About CCLOUR FOCUS ON MONEY -- As social science research has repeatedly shown, we often fail to act on our intentions. Most of us want to improve our financial situation and have strategies to do this, yet we struggle. The Common Cents Lab is trying to bridge this gap.OUR PROCESS -- We use the 3B method to diagnose behavior change. Organizations like Google and the World Bank are learning the 3Bs in order to develop behaviorally-informed interventions.Behavioral DiagnosisWe do a behavioral diagnosis to understand the system. We then conduct rapid prototyping to identify the main drivers of behavior.A behavioral diagnosis is a 3 step process.To complete the 3 steps we observe users in the environment/process we plan to test in. This is done by documenting each step of the process that the user experiences and further understanding the psychological mechanisms of the behaviors through observations, surveys, and interviews.Common Cents LabCCL2_72a80688-1aee-11e7-8763-57b56551e223Center for Advanced HindsightMetLife FoundationCommon Cents is supported by MetLife Foundation -- MetLife Foundation believes that everyone should have access to the right financial tools and services to build a better tomorrow. The Foundation's mission of financial inclusion focuses on increasing low-income families’ readiness, willingness and ability to engage with the financial sector, in advancing the delivery of high-quality financial products and services, and in investing in research and learning with the view of benefiting those who need it most.Low-Income People in the United StatesModerate-Income People in the United StatesCOMMON CENTS LAB ADVISORY COUNCILThe advisory council works with MetLife Foundation and the Common Cents team to increase the financial well-being of millions.Evelyn StarkEvelyn is Assistant Vice President of Financial Inclusion at MetLife Foundation.Scott CookScott is a co-founder of Intuit, where he has been Director since March 1983 and currently serves as Chairman of the Executive Committee. He also serves as a Director of eBay and Procter & Gamble.John LynchJohn is the Ted Andersen Professor of Free Enterprise at the Leeds School of Business, University of Colorado Boulder, and the Director of the Center for Research on Consumer Financial Decision Making.Rachel SchneiderRachel is a Senior Vice President at Center for Financial Services Innovation (CFSI). Under her leadership, CFSI produces independent, data-driven consumer and industry research and advice.Cathie MahonCathie oversees all of the programmatic and investment activities for the National Federation of Community Development Credit Unions (CDCU). She is committed to promoting financial inclusion and identifying and connecting credit unions to unserved and untapped markets.Anat BinurAnat is an Investment Partner at Innovation Endeavors, where she connects and works with early stage entrepreneurs who think big and are driven by a passion to have an impact on the world.Ida RademacherIda is the Executive Director of the Initiative on Financial Security (IFS) at the Aspen Institute, where she is focused on increasing financial well being for Americans.Parker ThomasParker has spent his career working on, for, and with startups as a software developer, business developer, and investor. He was a Former Partner at 500 Startups, biz dev @Pivotal Labs and now change maker at Angel List.Thomas BrownThomas is a partner in the Antitrust and Competition and the Global Banking and Payment Systems practices, where he focuses on legal issues affecting the financial services industry.Increased financial well-being for millions._72a80836-1aee-11e7-8763-57b56551e223To design and test solutions to increase the financial well-being for low- to moderate- income people living in the United States_72a808f4-1aee-11e7-8763-57b56551e223InterventionsDesign and test behavior-based interventions aimed at increasing financial well-being._72a809a8-1aee-11e7-8763-57b56551e2231Financial OrganizationsFintech CompaniesBanksCredit UnionsNon-ProfitsCommon Cents PartnersCommon Cents partners with organizations including fintech companies, banks, credit unions, and non-profits, to test behavior-based interventions aimed at increasing the financial well-being of low- to moderate- income people living in the United States.Our 2017 partners strive to solve some of the most difficult financial problems Americans face with their finances: from increasing emergency savings to smoothing consumption for SNAP recipients. We work to design a real-world solution, rigorously test its impact, and provide recommendations for scaling.ChimeChime is a new kind of bank account that empowers people to lead healthier financial lives and automate their savings. Members get a Chime Visa Debit Card, an FDIC insured deposit account and a savings