If you’re a director or senior manager at a financial services provider, you’ll know there’s a barrage of factual information that (rightly) has to be given to customers.
However, there really can be such a thing as “too much information”.
Information bias is the human tendency to seek and evaluate data, even when it’s useless in understanding a problem or issue. Coupled with recency bias (the tendency to attribute disproportionate importance to the most recent events or data), it’s heady stuff.
It is vital for our clients to make informed decisions. The difficulty is helping them discern what information is and isn’t relevant.
This is especially tricky when, in addition, investors are bombarded with moment-by-moment updates from financial commentators and other media sources.
These reports may contain little relevant data for investors who are concerned about the medium to long term prospects of their investments. Yet these short-term considerations can overly affect investors’ financial perspectives, leading them to make self-sabotaging decisions.
By helping your clients understand and take ownership of their behavioural biases, Wi-Ai tools can support your customers in making considered and profitable decisions – for them and also for you.
How do we do it? Get in touch at [email protected] to arrange a conversation.