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Banking Transformed with Jim Marous
Demystifying Pricing of Banking Services
Mar 5, 2024
In this podcast, Melina Palmer discusses applying behavioral economics in banking pricing strategies. She highlights common pricing mistakes, understanding customer motivations, and tips for optimizing pricing. The importance of simplifying customer interactions and enhancing digital processes is explored. The impact of human behavior on financial decisions is emphasized, along with personalized care leading to increased revenue. The episode offers insights into employee, customer, and pricing strategies.
46:40
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Quick takeaways
- Understanding customer psychology is crucial for optimizing pricing in banking.
- Human decision-making is influenced by subconscious processes, leading banks to focus on customer value.
Deep dives
Incorporating Behavioral Economics into Banking Pricing Strategies
Understanding consumer psychology is crucial in optimizing pricing strategies for banking. By incorporating behavioral economics, banks can create positive outcomes for institutions and customers alike. This involves avoiding the common mistake of basing pricing solely on competitive rates and instead leveraging human psychology to enhance digital growth and customer engagement.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode