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Upcoming Events at BEworks

Join us at our next event and discover how you can bring scientific thinking to your organization

January 27, 2020, 5:30 pm - 8:00 pm
395 Hudson Street New York, NY 10014 United States

Increasingly longer life spans, a decade of low interest rates following the global financial crisis of 2008, the rise of defined contribution pension plans in the workplace, and government claw-backs of public pensions given fiscal deficit struggles; all of these factors mean that people need to make choices, and are being forced in many cases to take increasing responsibility for managing their financial futures. These choices are risky, and consequential - whether to save more, retire later, reduce their quality of life in retirement, or earn more on their investments. These choices are also increasingly complex due to a proliferation of innovative investment products and channels. An increasingly complex choice architecture encourages investors to simplify their decisions through the use of mental short-cuts and rules of thumb. This means they are at risk of biased decision-making that leads to suboptimal outcomes.

While many organizations have attempted to solve the problem of irrational investment decision-making, they have relied on traditional, but limited solutions such as providing consumers with more information and education. Educating investors by increasing their financial literacy has not been proven to be effective since it may change intentions, making consumers intendedly rational, but due to heuristics and biases, their subsequent behaviour does not change. They intend to make optimal decisions but still behave irrationally.

A behavioural economics lens reveals that, in addition to having a poor understanding of financial matters, even experienced and well-educated financial consumers make sub-optimal financial decisions due to mental rules of thumb that guide their choices. These heuristics help with decision-making under some circumstances, but often mean people make poor choices and suffer the outcomes. These cognitive limitations, heuristics, and biases are so pervasive that Dan Ariely, Professor of Behavioural Economics at Duke University, describes human decision-making as being “predictably irrational”.

By identifying the predictable irrationalities of consumer behaviour, financial institutions can set themselves up to facilitate consumer outcomes and be adaptive and successful despite the changing landscape.

BEworks, a leading management consulting firm and research institute dedicated to the application of behavioral economics to business challenges. Since 2010, we have been working with financial institutions around the world to bring scientific-thinking and behavioral economics to develop better products and experiences for consumers using what we know about human decision-making.

This session is intended to introduce New York’s financial services community to Behavioral Economics using proprietary cases from BEwork’s portfolio.

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February 6, 2020, 8:00 am - 4:00 pm
BEworks, 946 Queen Street West

This workshop is designed to augment existing marketing strategy, question the traditional intuition-based approach and help you drive innovation through the use of Behavioural Economics (BE). This workshop will help you: understand bias (of self and others), incorporate behavioral interventions to drive better business outcomes, and apply scientific thinking to solve your business challenges.

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February 11, 2020, 5:30 pm - 7:30 pm
BEworks, 946 Queen Street West

BEworks has spent almost a decade applying Behavioural Economics Insights to collections challenges. Learn more about how incorporating the science of human decision-making has helped organizations collect more effectively, while keeping the customer relationship intact.

Our approach considers the psychological and behavioural drivers of debt, and in turn, has led to the design of strategies that help people better manage their debt obligations. In partnership with some of the most innovative credit-granting firms, BEworks has demonstrated a measurable increase in payments and a reduction in the time to resolution, with tactics that do not jeopardize a positive client experience. BEworks will share key insights from our portfolio in an effort to provide triage and collections teams with a deeper understanding of the barriers impacting their clients likelihood to repay. Further, we will share behavioural solutions to optimize existing collections communications across channels. Finally, we will showcase empirical data demonstrating the impact of BE on accounts receivables.

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October 5, 2020, 8:30 am - 5:30 pm

Behavioral Science is helping organisations solve their biggest challenges. Learn how from world-leading behavioral scientists who will be in Toronto for one day only.

Join us at the Summit for Behavioral Economics in Business, where the world's most influential behavioral scientists will connect what we know about the science of how people make decisions to policy and business strategy.

This summit is meant for leaders who are looking to disrupt their organizations' thinking and who approach challenges with scientific curiosity.

“If business leaders truly want to accelerate change, take risks and advance innovation, they must embed the rigor and discipline of scientific thinking into their organizations.” — Kelly Peters, CEO and Co-Founder, BEworks

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