The article discusses the science behind consumer decisions when making economic choices. Studies have found that psychology and DNA can have an effect on financial choices. Now, credit unions are trying to find ways to use marketing in a way that will target consumer’s needs and emotions to better persuade them into using their services.
According to Schau, “Learning about human financial behavior allows credit union leaders to infuse their operations with empathy.” Taking advantage of important life moments can allow credits unions to have that personal touch and reconnect with their members. For example, sending a congratulations email about paying off a car loan can be a way to better connect to customers and show consumers that they care.
Schau’s areas of expertise are value co-creation, collaborative consumption, innovation and entrepreneurship. She earned her PhD from the University of California-Irvine.