Biases lead experts and clients to make decisions which cause financial losses. An interesting question worth exploring is if there are any biases incorporated in internal guidelines, as day-to-day banking does not account for biases.
It is already known that humans are coping with a number of cognitive biases when making a decision or searching for a solution. After going through the list of all known human biases, the recognition of human's illusion of control becomes strong.
Recently I was having a conversation with a private banker who manages wealth portfolios, and she lamented the difficulty of getting her HNW clients interested in Impact Investing. She was recounting to me the challenges she was having in getting her HNW clients interested in Impact Investing
If your firm is not fully engaged with each of these powerful tools, it is a losing effort to both attract new clients and retain existing ones. These platforms work because users are so addicted to them and it's now time for financial services firms and others to get addicted to them too.