Whenever we make decisions, there are always moments of "What ifs." The fear of making the wrong decision can be paralyzing. This is evident in the scene below, where Sheldon from The Big Bang Theory cannot decide between buying a PlayStation 4 and an Xbox 1.

In this scene, we can see how worried Sheldon is about making the wrong decision as he recounts all the previous decisions he has regretted. This occurs because of the unconscious bias regret aversion, our tendency to avoid making decisions that may result in regret in the future.

Regret aversion influences the way we evaluate the options presented to us. For example, it may lead us to choose the "safe" option rather than taking a risk, even if the risky option has a higher potential reward. It may also lead us to focus more on the potential downside of an option rather than the potential upside.Imagine that you are a customer at a bank and are considering applying for a credit card.

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The bank offers two different credit cards: one with a low-interest rate but an annual fee and one with a higher interest rate but no annual fee. You decide to go with the credit card with the low-interest rate and annual fee because it is the safer option, and the zero annual fee benefit does not seem worth it.

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The fear of making the wrong decision has skewed the way you have evaluated the options. Over time, you realize that you don't use the credit card often and realize that the annual fee is not worth paying, which leads you to regret your decision.

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The intensity of the regret you feel impacts your overall experience with the bank, and you find that instead of switching plans, you end up canceling the account and moving to a different bank completely.

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Regret aversion and regret itself have a significant impact on customer experience, especially when it comes to financial decisions like choosing a credit card or investing in a product or service. To mitigate the negative effects of regret aversion, it is important for companies to provide clear and transparent information about the benefits and drawbacks of their products and services, so that customers can make informed decisions and feel more confident about their choices.Doing so can help reduce the risk of customer regret and improve overall satisfaction with their products and services.