Dan Ariely, George Loewenstein, and Kelly Peters headline first Summit for Science in Financial Services to stimulate new approaches to systemic challenges
TORONTO, Sept. 19, 2018 /CNW/ - The world's most influential behavioural scientists convened on September 17 at the Art Gallery of Ontario (AGO) to show how behavioural science can accelerate more innovative approaches in the financial services sector. At the Summit for Science in Financial Services, an elite group of behavioural scientists, including Dan Ariely, George Loewenstein, Kelly Peters, Hal Hershfield, and Nina Mažar, gathered with over 200 business leaders to share scientific research and provide new insights to inspire new approaches to systemic challenges such as rising consumer debt, barriers to saving money, the disclosure of increasingly complex information, trust, financial wellbeing, and transparency.
"Traditional approaches aren't delivering the kind of transformation that is required to improve financial decisions," said Kelly Peters, CEO and Co-Founder, BEworks, who envisioned the Summit as a way to build a bridge between business and science. "The response from guests, sponsors, students, and academia to our first Summit was unbelievable and showed the urgent need for behavioural science to create real impact and change. Along with my co-founders Dan Ariely and Nina Mažar, our team is passionate about understanding why people make the decisions they do. With powerful BE insights, businesses can innovatively and successfully tackle very complex challenges with confidence."
Key highlights of the full-day Summit included keynotes, experiments, and scientific research from leading thinkers, including:
- Dan Ariely, Ph.D., Chief Behavioural Scientist and Co-Founder of BEworks; James B. Duke Professor of Psychology and Behavioural Economics at Duke University, delivered a keynote speech to show how behavioural economics is helping organizations rethink the way products, experiences, and services are designed, from insurance to wellness;
- George Loewenstein, Ph.D., the Herbert A. Simon University Professor of Economics and Psychology at Carnegie Mellon University, delivered a keynote on: "Behavioural Economics into Practice: Innovative Approaches to Disclosure", shared new research on financial decision-making, lessons from behavioural economics, and unconventional approaches to disclosure;
- Kelly Peters, MBA, CEO and Co-Founder of BEworks, presented the BEworks Method, a scientific framework to operationalize innovation;
- Nina Mažar, Ph.D. Co-Founder of BEworks, and Professor of Marketing at Questrom School of Business at Boston University, presented "Nudging in the Digital Age", focusing on how financial institutions can introduce specific interventions to reduce consumer credit card debt;
- Hal Hershfield. Ph.D., Associate Professor at Anderson School of Management at UCLA, examined behavioural research and nudges to close the gap between present and future self in "Adding the Self into Choice Architecture";
- Nate Barr, Ph.D., Professor of Creativity and Creative Thinking at Sheridan College, and Scientific Advisor, BEworks, facilitated three 'Lightning Talks', including: Chuck Howard, Ph.D. candidate at the Sauder School of Business, University of British Columbia, "Improving Consumers' Financial Prediction Accuracy"; Michelle Hilscher, Ph.D. BEworks "Understanding the Goldilocks Bias of Investor's Risk Perception"; and David Lewis, Ph.D., Chief Client Officer at BEworks on "Failure to Seek Advice";
- Jan De Silva, President and CEO, Toronto Region Board of Trade, moderated a panel on barriers to change and leadership opportunities for business with BEworks co-founders Dan Ariely, Nina Mazar and Kelly Peters;
- Sashya D'Souza, Senior Vice President of Talent Initiatives at Toronto Finance International (TFI), formerly the Toronto Financial Services Alliance (TFSA), discussed TFI's role in fostering a globally competitive sector;
- Students enrolled in behavioural science programs presented their research related to financial decision-making.
The Summit was presented by kyu Collective, and sponsored by EY, Aird & Berlis, and ARAG. Other sponsors included CIBC, TD Insurance, Canadian Tire Financial Services, RBC, Banco Azteca, and industry partners Toronto Region Board of Trade, Toronto Finance International (formerly Toronto Financial Services Alliance), and the Investment Funds Institute of Canada.
Behavioural Economics is the study of psychology related to the economic decision-making of individuals and institutions. Evidence-based insights from the fields of cognitive and social psychology, neuroscience, and marketing science allow behavioural economists to understand how people make decisions and why they behave the way they do, offering powerful new ways to create and measure change.
Founded in 2010, BEworks is an unconventional management consulting firm whose purpose is to transform the economy and society with scientific thinking. Our team of experts in cognitive and social psychology, neuroscience, and marketing answer our client's most complex business questions, execute disruptive growth strategies and accelerate innovation. Part of the kyu collective of companies since January 2017, the firm's client list includes Fortune 1000 companies and government agencies. BEworks was co-founded by Dan Ariely, renowned behavioural scientist, Kelly Peters, the firm's CEO and BE pioneer, and top marketing scholar Nina Mažar. For more information, please visit www.BEworks.com, @BEworksInc, or https://www.linkedin.com/company/beworks/.
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