[FW Radar] Neuroprofiler, the serious game of finance
Created in 2016 by Tiphaine Saltini and Julien Revelle, Neuroprofile is a behavioral game. It allows clients to build investor profiles.
More details with Valentine Rey, Business Developer at Neuroprofiler.
FrenchWeb: What needs does your service meet?
Valentine Rey, Business Developer at Neuroprofiler: Following the financial crisis, most countries have imposed the assessment of clients’ risk profile when financial advice is requested or a portfolio is managed. In Europe, the evaluation criteria will become more stringent with the MiFIDII directive.
These evaluations are currently made through static paper questionnaires which offer low compliance, are tedious and are not based on scientific methods. Customers are led to complain more and more and regulators sanction, which affects the reputation of institutions.
What is your value proposition?
Neuroprofiler is a behavioral finance game (Serious Game) allowing financial advisers to assess the investor profile of their clients in accordance with new European MiFIDII requirements.
It is an anonymous, flexible and customizable questionnaire that can be sent to the client by e-mail or completed in the presence of the financial advisor.
The analysis of the client profile is immediate and provides a complete and detailed overview of his investor profile.
Who are the users of your solutions?
Our direct customers are the distribution channels for our product. This may be:
Independent Financial Advisors (around 1 million worldwide),
Financial Institutions (around 50,000 worldwide),
Robo-advisors and e-banking (around 1,000 companies with annual growth of 20%).
They are looking for solutions that comply with the regulations and capable of satisfying their customers in order to replace the current paper questionnaires, which are widely criticized.
The end customers who will have to answer the questionnaire are the 300 million people whose wealth amounts to more than 100,000 euros. Of these, 200 million live in countries where risk profiling is mandatory. These require more digitization and customization of tools.
What is your development plan?
We have won numerous Pilots with large financial institutions and a few contracts with smaller entities. This allows us to grow quickly, in particular we will be recruiting two VIEs this summer for Switzerland and the United Kingdom.
We are already operating in several European countries namely France, Switzerland, Belgium, Luxembourg and the United Kingdom. Our goal is to export to Asia and the United States in the coming months.
What are your challenges?
The market already exists and is very important. The challenge is then to convince the large financial institutions to adopt our solution. This mainly involves pilots, these test phases lasting several months which allow us to improve our product but considerably lengthen the sales cycle.
We have several paid Pilots in progress and a few signed contracts, which will notably enable us to recruit new talents.
Who are your competitors?
85% of risk profiling tools are developed internally (2014 PwC report). Regarding external solutions, our main competitors are: Distribution Technology (turnover: € 7m, 5 years) and Finametrica (turnover: € 2m, 7 years), Riskalyze (turnover: € 1m).
However, they only offer paper questionnaires, with few interactions and low scientific validity.
Founders: Tiphaine Saltini and Julien Revelle
Creation date : 2016
Fundraising : In progress
Seat : Paris