account that helps you save money without thinking about it. The Chime app, which has been featured by Apple as one of the top banking apps in the App Store, makes it effortless to manage your finances from your phone.DoubleNet PayDoubleNet Pay automates personal financial best practices. They work with employees to automatically pay their bills on time on payday, fund savings goals and repay debt. By getting obligations out of the way on payday, users have a clear picture of what is left to spend without fear of late or overdraft fees.HomebaseMore than 60,000 businesses rely on Homebase's scheduling, time tracking, and team communication platform to help them simplify their day-to-day job, giving them hours back in their week. As former hourly employees and managers themselves, Homebase is dedicated to delivering the products, support, and advice owners, managers, and employees need to get the most out of their time and their work.ActivehoursActivehours is a way for people to access their paycheck at the tap of a button, shortening the time between pay periods and increasing the ability to manage cash flow successfully. The Activehours app lets people get paid immediately for the hours they’ve already worked.Digital InsightNCR provides technology solutions that make the everyday easier by helping banks and credit unions deliver better customer experiences at lower costs-to-serve. Digital Insight, an NCR company, helps banks and credit unions supercharge their growth by offering innovative online and mobile banking solutions that simplify money management for consumers and businesses.CoinFlipCoinFlip instantly reduces the amount shoppers pay for groceries by applying funds from private and government sectors (SNAP Healthy Eating, Healthcare, Energy Funds, AARP Discounts and AAA Discounts). The breadth of funding types available makes CoinFlip relevant for all shoppers.Grameen AmericaGrameen America is a 501(c)(3) Community Development Financial Institution (CDFI) organization dedicated to helping women who live in poverty build small businesses to create better lives for their families. They offer microloans, training, and support to transform communities and fight poverty in the United States.Navicore SolutionsNavicore Solutions is a 501(c)(3) nonprofit organization whose mission is to strengthen the well-being of individuals and families by providing financial education, community outreach, and compassionate credit and housing counseling services. Founded in 1991, Navicore Solutions is a national leader in the field of nonprofit financial counseling.Promise IndianaPromise Indiana is a grassroots Children's Savings Account (CSA) program designed to enroll families in a 529 for post-secondary education when their child enters kindergarten. In addition they expose elementary-aged students to college and career discovery activities in their classroom and through experiential learning on a college campus.Office of Financial EmpowermentThe City of St. Louis Treasurer's Office of Financial Empowerment (OFE) helps residents make better choices with their money. The office offers classes in financial empowerment, individual financial coaching, and the College Kids Children's Savings Account program, which provides college savings accounts for all kindergarten students in St. Louis public schools.United Way of Tucson and Southern ArizonaUnited Way of Tucson and Southern Arizona works to ensure that families and individuals have the resources they need to achieve economic self-sufficiency and remain stable by helping them access resources, increase income, build savings, and gain and sustain assets.AccionAccion is a mission-based, inclusive lender combining deep local knowledge with personalized advising to fuel growth in under-served communities across the country. Since 1991, Accion has made over 60,000 loans totaling over $500 million and provided more than 500,000 entrepreneurs with advising services.Community Empowerment FundThe Community Empowerment Fund (CEF) supports sustained transitions out of homelessness and poverty. CEF provides relationship-based support and matched savings accounts to individuals experiencing housing crises and financial insecurity in Orange and Durham Counties of NC. CEF supports its Members to reach their goals, including gaining employment, securing housing, and building financial well-being. San Antonio Credit UnionChartered in 1935, San Antonio Credit Union is a not-for-profit, member-owned financial cooperative serving over 250,000 members across the United States.IH Mississippi Valley Credit UnionIH Mississippi Valley Credit Union is more than 100,000 members strong and has $1B in assets, making it the sixth-largest credit union in Illinois. Their growth is a direct result of the trust its members place in them and