YouSaid · the spoken record

Matt Wallaert

lines on the record: 127
first: 2017-08-10
most recent: 2017-08-10
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Right. I hurt my leg You can make a decision, right? And it's three minutes and not like, you know, let's say you were running late to this thing. You know, you're looking at your watch going, is it now? Is it now? Is it now? Should I run upstairs? Should I switch to feel like”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly, like let's do what we did in the New York subway system. So New York Subway, you know, we put in these signs that tell people when the subways are coming. People think the subways are running way faster.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and I think that's actually a really good sort of summation of why behavioral science matters, right? It's a process. Behavioral scientists are trained interventionists, right? Let's take the Walmart line example. If you ask engineers, you say to engineers, well, the lines are too long, they're like, well, let's rejigger the POS system so people move through faster, right? And if you ask the store ops people, they'll tell you, well, let's put in more checkout counters so they're shorter. And those kind of things work. But the raw truth is people are in line for five minutes. It's not that they're in line for too long. It feels too long. Right.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think the problem is too often companies are like, well, that's great for them. And they don't see how it applies to their product, right? It's great for those people over there, right? At this point, even I think, you know, we talked earlier about, you know, we were talking about behavioral economics and people sort of paying attention on the stock market. I think actually finance has done a better job. But the problem with finance doing a good job is like CPG has gone and said, well, that's great for finance, but it's a finance thing, right? Behavioral economics totally applies in finance, but what could they possibly be doing for us?”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and there have been that has become a whole science, right? There have been isolated pockets of sort of applied behavioral science in health, for example. They're starting to do some really good health decision-making work there are these pockets where we've sort of seen stuff.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. You're like a bag and run out the door. I feel like I'm doing something wrong when I like sneak out of my hotel to go to the airport. So those sorts of things. So external stuff.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. It's that peakend theory, right? I want those endpoints to really matter. And instead, I actually was on the road this week. It feels like you're like a thief. You're like stealing out of your hotel. You don't even go to the desk anymore. You're just like, you know, it's like.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“External stuff, actually revamping product, and depends what your product is. One of the examples who runs there, Behavioral Science Lab, is people spend, let's call it 90 minutes a session in a Walmart. They're in line for five minutes. But if you survey them afterwards, that five minutes loom super large. That takes forever.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and the investors in the country. You know, 80% of people say they're disengaged at their jobs. Who's addressing that, right? Like HR? Yeah, good luck, right? Like women, massive attrition. We know that companies that have senior women much, much better return profile. They do better on Wall Street, but women are treat a lot. HR's had 50 years to solve this problem and has done nothing. Like maybe we should let behavioral science take a crack. Like, how do we go change those behavioral things? So internal stuff, motivation, retention, recruitment, all, you know, work-life balance, all of these pieces.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I think a cheap behavioral officer really has three jobs. One of them is the application of behavioral science internally, right? So take it, for example.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's right. Whose job is this? And because we know if it's not somebody's job, it falls by the way. It doesn't get done, right? And so, and there are a smattering of people who have not taken that title but are doing interesting things. So Steve Wendell, Morningside, there are people who are doing sort of this. So what I sort of said was, I actually don't think this is business's fault. I think this is psychology's fault, right? This is something actually we were just talking about a minute ago, you know, in the break. I think we haven't done a good job of explaining how do you go put it into an organization in part because we stayed in academia, right? We didn't come out into business.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is something I've actually written about and proposed sort of lately. And I'm trying really to resolve this fundamental gap. If you go to any sort of C-level exec, they'll say, oh, I love behavioral science. I love Dan Arielle. I love thinking fast and slow. I love nudging. I love all this stuff. And then I say, okay, well, where's your team? And they're like, what team? Right. So who simply?”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“They want salary, not equity, or they don't know what equity means, or it seems riskier than it is. And so we actually built a little calculator where you put in your offer letter and it basically says that's kind of about 20, 30,000.