Talent selection within science is increasingly performed by panels, e.g. by reviewing grant or fellowship applications. Many studies from fields of sociology of science and science policy studies have been conducted to identify biases and predict outcomes of these processes, mainly focusing on characteristics of applicants, applications, and reviewers. However, as panel reviewing entails social interaction, group dynamics influence these processes. By adding insights from social psychology to current knowledge on panel reviews, we are better able to identify factors affecting talent selection and funding decisions in grant panels. By opening up this so-called black box, we aim to contribute to a better understanding of the dynamics of panel decision making. This knowledge is also relevant for various stakeholders involved in grant allocation, for applicants, reviewers, and policymakers, as it can be used to improve transparency, fairness, and legitimation of talent selection processes.