Questionnaires that are based on a person’s self-assessment of risk are susceptible to flawed outcomes. By accounting for the very thing that makes us human, our behaviours, Behavioural IQ allows for a more human, objective assessment. That white-of-the-eyes understanding of a person face-to-face interactions take for granted.
By assessing behaviours, and understand how people ‘really’ behave when it comes to finances, you can better understand the person, where they may need assistance, where a behaviour may result in financial self-harm and where they are able to manage things for themselves.
Risk taking is both domain and objective specific. The amount of risk a people is willing to take will change based on certain goals and objectives. Behavioural IQ can offer the best of both worlds. Measuring a person’s general approach to losses and gains, as well as domain / goal / objective specific risk.
How can you demonstrate a solution is suitable if you can’t demonstrate that the consumer understands what they are buying? Behavioural IQ tests not only the risk profile of the consumer but also their knowledge and understanding. Especially relevant in an online environment.
Conduct risk is all about the delivery of fair customer outcomes. It touches every part of an enterprise framework. Behavioural IQ helps evidence conduct risk within the product life-cycle - from the development of a new product, all the way through sun-setting activities.