the advantages IHMVCU provides.Freedom First Credit UnionWith 48,000 members, assets of $450 million, and 10 branch locations, Freedom First Credit Union is the largest Community Development Financial Institution in Southwest Virginia. Founded in Salem, Virginia in 1956, Freedom First Credit Union has an extensive consumer and business banking portfolio and offers a full range of products and services, including innovative online and mobile banking options. PARTNER WITH FINANCIAL ORGANIZATIONS -- We work with fintech companies, banks, credit unions, and non-profits to design and test behavior-based interventions aimed at increasing financial well-being for low- to moderate- income people living in the United States.Behavior[Change irresponsible financial behavior.]_72a80a5c-1aee-11e7-8763-57b56551e2231.1EmployeesCustomersIdentify the key behavior that you want your employees or customers to take, as well as define the metric for measuring progress on that behavior.IdentificationIdentify the key behavior._72a80b2e-1aee-11e7-8763-57b56551e2231.1.1MetricsDefine the metric for measuring progress on that behavior._72a80c0a-1aee-11e7-8763-57b56551e2231.1.2BarriersRemove barriers._72a80cf0-1aee-11e7-8763-57b56551e2231.2IdentificationIdentify possible barriers for completing the key behavior._72a80dc2-1aee-11e7-8763-57b56551e2231.2.1SelectionChoose a barrier that can decrease the most friction._72a80e94-1aee-11e7-8763-57b56551e2231.2.2BenefitsAmplify benefits._72a80f98-1aee-11e7-8763-57b56551e2231.3IdentificationIdentify potential benefits that you could add or amplify existing benefits so they are more powerful._72a81074-1aee-11e7-8763-57b56551e2231.3.1SelectionSelect a benefit that is most likely to motivate your user to carry out the key behavior._72a81150-1aee-11e7-8763-57b56551e2231.3.2ToolsBuild evidence-based tools for spending, lending, saving, and financial planning._72a81236-1aee-11e7-8763-57b56551e2232BUILD AND TEST PROTOTYPES -- We build evidence-based tools for spending, lending, saving, and financial planning.SpendingEmpower people to avoid spending that causes regret._72a81312-1aee-11e7-8763-57b56551e2232.1Elizabeth Dunn[1] Happy Money: The Science of Happier Spending by Elizabeth Dunn and Michael NortonMichael NortonHappy Money -- How can we avoid spending that causes regret?Most of the times we think about budgeting, we think about cutting expenses. While sometimes this is good, other times we want to double down on spending if it makes us happier.[1] The question we should be asking is how can we spend in such a way that optimizes our happiness vs. makes us feel regret and shame.Big question. To start tackling it, we've designed a survey that will help us determine how we can have more Happy Money purchases. The eventual goal is to deeply understand what makes us happy and help people do more of this and less of the other stuff.We’re partnering with Qapital to design and launch this research tool that will ultimately be designed to increase our happy money. Financial CoachingReplicate the good results that financial coaching produces at a cost that is available to all income levels._72a813ee-1aee-11e7-8763-57b56551e2232.2Financial AdvisorsFinancial coaching at scale -- How do we replicate the good results that financial coaching produces at a cost that is available to all income levels?We worked with Retiremap to build and design a digital coaching platform that helps advisors scale 1:1 financial coaching. The core design is embedded with behavioral insights that help to mimic a trusted coach interaction. With these thoughtful touch points and action planning, we aim is to drive short and long term saving and expense reduction. The app will launch in 2017 to a selected group of financial advisors.Social ProofEnable users to see how they are doing in comparison to people in their income and location brackets._72a814de-1aee-11e7-8763-57b56551e2232.3Social proof for finances -- How does social proof work to change spending habits?Social proof messaging has been shown to impact voting, energy consumption, and eating behaviors. However, few experiments have been done showing the impact of social proof on financial behaviors.Common Cents is building a research app that allows users see how they are doing in comparison to people in their income and location brackets. We will test which spending categories respond positively to social proof nudges and how to display the message to have the most financial impact.InsightsShare behavioral insights on financial decision-making._72a815ba-1aee-11e7-8763-57b56551e2233SHARE INSIGHTS WITH THE COMMUNITY -- We share behavioral insights on financial decision-making to practitioners._72a816a0-1aee-11e7-8763-57b56551e2232017-04-06http://advanced-hindsight.com/commoncents-lab/OwenAmburOwen.Ambur@verizon.net