By: Jasmine Sagi
Individual traits are the root of most human behaviors, including financial ones. Comprehension of these traits can help answer questions such as how likely a person might be to purchase an expensive car on a whim, how likely they are to put every spare penny into a savings account, or how likely they are to repay their loan on time, to name a few. Since their effect on human behavior is so substantial, it is crucial to recognize individual traits while making decisions regarding approval of credit, loans, etc.
Most organizations base their loan approval or rejection on credit scores, or insurance premiums on claim history, and these components may not portray who the individuals behind the numbers really are, which is what actually affects how they will act in the future. This may lead organizations to automatically exclude anyone who doesn’t have a credit or claim history and miss out on potentially valuable customers. Accessing these traits during such processes is now made possible by our behavioral science-driven technology.
By integrating behavioral science into their operations, organizations would not only get to know and understand the person behind the numbers and be able to make more accurate predictions regarding their financial behavior, but they could also open the door to engaging with previously untapped or undeserved client bases.
There are countless studies that correlate different individual traits and financial behavior. At Motiv8AI, we have used the results of thousands of such studies to advance our in-house research. Over five years, our team of behavioral science and AI experts has gathered a multitude of research-based insights and incorporated them into our state-of-the-art machine learning models to generate highly accurate behavioral predictions, designed to increase approval and to decrease default rate. Our product creates real-time multidimensional appraisals, tested and proven to enable double-digit growth for financial organizations.
By harnessing and scaling the power of behavioral science, we provide our partners with an immediate extra layer of knowledge to enhance the accuracy of their approval process and to take it to the next level.
Jasmine Sagi is a co-team leader of Motiv8AI psychologists team.
