Why Consumers Make Irrational Financial Decisions Sometimes

FromAmerican Banker Podcast

Start listening View podcast show

Why Consumers Make Irrational Financial Decisions Sometimes

FromAmerican Banker Podcast

ratings:

Length:

20 minutes

Released:

Nov 14, 2016

Format:

Podcast episode

Description

Wei Ke, a partner at consultants Simon-Kucher, discusses the psychology behind customers' choices, including the appeal of metal credit cards, the willingness to pay $450 a year for a card and the paralysis of too many options.

Released:

Nov 14, 2016

Format:

Podcast episode

Titles in the series (100)

Thoughtful discussions about current topics, moderated by American Banker editors.

Skip carousel

Should the Fed Be Audited?: Episode 2 by American Banker Podcast
22 min listen
'Capital Doesn't Matter. Confidence Is What Matters': Christopher Whalen, senior managing director and head of research at Kroll Bond Rating Agency, discusses the sorry state of European banks, the missteps by European Union regulators and the potential ramifications for financial institutions in... by American Banker Podcast
12 min listen
Breaking Banks: Self-Driving Cars at CES; Blockchain; Pot Banking: Host Brett King chats with TheFinanser.Com's Chris Skinner and American Banker's Penny Crosman. Then, Brett reports from the floor of the Computer Electronics Show, where he spoke to Guy Kawasaki, a VC who drives a semi-autonomous Mercedes. by American Banker Podcast
59 min listen
Why Consumers Make Irrational Financial Decisions Sometimes: Wei Ke, a partner at consultants Simon-Kucher, discusses the psychology behind customers' choices, including the appeal of metal credit cards, the willingness to pay $450 a year for a card and the paralysis of too many options. by American Banker Podcast
20 min listen
Breaking Banks: Election Aftermath: Breaking Banks: Election Aftermath by American Banker Podcast
55 min listen
Moving Money Across Borders, Phone to Phone: Bill Barhydt, founder of startup Abra, explains how his company's mobile app uses bitcoin as a payment rail for cross-border remittances while solving the foreign exchange risk and last-mile problem that have hampered adoption of the... by American Banker Podcast
27 min listen
FBI vs. Apple: The Implications for Banks: Episode 1 by American Banker Podcast
23 min listen
Restoring Privacy for Banks on the Blockchain: Zooko Wilcox, founder of Zcash, discusses how advanced cryptography can bring confidentiality to transactions on distributed ledgers; the relative merits and drawbacks of the Bitcoin and Ethereum models; and more. by American Banker Podcast
41 min listen
'There Is No One Blockchain to Rule Them All': Don Tapscott and Alex Tapscott, authors of "," discuss the implications for banks of distributed ledger technology, the pros and cons of private blockchains compared to open networks, how DAOs might eliminate moral hazard, and more. by American Banker Podcast
31 min listen
'If Your Bank Isn't Integrated with Siri, Your Bank Is Irrelevant': Moven founder and all-around fintech evangelist Brett King discusses how financial institutions can survive a future where artificial intelligence is widespread and plastic cards are no more. by American Banker Podcast
30 min listen
Can AI Take the Place of a Compliance Department?: David Weiss, senior analyst at Aite Group, weighs in on the IBM/Promontory deal and how humans and artificial intelligence programs will interact in the field of bank regulatory compliance. by American Banker Podcast
23 min listen
'Evolution Does Not Mean Elimination': , founder of BankMechanics, shares his insights on sales culture, performance incentives, motivating employees to think about the long term, the future of branches, why in-store locations are harder to run than you think, and more. by American Banker Podcast
26 min listen
Will Tech Advances Hurt the Underbanked?: It's long been assumed that technology will help the financially underserved access the banking services they need. Christine Duhaime, an attorney and founder of the Digital Financial Institute, a financial technology think-tank, says this assumption... by American Banker Podcast
18 min listen
Can Blockchain Tech Help Human Rights Victims?: Julio Alejandro, CEO of Humanitarian Blockchain in London, thinks so. Some of his projects, such as providing bitcoin Visa debit cards to refugees and digital identities for ex-cons, are ideas financial services firms could implement here. by American Banker Podcast
