From 23 to 25 June, AFI members from Armenia, Kazakhstan and Honduras were in Santo Domingo, to learn about the Dominican Republic’s experience in applying behavioral economics in financial regulation, supervision, and financial inclusion initiatives.

The event, hosted by the Superintendency of Banks of the Dominican Republic (SB), explored practical applications of behavioral economics in policymaking. This includes SB’s Behavioral Economics Lab, which conducts research on topics such as information asymmetry, savings, financial inclusion, banking communications, and trust in financial institutions, with the aim of improving consumer protection.

“Behavioral economics has become an essential tool to enhance the effectiveness of public policies, particularly in the financial sector,” said AFI Project manager, David Lee. “When we understand how individuals make financial decisions, and the influence of cognitive biases and behavioral constraints, it enables us to design policies which reflect real people’s needs.”

The Superintendency of Banks was represented by Enmanuel Cedeño Brea, Inés Páez, Xiomy Ramírez and Manuel Eugenio Rodríguez Troncoso. The event was attended by experts from the Central Bank of Armenia, the Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market, and the Honduras National Commission of Banking and Insurance. There were also expert presentations from Paweł Dziewulski, Associate Professor in Economics at University of Sussex, and Juan Manuel Pérez from the Dominican Republic’s Superintendency of Pensions.

A recent AFI publication, Changing Habits to Improve Lives, shares lessons from a behavioral science–based pilot to strengthen financial inclusion for young people in rural and suburban areas, while you can learn about Central Bank of Armenia’s work to apply behavioral insight to digital financial inclusion in this video.