One of the key notes at the FICO® World 2016 came from behavioral economist Dan Ariely who said businesses must understand how customers behave, which is often irrational.

Ariely professor of economicsDan Ariely, the best-selling author of The (Honest) Truth About Dishonesty, The Upside of Irrationality and Predictably Irrational and the James B. Duke Professor of Behavioral Economics at Duke University, presented new insights from his groundbreaking research into dishonesty.

Ariely on irrationality“If you understand how individuals make decisions, you can make those decisions much more successful,” Ariely said. “The fact is that most people behave irrationally. They don’t behave in the rational way that most executives would expect. This means it’s very important to do more experimentation, to gather more information on how your customers behave, to guide your decisions.”

FICO 200 135This was one of the keynote addresses which opened FICO® World 2016, at which professionals responsible for customer onboarding and experience, pricing, cybersecurity, risk management, compliance, fraud and IT were exploring the latest technologies and strategies for unlocking insights and powering the best decisions possible. The conference featured more than 100 speakers in nearly 80 breakout sessions on analytic innovation, auto lending, collections, credit scoring, customer onboarding and experience, cybersecurity, insurance, mortgage lending and regulatory compliance.

Source: FICO World