Thinks Insight & Strategy reposted this
A definite highlight from last week - a great turnout and it was fun to present another set of research findings highlighting the impact of the Plain Numbers Approach on customer understanding alongside Max Mawby from Thinks Insight & Strategy. The research report will be winging its way out to everyone who registered sometime this week - if you missed it then get in touch with me or one of the Plain Numbers team and we'll send them over.
Is helping customers understand the cost of borrowing a pain point in your communications? Lots of organisations struggle with talking about APR in a way people can understand. A fascinating webinar now from ClearScore, Fair4All Finance, Thinks Insight & Strategy and Plain Numbers looking at new research into how well APR helps customers to unserstand the cost of shirt term loans. 2 important and really interesting findings: ✅️ The Plain Numbers Approach drives significant increases in understanding of the cost of credit products. The number of customers who could demonstrate understanding doubled when the Plain Numbers Approach was applied. ✅️ The Plain Numbers Approach would be even more effective without communicating APR or representative examples. Where the Plain Numbers Approach was applied AND the APR figure and representative example were removed three times as many people could demonstrate their understanding. Really interesting results and lots of food for thought for the financial services sector. Please do get in touch if you'd like to learn more about the research and/or how Plain Numbers can help improve customer understanding on your communications.