2. Overview!
•
Scale and reach of our experiments
•
Behavioral Economics / Psychology as it applies to Mint
•
Financial Literacy and how it makes experiments so important
•
A deep look at experiments, including some surprises
•
Applying our learning to your work & questions
3. Mint by the Numbers!
•
14 Million Registered users
•
5 Billion transactions tracked & categorized last year
•
Mint sees over 2% of the value of GDP annually (US)
4.
5. “People typically intend to forfeit small, immediate gains
for larger rewards in the future, but they often fail to make
the optimal choice at decision time.”
- Kirby and Herrnstein 1995
6.
7. “"Our emotional brain wants to max out the credit card,
order dessert and smoke a cigarette. Our logical brain knows
we should save for retirement, go for a jog and quit smoking”
- McClure et al
8.
9. Jump$tart Coalition!
•
Testing exiting high school & college students each year
•
Goal is to measure and improve financial literacy
•
50% of college and 68% of HS failed a basic financial survey
10.
11.
12. There was no difference in the responses between users who had
exhibited either good or bad financial behavior.
28. But!
!
Rainy Days: less accounts linked + users returned
!
!
Start Investing: 2/3rd’s of users became active again
29. Hypothesis!
“Users can be persuaded to update their bank
credentials depending on their promotion or
prevention focus.”
This intrigued everyone…except the experts.
30.
31. Test!
Email users with accounts that won’t connect
and measure the open and login rate. Users
received either a promotion or prevention
centric message.
32.
33. Account Alert: Don’t miss a transaction,
update your Mint account today.!
!
vs!
!
Get your full financial picture from Mint – fix
your broken account today.
34. Account Alert: Don’t miss a transaction,
update your Mint account today.!
!
vs!
!
Get your full financial picture from Mint – fix
your broken account today.
Prevention beats Promotion nearly 3-to-1
35. How!
Can you use Behavioral Psychology to make
your product better?
Broadly applicable learnings
36. Gear up!
Arm yourself with mailchimp,optimizely, google
analytics, mixpanel, omniture, etc.
39. Read Up
•
Dan Ariely professor of psychology and behavioral economics, the
author of Predictably Irrational and The Upside of Irrationality
•
Nir Eyal author of Hooked: How to Build Habit-Forming Products
•
BJ Fogg creator of the Behavior Model and Tiny Habits
43. Takeaways!
•
Figure out how to test fast, “Done is better than perfect”
•
Capture everything, it will save you test cycles in the long run
•
Don’t leave it all to the experts, educate yourself and your team
•
What we plan to do is not what we ultimately do.
47. "Our emotional brain wants to max out the credit
card, order dessert and smoke a cigarette. Our
logical brain knows we should save for retirement,
go for a jog and quit smoking” (McClure et al).