations and routine behaviors often fall into this latter category). Recognizing the “holes” in client feedback and knowing when and where to dig deeper helps put the details they do share into a broader context, while creating a more complete tapestry of their colorful story.

It doesn’t take a degree in psychology to learn how to get your banking, credit union and financial clients to open up. Rather, it takes good communication and listening skills along with a hearty dose of common sense. By connecting with consumers, you’ll not only learn more about the clients you work with, you’ll leave a lasting impression they’ll take with them.

Brian Fletcher is VP Consumer Services with Insights in Marketing.   Insights in Marketing (IIM), a research-based marketing consultancy that helps clients develop the most complete picture of their target audience so they can build emotional and lasting connections with them. Fore more information about Brian and Insights in Marketing visit http://www.insightsinmarketing.com.

 

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James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp