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 Your savings: +$500 Our recommended card Switch How ? What? Get money now Yes Has your financial situation changed recently?

Hi Sally Welcome to OneChoice +$500 Our recommended card How ? What? Get money now +$100 Repay over the next year -$150 Switch How ? Back

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

The details 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.

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

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

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. Social norms Framing

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