In episode 439 of The Brainy Business podcast, Melina Palmer welcomes William Mailer, Chief Behavioral Scientist at Commonwealth Bank of Australia, to discuss the intersection of behavioral science and financial well-being. William, who leads the bank's Behavioral Science Center of Excellence, shares insights on how his multidisciplinary team of economists, psychologists, and data scientists work to improve financial well-being and climate action outcomes for millions of Australians. The episode explores the innovative projects led by Will's team, including Benefits Finder, which has connected Australians to over $1.2 billion in government benefits.
Will also explores his journey into behavioral science, starting from his early career in economics and various roles that focused on understanding human behavior. He provides valuable advice on building a behavioral science team within an organization, emphasizing the importance of establishing relationships with academic researchers and thinking creatively to solve problems. Additionally, the episode highlights the importance of operational transparency in financial products, showcasing how showing trade-offs in credit card options can lead to higher customer retention and reduced financial distress.
In this episode:
00:00:00 - Introduction
Melina Palmer introduces William Mailer and sets the stage for an insightful conversation on behavioral science and financial well-being.
00:02:30 - Will's Background
Will shares his journey into behavioral science, including his early career in economics and roles focused on understanding human behavior.
00:10:00 - Building a Behavioral Science Team
Will discusses the importance of establishing relationships with academic researchers and thinking creatively to solve problems.
00:15:45 - Benefits Finder Project
Will introduces the Benefits Finder project, which has connected Australians to over $1.2 billion in government benefits.
00:25:00 - Operational Transparency in Financial Products
Will explains the importance of showing trade-offs in credit card options to improve customer retention and reduce financial distress.
00:35:45 - Selecting High-Impact Projects
Will shares the criteria his team uses to select high-impact behavioral science projects.
00:45:30 - Conclusion
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