Fintech budgeting features caused zero change in user spending for 10,000 users
Kristen Berman · Using behavioral science to improve your product | Kristen Berman (Irrational Labs) · Oct 2, 2022 · at 7:58
Kristen Berman, CEO of Irrational Labs, discusses why user-requested features often fail to change user behavior in personal finance apps.
0:00 / 0:16exact quote · 16.4s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“This is with 10,000 people. So we can really trust the results and what happened? Nothing. So they were shocked. The team was shocked. Remember, this is like a big investment of time and effort. Took a lot of energy to build. Zero change in average spend. Zero change in spend variability.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Kristen Berman
LendingClub hired Berman on an all-or-nothing contract for a 5-point conversion bump
“Lending club a while ago hired me to increase their conversion flow for borrowers. So they're a lending App and they wanted to get more borrowers in the flow. The novel thing here was that they would pay me a lot of money if I hit a bump. It was like a five po…”
Onboarding questions boost motivation by forcing users to consider product benefits
“So if you ask them a question, they can think about the benefits. It's going to increase their motivation to get over the hump of the future friction you're going to put in front of them because now they understand the benefits.”
Adding an unverified label and confirmation popup reduced TikTok misinformation shares 24%
“So two things, there was a label on the video, which is kind of classic in the misinformation world where you tell users that it's unverified information. And the second thing was once you click the share button, we popped up something that said, are you sure?…”
Using temporary error messages can motivate users to complete critical setup steps
“Sometimes we, you know, we'll do an error message if it's really important for the app to work. And again, that's not, you shouldn't do that all the time, but if it's really important, the benefit is actually Decreasing that error message on the screen. We cal…”