Outcomes
By the end of this training course, trainees will be able to:
- Identify key concepts of customer financial behavior and decision-making.
- Analyze customer data to identify patterns, needs, and financial habits.
- Apply behavioral insights to improve customer relationship management.
- Use analytical tools to segment customers and predict financial behavior.
- Design strategies for cross-selling, retention, and risk management based on behavioral insights.
Target Group
- Retail banking professionals.
- SME and corporate banking officers.
- Marketing and product teams.
Contents
- Introduction to financial behavior:
- What drives customer financial decisions.
- Cognitive biases & heuristics.
- Behavioral finance principles.
- Understanding the banking customers:
- Customer personas in banking.
- Emotional vs rational decision-making.
- Trust and loyalty in financial services.
- Customer utility:
- Definition and concept of utility.
- Types of utility in banking (from, time, place, possession, information).
- Utility and customer decision-making.
- Behavioral perspective on utility.
- Measuring customer utility.
- Enhancing customer utility.
- Strategic applications in banking.
- Ethical considerations in utility maximization.