Be-IQ Limited, the UK-based Behavioural Insights fintech, today announces the launch of the world’s first behavioural measurement app, MyBe. For the first time anywhere, MyBe takes behavioural tests normally conducted in a psychology lab, and delivers them direct to a consumer via their mobile device.
MyBe is a free, interactive, gamified mobile app, initially available via the Apple iOS store. It engenders self-discovery through short, fun, highly gamified behavioural bias tests. It brings self awareness and a route to better financial decision making, especially when used to augment the financial planning process.
Through a series of short, simple, but engaging games, MyBe enables people to explore, measure and understand the behavioural biases that drive the financial decisions they make. This means that , for the first time ever, people will be able to see the strength of behavioural biases, and how how they play their role in decision making.
GOING BEYOND INVESTING
Unlike other behavioural finance services, MyBe doesn’t only focus on investing – it extends into other money domains, such as borrowing, revealing the behaviours that impact areas such as debt management.
As well as providing specific behavioural bias insight, MyBe also shows how behavioural biases impact real-life financial scenarios such as a person’s ‘tendency to achieve goals’, ‘aptitude for financial planning’, or ‘propensity to manage debt’.
Furthermore, and in order to align to regulatory requirements, MyBe also provides an engaging method for assessing a person’s knowledge, experience, and confidence – all crucial elements in financial decision making.
FIRST STEP IN SERIES OF BEHAVIOURAL LAUNCHES
The launch of MyBe is the first step in Be-IQ’s plans to roll-out a much broader behavioural insight service for financial planners and service providers.
In January 2020, Be-IQ will launch the world’s first comprehensive behavioural analytics dashboard enabling planners and providers to view and understand a multitude of their clients’ behaviours and, crucially, delivers contexts through highlighting where clients’ behaviours can, positively or adversely, impact a number of current and future financial situations and decision points. The data-driven insight service also provides the evidence-based insight necessary to deliver Behavioural Coaching, seen by many as the evolution of Financial Planning.
Michael Free, Be-IQ CEO comments:
We are thrilled to announce the launch of MyBe, the first delivery in a series of services we are bringing to market over the coming months. MyBe is the product of years of research and based on Nobel prize winning theories around behaviours and their impact on people’s financial decisions. With the imminent launch of our Insight service, we are introducing a brand new type of service to the industry, one that not only delivers a more complete “Know Your Client” process, but for the first time, allows a client to “know themselves”.
For Financial Planners or service providers wishing to register for the upcoming insight services, please visit www.beiq.com/insights