Oct 15, 2018
This is my second interview with Jeff Kreisler, Find our first interview here.
Jeff Kreisler is a lawyer, author, speaker, pundit, comedian and advocate for behavioral science.
I know of him mainly because he co-wrote the book Dollars and
Sense: Money Mishaps and How to Avoid Them with co-author, Dan
Ariely, Psychologist, and Behavioral Economist, he also wrote the
book Get Rich Cheating, about how money makes us do unethical
After the success of Dollars and Sense, Jeff took that momentum
to work on a website called People's Science which is about
behavioral science beyond financial decision making, such as
workplace engagement, event design, loyalty rewards, etc.
Behavioral Economics The Bank’s Secret Weapon
Jeff wrote an ebook called Behavioral Economics The Bank’s Secret Weapon sanctioned by Strands, a FinTech software developer that enables banks to offer personalized digital banking experiences. You can get the ebook here.
We spoke about how, idealistically, the banks will not take advantage of the consumer by promoting loans, credit cards, margin of credits, etc. It's a nice service when the consumer needs it, but it can be detrimental to be encouraged to take loans for the sake of consumerism.
We also spoke about the abuse of the Canadian banking system
towards their clients by offering only high fee mutual funds, by
disguising the fees, by making the client believe that they are
getting free financial advice when in reality they are paying about
3% MER (Management Expense Ratio).
The 10 Key Behavioral Principles
We spoke briefly about the 10 Key Behavioral Principles
The Power of Language
The Pain of Paying
The Power of Free