32 min listen
Bankers Talk Blockchain: Executives from Deutsche Bank and Royal Bank of Canada share their early learnings about distributed ledger technology at American Banker's Blockchains + Digital Currencies conference in July. by American Banker Podcast
41 min listen
Why Banking the Middle Class Is No Longer Profitable: Regulatory burdens (particularly the Durbin interchange cap), stubbornly low interest rates and a slow, expensive transition from branch to digital banking mean only the wealthy and the desperate are attractive customers, says Todd Baker of Broadmoor... by American Banker Podcast
37 min listen
Cleveland Fed's Mester Criticizes Leverage-Only Capital Plan: 'We Tried That': Loretta Mester, the president of the Federal Reserve Bank of Cleveland, discusses how Trump's election will affect financial services, what she thinks of Neel Kashkari's plan to end "too big to fail," and her views on interest rates. by American Banker Podcast
28 min listen
Who Owns Banking Data?: Peter Wannemacher, senior analyst at Forrester, explains why Europe's PSD2 regulation matters to U.S. banks and why it will be a hot topic in 2017. He also shares his tech predictions for 2017 and a few contrarian warnings. by American Banker Podcast
25 min listen
Breaking Banks: #InvestedinTech with Capital One: Breaking Banks: #InvestedinTech with Capital One by American Banker Podcast
56 min listen
Breaking Banks: Fintech Innovation Brings Hope: Breaking Banks: Fintech Innovation Brings Hope by American Banker Podcast
58 min listen
FICO on Why Its Scores Are Still Relevant: Marketplace lenders have been declaring "FICO-free Zones" and playing down the need for the longstanding measure of creditworthiness. FICO CEO Will Lansing explains how the company's score is evolving and why he believes FICO remains the best (not... by American Banker Podcast
13 min listen
Why Otherwise Smart People Fall for Email Scams: David Pollino, deputy chief security officer at Bank of the West, shares insights into the email-based cybertheft attacks he's been tracking and what the bank is doing to shield itself and its customers from email scams. by American Banker Podcast
19 min listen
Squaring privacy with ID checks and compliance on the blockchain: Justin Newton, founder and CEO of Netki, discusses the barriers to commercialization of bitcoin, how his startup is trying to solve the problem, why private blockchains are useful and why public ones will eventually become more valuable. by American Banker Podcast
26 min listen
What Millennials Want in the Workplace: Ping-pong tables, latte machines and other neat frills don't attract millennials as much as companies like to think, according to Melissa Louis, managing consultant at The Gallup Organization, which has done massive surveys in this area. "The biggest... by American Banker Podcast
18 min listen
Breaking Banks: Can Financial Institutions Behave Ethically?: Breaking Banks: Can Financial Institutions Behave Ethically? by American Banker Podcast
59 min listen
Breaking Banks: AI Around the World: Breaking Banks: AI Around the World by American Banker Podcast
55 min listen
Breaking Banks: Fintech and the refugee crisis: Brett King, Marc Hochstein of American Banker, and Peter Renton, Founder of LendIt Academy, talk about the upcoming Digital Identity Crisis Webinar, The LendIt Conference at the Javits Center in NYC, and the proposed Fintech Charter and what that can... by American Banker Podcast
56 min listen
Breaking Banks: 'Technology Steals Jobs, That's Why It's Good': Breaking Banks: 'Technology Steals Jobs, That's Why It's Good' by American Banker Podcast
57 min listen
What you don't know about blockchain can hurt you: Banks are underestimating the amount of work and education needed for blockchain technology to be adopted throughout the industry, says Steven Ehrlich, lead associate within emerging technologies at Spitzberg Partners, a New York City consulting firm. by American Banker Podcast
17 min listen
Breaking Banks: Digital Money Forum at CES: Insights from the Consumer Electronics Show in Las Vegas: How can AI help consumers spend and save wisely? If friction should be added back into the system, can we put it where it is useful, not frustrating? by American Banker Podcast
56 min listen