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a lot, you know. So I actually remember running around when I got my offer letter from them, running around being so happy about the salary, because again, first generation college kid, like even startup money seemed like a lot of money to me. And so then they came to me, then there was this equity part and I literally was like, I have no idea what this means. Actually, and years later, I went on to build a feminist tool called salary or equity.com. Because women are less likely to accept startup offers because”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, he's like, well, we're walking through the West Middleton. He's like explaining, I knew nothing about it. Here's a hundred”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, good try. Like, once again, you're talking to the science guy, right? Like, I pay no attention to the cap table. As a matter of fact, I actually, so when they sent me, I remember walking through the West Village and nobody should ever do this, by the way. Like you should know what you're signing before you sign it. But I had to talk to Avi Karnani about like, what's a basis point? Right. You've written me this author letter with these equity. Oh, it's fantastic.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Before the financial collapse, which was key for us, right? Because here we are in this sort of personal finance space. And we could acquire by lending tree just as the sort of financial collapses.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“He is. And look, Dick has done some really amazing work. And what I love about academics is they just put their phone number and email on. And so they called them up and he answered the phone and he gave them like an hour's worth of advice. For free, yeah, for free. And then, because this is before the days of Startup Mania, right? This is before everybody's going to be an advisor of something, right? He was just sort of like, sure. And that's, I actually think, you know, one of the things I talk about often is, you know, if you need advice, go find a grad student. They don't charge very much. Like they don't know, you know, they don't know the true value of their information. And they're so passionate and happy to talk to you about it. So they called Dick Thailer. They got to the end of the hour and they were sort of like, we'd be advisor. And he was like, no, you got to be kidding me, man.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I published some papers. They actually called Dick Thaler. That's what I love about academics, right? Like they list their phone numbers. Now Thailay.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“So, as the lead scientist and sort of head of product, they had built something. They had this inkling that it might not really be the right thing. And so I sort of came in and said, yep, not sort of behave from a behavioral science perspective. This is probably not, you're a little bit like Mint. You're probably not going to move the needle. How do we go and build something that can? And then we built it.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“But I'm not a startup guy, right? I'm a first generation college kid. I've never, the way I got into startups was Abi Karnani's fault, right? Like I was in the PhD program at Cornell, and he sort of called me up and he said, look, we're running this startup. We think you could give us some advice. And I said literally, I don't know anything about startups. I don't know anything about tech. I don't know anything about finance. Personal finances, min.com, his competitor called Thrive. We sold the lending tree. And I said, I don't know anything about this. He said, don't worry, we'll figure out how to get the value out of you. And then a year later, I was their head of product.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, social psychology. So it's actually funny. I was sort of getting recruited by Stanford Cornell and University of Colorado. Chose University of Colorado, and then my advisor calls me up and he says, Hey, I'm moving to Cornell. So either you can come to Colorado, but I won't be here or you can go with me to Cornell. So I went to Cornell.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Belief system. And I was hooked at that moment. That was the moment where I went from so turned off by, well, we just debate things and whoever's a better orator kind of wins to like, no, we can go and, you know, you don't disagree with somebody, you think they're interpreting it wrong? Great. Go run a study.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And I sort of said to him, You know, I don't really agree with their interpretation of the results. Not that I disagree with the data. I just don't think they're interpreting right. And he said, well, this is the most important thing any teacher can do. He said, look, the rest of the field agrees with this interpretation, but this is science. And so there's an orderly way for you to argue. You do an experiment that proves your side, right? You provide countervailing. Like you can have a structure. There's a scientific.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“And then when I went to Swarthmore, I took into psych, and it was taught by a wonderful, wonderful professor who's a great research professor, terrible teacher. Like you couldn't even get up and leave the room kind of teacher because it would throw him off. But then I took another side class with arguably the best teaching professor it's worth more. And I had this amazing experience where they reviewed a study.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, and your impression of psychologists is like these are people who tell you what to do, right? Like, or tell you what you think, right? You have this impression from television. I don't think there was a psychologist in 60 miles of where I was, right? It's not like New York where you grew up, everybody's got a therapist, everybody knows what this is. Like it was a totally unknown quantity. And so I actually was really anti-psych.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source
“I was definitely a science kid and not a psychology kid. I'm from very rural Oregon and had, if anything, I was anti psychology, right? I'm a true like Milla Nowhere kid where you and the tree.”
2017-08-10 · Masters in Business · Matt Wallaert Is on a 'Chief Behavioral Officer' Mission · IDENTIFIED FROM THE TRANSCRIPT · source