9/21/2023 0 Comments Meeter greeter bank![]() ![]() Interestingly, the Omani nations who preferred over-the-counter transactions for smaller amounts (despite hailing from different income segments and ethnic groups), possessed one common trait: they were largely over 40. It seemed like the time these consumers lost whilst queuing was less than the benefit they felt from interacting with a red-blooded human being. ![]() What’s more, she had to conduct an online transaction worth 50 dollars, she could use a mobile or laptop - reasonably ubiquitous devices, particularly for economically able consumers.ĭespite these options, vast hordes of consumers preferred queuing for over-the-counter withdrawals. She could avail herself of a speedy ATM withdrawal, or wait her turn in a long branch queue to withdraw cash over the counter. Imagine an individual needing the equivalent of 50 dollars in cash. Early-stage analysis pointed us in the direction of cash withdrawals and deposits of small denominations. We began with selected bank branches under our microscope: these branches were gasping under the brunt of heavier consumer traffic than they were built to face. Oman, home to 4.15 million people (roughly 56% of which are expatriate residents), makes for fascinating studies on consumer behavior, given its diverse sociocultural makeup. ![]() That prompts our next question: what do roads and bank queues have in common?Ī few years ago, a bank in Oman asked me to examine the problem of heavy consumer traffic and congestion at some of its branches. Today, however, like in the Swedish case, policymakers and private players are cottoning on to the reality that people are often imperfectly rational (if not entirely irrational), and factoring this into policy design. In traditional economics, people behave with the logical precision of modern day robots and the manners of Victorian saga heroes. Their creative methods include redesigning roads to minimise risky road ‘overtaking,’ and hiking the frequency of cameras alongside highways to deter speeding (rather than generate revenue). Sweden’s road policy, ‘Vision Zero,’ is structured on the premise that policies should be ‘human-centered’, instead of using classical designs that may penalise the driver without sufficient thought for road safety. What if someone told you that you could be safer on the road, without you or your millions of fellow drivers (abysmal as you believe their skills often are) ever moving a finger? ![]()
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