In this episode of the Financial Marketing Insights podcast, two leaders at the forefront of behaviour‑led change in financial services share their perspectives on trust, decision‑making, and the power of psychology. Dr Keith O’Brien, Co-founder of Adaptable Minds, and Miten Patel, Head of Campaigns and Events at the Financial Conduct Authority (FCA), explore how behavioural science is reshaping marketing, regulation, and consumer protection - and why the industry is entering a new era of evidence‑based intervention.

The Growing Importance of Behavioural Science

Dr Keith O’Brien has spent his career helping organisations translate psychological insight into meaningful change. Behavioural science, he notes, has existed in various forms for decades, but its role is evolving rapidly.

Marketing was one of the earliest disciplines to apply psychological thinking, yet the industry is now returning to deeper, more rigorous exploration of human behaviour. “For a long time, we focused on attitudes and perceptions,” he explains. “But behaviour is what ultimately matters. If behaviour doesn’t change, nothing changes.”

He points to a striking example: the surge of younger investors into stocks and shares ISAs. Traditional assumptions about risk aversion no longer hold. “Ambiguity aversion used to push people toward savings products,” he says. “But now savings feel uncertain, markets feel uncertain - and yet ISAs offer tax‑free certainty regardless of performance. It’s upending long‑held beliefs about investor behaviour.”

Across the sector, he sees organisations grappling with volatility, searching for ways to build trust, and increasingly turning to behavioural science to navigate uncertainty.

Addressing Information Asymmetry

For Miten Patel, the move from agency life into the FCA was driven by a desire to address what he describes as “information asymmetry” - the imbalance between what firms know and what consumers understand.

“Financial services providers have deep intelligence about the market,” he says. “Consumers don’t. And that imbalance leads to poor decisions.”

His work at the FCA focuses on using communications to close that gap, helping consumers understand what they’re buying and make decisions aligned with their needs and risk appetite.

Behavioural change marketing, he notes, is fundamentally different from commercial marketing. “You’re not selling a product. You’re selling information - and you need the consumer to buy into it.” That requires clarity, empathy, and a deep understanding of how people actually behave.

The Psychology of Hype‑Driven Decisions

The FCA’s work on hype‑driven investing sits within its wider InvestSmart programme - a long‑running initiative designed to help consumers make better‑informed investment decisions. As part of this programme, the FCA partnered with behavioural scientists to develop the ‘Hype Type Revealer’, a tool created to help self‑directed investors pause, reflect, and avoid being swept up in social‑media‑fuelled excitement.

Keith describes the brief that landed on his desk while he was Director of Consultancy at Influence at Work, the behavioural science firm founded by Robert Cialdini and Steve Martin. The FCA wanted to understand the psychology behind hype‑driven investing - from crypto surges to fast‑moving online trends - and design an intervention that would help people make more deliberate choices.

Fear of missing out (FOMO), he explains, is no longer just a cultural phrase. It’s a measurable psychological construct that shapes investment behaviour. “People overestimate the pleasure of a big win and underestimate the probability of loss,” he says. “We needed to interrupt that pattern.”

Designing a Tool That Changes Behaviour

Miten’s team took the behavioural insights and turned them into a practical, user‑friendly tool. Their target audience: self‑directed investors aged 18–40 who were comfortable taking risks - sometimes too comfortable.

They explored how this group consumes information, how they communicate, and how hype spreads. One creative route stood out: a group‑chat‑style interface, familiar, conversational, and embedded in daily routines.

The FCA tested the concept rigorously, using qualitative research to refine the design and further testing to validate its impact. The results were compelling:

• 35% reduction in high‑risk investment amounts after using the tool

• 61% campaign recognition despite no broadcast media

• 86% of users saying they would visit the InvestSmart site before investing

• 68% able to identify positive investing principles, up 12 points from baseline

For a behaviour‑change campaign with no product to sell, these are standout results.

Internal Alignment and the Power of Collaboration

Launching the campaign required extensive internal engagement. Miten describes an 18‑month process of stakeholder management, C‑suite briefings, and collaboration across the regulatory ecosystem. The FCA’s Consumer Duty framework also raised the bar: communications must not only convert but demonstrate understanding and positive consumer outcomes.

Partners like Keith played a crucial role in building confidence internally. “Behavioural science sat at the heart of the approach,” Miten says. “We needed to bring seniors with us - not just on the creative idea, but on the evidence behind it.”

The project also involved close collaboration with creative and technical partners, from front‑end design to back‑end development. The result is a tool that feels modern, intuitive, and grounded in science.

A Broader FCA Push: The New Firm Checker

As the conversation wrapped up, Miten highlighted that the Hype Type Revealer isn’t the FCA’s only behavioural‑led initiative. The regulator has just launched a new Firm Checker, designed to help consumers verify whether a financial firm is authorised before engaging with them.

It’s a simple but powerful intervention: a tool that reduces friction, increases confidence, and helps consumers avoid scams - all by making a complex due‑diligence step feel intuitive and accessible.

For Miten, it’s another example of how behavioural design can support policy outcomes. “Anything that helps consumers make better‑informed decisions is a win,” he notes. “Tools like the Firm Checker and the Hype Type Revealer are part of a wider ecosystem of support.”

What Inspires Them

For Keith, inspiration comes from impact - and from the FCA itself. As a PhD student, he read FCA behavioural trials with admiration. Today, he collaborates with the teams who shaped the field. “They’ve built an incredible culture,” he says. “It’s genuinely inspiring.”

For Miten, inspiration lies in purpose: helping consumers make better decisions and supporting a fairer financial system.

Conclusion

This conversation highlights a clear shift in financial services: behavioural science is no longer a specialist add‑on but a core discipline shaping how organisations communicate, design products, and meet regulatory expectations. The FCA’s work - from the Hype Type Revealer to the new Firm Checker - shows how evidence‑based interventions can empower consumers, reduce harm, and build trust in a complex market.

For marketers and leaders across the industry, the message is unmistakable. Understanding human behaviour isn’t just good practice; it’s becoming essential to delivering better outcomes, strengthening relationships, and navigating an increasingly uncertain landscape.

·       Find out more about InvestSmart and the Hype Type Revealer, and see the ad on YouTube here

·       Find out more about the FCA’s Firm Checker campaign, and see the ad here