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Behavioural finance tool aids client insight

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French-based fintech start-up Neuroprofiler assesses investment profiles through behavioural finance to improve compliance and client insight. Dr Tiphaine Saltini, CEO and founder, explains that the firm is on its second round of fund raising, looking to raise GBP1 million from family offices. 

Saltini (pictured) has a background in both behavioural science and private banking. “I got the idea for Neuroprofiler as I realised the way that financial institutions were assessing the profile of their clients could be done better,” she says.

Currently, many financial institutions use paper questionnaires. “They are very simple and by the end of them just half are compliant so the financial institution can get a lot of fines. Certainly, it is very boring for clients to fill out questionnaires.”

Saltini’s proposition was to use behavioural science to improve compliance, financial knowledge and to take everything into account to make customised recommendations.

The Neuroprofiler system is written as a game. “We ask the client to play the game and based on their answers and the resulting financial knowledge, we can make recommendations of instruments from funds, insurance and credit products,” Saltini says. “It takes into account the psychological profile of the client.”

The product was launched two years ago but the algorithm on which it is based was designed over five years, so it has been a labour of love in terms of research and development.

The firm has two clients in private banks in Switzerland and is also used by independent financial advisers. It is also running pilots with a couple of large banks at the moment, BNP Paribas, Societe Generale and Alliance, and there is another pilot in Asia.

“Our Swiss clients are using the product in their daily life and the larger banks are now discussing the integration process which takes a long time because they are large institutions.”

The fact that Neuroprofiler is a game makes it appealing for millennials who are digitally savvy and can do the game on their phones or tablets but Saltini is finding that more senior clients are also enjoying the game because it is better than filling out a questionnaire. The age range of clients is from 18 to 85. The game is adaptive so each question is based on the previous answer.

Neuroprofiler gets paid per questionnaire completed. Its start-up funding was from friends and family. The firm is also looking to develop other products within the credit sector, offering credit scoring, insurance pricing and recommendations.

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