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How it Works

Behaviorism 

How we are using Behavioural Psychology to improve financial wellbeing

Nudge Theory and Behavioural Psychology

What is it?
Instead of telling people what to do, we use positive reinforcement and indirect suggestions. This is an effective way of influencing people’s motives, actions and ultimately, their outcomes.

How does this improve Financial Wellbeing?
We aim to give users personalised Financial Education, when they need it, through Rewarding Behaviour, Situational Bias and Confidence Bias.

Rewarding Behaviour

What is it?
Generally speaking, we like, and respond well, to being rewarded for our behaviours. Rewarding Behaviour is when you do something good and are recognised with a reward.

How does this improve Financial Wellbeing?
Our technology uses ‘machine learning’ to track and learn what a user needs to know and how they like to learn it. The more they engage, the more their Financial Education is personalised, which in turn drives more engagement and personalisation.

Situational Bias

What is it?
Unsurprisingly, your thinking is biased in line with your current situation. You’re likely to attribute a behaviour to an external situation.

How does this improve Financial Wellbeing?
By tracking data, our software identifies when there is a change in a user’s life and uses this as a trigger to deliver associated Financial Education. ‘Situational Bias’ means that this touch point receives much greater engagement than had it been provided in anticipation of the employee needing the information at some point in the future.

Confidence Bias

What is it?
Confidence in our own judgements is subjective and tends to be overestimated. For example, ask 100 people how intelligent they are and 80 will say above average.

How does this improve Financial Wellbeing?
When providing benchmarks to help someone understand how their spending, saving and debt compares to ‘People Like You’, Confidence Bias will influence their awareness and ultimately decision making. For example, you’ll naturally want to have less debt and save more when compared to ‘People Like You’.

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