“The first rule of the Dunning-Kruger club is you don’t know you’re a member of the Dunning-Kruger club.”
These are the words of the psychologist David Dunning who, along with Justin Kruger, identified the Dunning-Kruger effect: a cognitive bias whereby people of low competence tend to unduly overestimate their abilities.
There are many examples of the Dunning-Kruger effect. Take the study which showed that 8 out of 10 participants thought they were above average drivers. (I’m sure we needn’t point out the mathematical impossibility of this statistic.) Yet more ludicrously, bankrobber McArthur Wheeler covered his face in lemon juice because he believed it acted like invisible ink. Yes, really.
However, before we snigger too hard at other people’s naivety, Dunning is quick to point out that nobody is exempt from cognitive bias. “That fact is this is a phenomenon that visits all of us sooner or later,” he says.
Even the smartest, most sensible people will at some point misjudge their decision-making abilities. And who can blame us in this era of overwhelming information?
By helping customers to understand and take ownership of their natural, unavoidable biases, Wi-Ai tools help large financial services providers to achieve more harmonious and profitable business relationships for you and your customers.
Now, who wants Dunning-Kruger club jackets?
For more information on Wi-Ai and client engagement, please contact us: [email protected]