312) The Paradox of Choice: Too Many Options Leads to Lower Conversions

Sitting down for dinner at “The Cheesecake Factory” can be a daunting task, especially when the server brings the menus to the table.

With over 250 individual options that diners can choose from, these colossal menus could please every palate, but in reality, it often has the diner scratching their head on what they should order.

Today, we explore the Paradox of Choice — what happens when you overwhelm your financial consumer with options.

Money is one of today’s greatest stressors that we don’t talk about enough, and putting more stress on your customer is a recipe for an underperforming financial brand.

Join us as we breakdown: 

- How simplifying your “Cheesecake Factory” menu of financial offerings pays off [5:37]

- Why breaking the taboo on money in our society is healthy [11:04]

- The three types of cognitive load your customer experiences [16:21]

- How an overly complex website is costing you millions every year [18:56]

Check out these resources we mentioned during the podcast:

- Stash.com

- Forbes

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

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