FinTonic - Nudgestorm Challenge
Role: Research Lead
Partner: Timothy Caballero
Time: June 2021
Context: Nudgestorm Challenge (June, 2021) was organized by International University Behavioral Economics, in partnership with BeWay and Opseeker (consulting firms) and FinTonic (financial services company). Participants were a recent graduate interested in Behavioral Economics and FinTech.
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Fintonic was born in 2012 as a technological solution for all those who have problems managing their money. After one year, they reached 70k users and nowadays they have more than half a million. Fintonic helps its customers with the management and organization of their money, reducing the fixed costs of their bills and showing them how to save more efficiently.
The Nudgestorm Challenge project focuses on the loans section of the platform. Through Fintonic, users can have access to loans and financial products that best fit their profile and needs. Many users come to Fintonic as a last option to get a loan, therefore, sometimes their requests are rejected by order of large entities (such as BBVA or Santander) for various reasons, such as being on the ASNEF list or having an inadequate risk profile. On other occasions, the ones rejecting these loans are the customers themselves, due to high interest rates set by these large entities.
The main objectives of the projects are:
1. Identifying behavioral barriers in their Loans section’s funnel.
We define two different sets of problems facing Fintonic. The first of the problems are the behaviors brought forth by the design and navigation of the loan application process on the website. The second problem is driven by a more powerful force: behavioral barriers that hinder the users perception of FinTonic.
2. Propose solutions to address the barriers
To eliminate friction and solve the barriers, we use the EAST framework. This framework demonstrates four principles –Easy, Attractive, Social, Timely-–and was developed by the Behavioural Insights Team and wider academic literature. Furthermore, we employed The Behavioral Diagnosis (Wendel, 2020) to micro behaviors to pinpoint the underlying forces that drive inaction to action.
Below is the readout by Kim Nguyen (me) and Timothy Caballero (my partner in this project) to the founder of Fintonic and Behavioral Scientists and staff of BeWay and Opseeker.
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