More Episodes from American Banker Podcast

Skip carousel

“The law was very clear” inside the Fed master account debate: Custodia Founder and CEO says the Federal Reserve has rewritten the rules around accessing the government's payments system. The central bank and a federal court judge disagree. Editor’s note: This conversation was recorded on April 17. On April... by American Banker Podcast
37 min listen
'There are risks': Betsy Cohen on banking as a service: Banking as a service is expensive, it takes time and onboarding has to be done carefully, says , who now runs a venture capital firm that invests in fintechs. by American Banker Podcast
17 min listen
Is ‘technofeudalism’ killing capitalism?: Cloud-based tech giants like Amazon, Google and Uber are changing the economy, and not for the better, asserts , a former finance minister of Greece and a professor at the University of Athens, who has written a book about the dangers of what he calls... by American Banker Podcast
26 min listen
‘Not all fintech is good for people’: Jennifer Tescher: Financial technology startups have developed some useful technology for consumers, such as automated savings, says who founded the Financial Health Network 20 years ago. But some fintech innovations are more questionable. by American Banker Podcast
26 min listen
How banks are helping the fight against illegal wildlife trading: financial task force manager at United for Wildlife and Jonny Bell, director, EMEA, LexisNexis Risk Solutions explain how banks around the world are helping to catch criminals who illegally mutilate, kill and sell rhinoceroses, elephants, donkeys and... by American Banker Podcast
26 min listen
‘Don’t fall for the sales pitches’: Advice on deploying AI: , author of the book The AI Playbook, explains what it takes to take traditional and advanced artificial intelligence projects from idea to execution. by American Banker Podcast
26 min listen
How challenger bank Upgrade grew during a dismal 2023: The neobank doubled its membership to five million consumers and hired 200 people last year. Founder and explains how it fared during a time when many fintechs struggled. by American Banker Podcast
29 min listen
How generative AI could reshape financial services in 2024: , global banking lead at Accenture, shared some of his predictions and opinions for the year ahead. by American Banker Podcast
17 min listen
Has the fintech movement lived up to its promise?: The fintech revolution has been more successful at working with banks than at trying to replace them, points out former Comptroller of the Currency, chair of the Ludwig Institute for Shared Economic Prosperity, and co-founder of Canapi Ventures.... by American Banker Podcast
35 min listen
What to expect from VCs in 2024: Amy Nauiokas, Anthemis Group: It's been a rough year for fintechs and for the venture capital firms that fund them. Venture capital flows into financial technology companies dropped by 36% year over year to $6 billion in the third quarter of 2023. But , founder and CEO of Anthemis... by American Banker Podcast
28 min listen
2023 was a rough year for bank regulators. What might 2024 bring?: Over the past year, the national bank regulators’ oversight of Silicon Valley Bank, Signature Bank, Silvergate Capital and other banks that failed has been criticized. Reports of a toxic workplace at the FDIC have come to light. And the OCC hired a... by American Banker Podcast
17 min listen
What fintechs think of the CFPB’s proposed data-sharing rule: , president and CEO of the Financial Technology Association and Steve Boms, executive director of FDATA NA, explain what their members like about the proposed regulation and what they would change. by American Banker Podcast
31 min listen
How community banks can use tech to stay relevant: Community banks sometimes feel that they lack the budget and staff to compete with larger banks and fintechs on things like mobile and online banking, virtual assistants and most recently generative AI. , suggests steps they can and should take to... by American Banker Podcast
20 min listen
What might the Sam Bankman-Fried trial mean for banks?: The case is not really about cryptocurrency but about fraud, points out , department chair and associate professor of finance and business analytics at the Leavey School of Business at Santa Clara University. But regulators and lawmakers are watching... by American Banker Podcast
17 min listen
Citizens’ plans for using generative AI ethically: Beth Johnson: , chief experience officer at Citizens Financial Group, shares some of her concerns about advanced AI and plans to use it for purposes including contact center support and coding. by American Banker Podcast
19 min listen
Why Ready Life CEO Ashley Bell is buying a Utah bank: to help reduce the racial wealth and homeownership gaps by showing lenders that credit-score-less consumers have been responsible with their money, based on their daily transactions. Now he and Bernice King, Martin Luther King Jr.'s daughter, are... by American Banker Podcast
26 min listen
Are subprime cards a raw deal for people living paycheck to paycheck?: What are the best options out there for people living on the edge financially who have an emergency expense? recently completed a study called the 2023 Cash Poor Report that dives into this question. by American Banker Podcast
22 min listen
Partner Insights from ExtraHop: Catching cyber criminals in complicated banking networks: Financial institutions can trade billions of dollars per day and handle sensitive data for millions of customers across the globe, which make them enormously attractive targets for cybercriminals. Their defenses must be top notch and ever evolving to... by American Banker Podcast
17 min listen
The unintended consequences of banning ChatGPT at work: Though generative AI has limitations and risks, there is a cost to ignoring it, according to , a managing principal at Capco. by American Banker Podcast
24 min listen
Remote work, generative AI: Tech trends reshaping work in banks: Immersive technologies and automation are also on the list of technologies that are here, employees want them and companies like banks need to deal with them, says , author of a new book called The Nine: The Tectonic Forces Reshaping the Workplace. by American Banker Podcast
20 min listen
What would it take to close America’s racial wealth gap?: , executive director of a nonprofit community development financial institution, explains why the wealth gap persists, for instance systemic bias in the appraisal process, and what lenders could do to reduce it. by American Banker Podcast
22 min listen
Should banks put a pause on their AI projects?: Leaders of many of the biggest tech companies recently signed an open letter calling on all AI labs to immediately pause the training of advanced artificial intelligence systems. , advisor to the Responsible AI Institute and former chief AI officer at... by American Banker Podcast
29 min listen
Can chatbots learn to understand human emotions?: , associate professor at the department of computer science at Purdue University, explains how AI can be used in the financial services industry to detect when a customer is angry or depressed or even when an employee is upset or about to commit fraud. by American Banker Podcast
33 min listen
Banking crisis’s wakeup call to banks: Risk management needs a refresh: , founder and CEO of advisory firm Thoughtlinks and a former tech executive at Bank of America, explains some of the technology changes every bank should be making to ensure it’s not the next victim of a bank run. by American Banker Podcast
20 min listen
What bankers can learn from the 2023 banking crisis: , partner and co-founder of advisory and investment firm Klaros Group, breaks down what went wrong with Silvergate Capital, Silicon Valley Bank and Signature Bank and what banks can do to avoid the problems that brought these banks down. by American Banker Podcast
25 min listen
Are big banks spreading misinformation about fintech?: , president and CEO of the Financial Technology Association, is pushing back on some claims banks and their trade groups have recently made about financial technology companies, for instance that fintechs don’t meet consumer financial protection... by American Banker Podcast
17 min listen
‘Fighting evil is not competitive’: Banks help detect crime at Super Bowl: More than 50 million people are caught up in modern slavery, according to the U.N. Hidden crimes like human trafficking and elder abuse are more common than most people think. at The Knoble, who led crime detection at several financial institutions,... by American Banker Podcast
22 min listen
How this credit union learned to love no-code software: , director of engagement systems at Ent Credit Union in Colorado Springs, describes some of the ways he and his team have been using low-code and no-code software to do things like create next-best-offer messages for customers. by American Banker Podcast
15 min listen
How leaders can apply Buddhist principles in the workplace: Enlightenment can be found in everyday activities like work, says , author of the book, The Buddhist CEO. Lawrie explains some of the Buddhist ideas that, when practiced, can make people better leaders, colleagues and family members. by American Banker Podcast
20 min listen
What the rising rate environment means for banks in 2023: , global banking lead at Accenture, predicts the trends that will change the way banks operate in the coming year, including a rate environment that hasn't been seen in more than a decade, a comeback for branches and soaring credit delinquencies. by American Banker Podcast
18 min listen

