“Easier access to data, versus more data, is what motivates us to take action,” agrees Nobel Prize committee.
 

Earlier this month, the University of Chicago’s Richard Thaler received the Nobel Prize in Economics. He’s famous for his contributions to behavioral economics and his insights into decision making.

“If you want to get somebody to do something, make it easy.”

To exemplify his statement above, Thaler suggested that if you want to get people to eat healthier foods, then put healthier foods in the cafeteria. Make healthier food easier to find.

In every meeting about how to use data to influence decision making, Thaler doesn’t say collect more data. He says, “Make it easy." [1]

What lessons can we learn from Thaler about making banking easy?

The right choices need to be easy to make.

Mighty makes it easy to find banks that share your values. We often say we’re like Trip Advisor for banks, showing you new layers of public data about your bank, specifically the communities being financed by your bank (and your money).

There are nearly 6,000 banks in the US to choose from. 12,000 banking choices if you include credit unions. Too many options can induce decision-making paralysis.

We’re setting up a convenient, digital storefront to access bank information.

We’re making it easy for you to know what your money is doing in your bank. And your choices when it comes to building your bank portfolio.

 

 

[1] 2011 McKinsey Interview https://www.mckinsey.com/industries/public-sector/our-insights/nudging-the-world-toward-smarter-public-policy-an-interview-with-richard-thaler?cid=other-eml-cls-mkq-mck-oth-1710&hlkid=46c5592d2d204dfab731e777b564c39f&hctky=2457333&hdpid=98c37573-591f-4f33-b283-8bf1374da294

 
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