Related podcast episodes

Skip carousel

6-13-2023 - Best of Caller Questions by InvestTalk
47 min listen
1-16-2023 - Best of Caller Questions by InvestTalk
47 min listen
10-6-2023 - Best of Caller Questions by InvestTalk
47 min listen
01-18-2021 - Best of Caller Questions - Martin Luther King Junior Day by InvestTalk
46 min listen
The Golden Ratio and Aging Gracefully with Dr. Adam Scheiner: Dr. Adam Scheiner, a world-renowned Laser Eyelid and Facial Cosmetic Surgeon, discussed true beauty, Bitcoin, the importance of the psycho-social relationship, how to stay youthful, and much more. by The Charlie Shrem Show
41 min listen
10-23-2020: Best of Caller Questions by InvestTalk
46 min listen
The Litigation Psychology Podcast - Episode 38 - The Impact of Political Affiliation on Jurors' Verdicts: In recent years, American politics have been highly polarized. CSI's Litigation Consultants recently conducted research on the extent to which jurors’ political affiliation “matters,” and illustrates why jurors’ political orientation must be considered w... by The Litigation Psychology Podcast
23 min listen
Cultivating Creativity by The Learning Objective
37 min listen
Smart Holiday Spending: Mastering Budgets & Avoiding Debt with Paul Oster #5952: Paul Oster from bettercredit.com advises listeners to use prepaid gift cards to manage holiday spending and avoid credit card debt. He emphasizes the importance of having a plan and budget in place, paying off new balances within 90 days, and being... by Kerry Lutz's--Financial Survival Network
16 min listen

Discover this podcast and so much more

Why Consumers Make Irrational Financial Decisions Sometimes

Why Consumers Make Irrational Financial Decisions Sometimes

Description

Titles in the series (100)

More Episodes from American Banker Podcast

Related podcast episodes