FF unveils at MoneyConf 2017

Daniel Gusev
Jun 5, 2017 · 4 min read

FF comes to MoneyConf to tell a bit more about its upcoming planned launches with several international banks and financial service providers, helping their customers increase engagement and raise awareness of their spending while focusing it on thing that are most rewarding mentally and physically.

About FF

FF is a Berlin-based consumer data analytics platform that merges happiness and behavioural economics to drive mass adoption of savvy consumer spending paths. Seeing the myopia around retrospective data of users transactional behavior, we strive to form positive paths to negate procrastination and hyperbolic discounting, among other fallacies, to focus users on meeting their long term spending goals that truly matter in their lives.

FF is built on top of a 3+ year study of over 100 peer-reviewed papers and books on economics, consumer theory, behavioral economics, nudging, gamification and neuroscience — and 1 single goal to create a world-leading ‘context-of-retail-spending’ platform to assist the USD 1+ trillion a year in consumer spending.

The reason:

The FF concept was born, an analytics to embed emotions to transactions to:

  • help people contextualise their decisions
  • help them narrate future paths by happiness infused rationalisation of past transactions
  • give this powerful analytics platform for global financial instutions to establish a powerful narrative for each digital transactions they process
  • counter the loss of touch with physical transaction tokens with an emotional path for each digital transaction that would contribute mentally, phychologically and financially to the user’s fitness score

In a world where physical feedback from cash transactions is dissapearing with the token originally counted and kept closely, digital exchange does not provide the reassurance or doubt that controlled for the splurge.

Moreover, emerging tech and mobile connectivity allows for instant gratification mode.

Where data flood is immense and according to one study, our brain processes an estimated 11 million signals every second — adding new social modes and interactions and routines only makes it hard to approach every action analytically, and activates the limbic approach.

We are at risk of falling for more emotionally driven decisions than we did.

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FF caters to banks and existing B2C financial service providers, helping them to enrich and gamify the spending analytics data. At the moment, each business relationship is a uniquely established one, end-user identitites and personally identifiable information is not made available to FF. Each profile is obfuscated and processed on ad-hoc basis, where SAML and oAuth-like procedures allow end-users to log-on and consume the enriched data processed by FF.

We would not preclude the ability for users to connect their cards from different banks in specific geographies in the future, where public APIs from banks are made available, excluding the need for domain-based integration.

The obfuscated user ID is synched with his transaction feed that is enriched according to the neural network of the FF platform, where events are triggered based on what the platform immediately knows about the user (MCC, CNP/CP, Amount, Merchant name, FF merchant categorisation rules etc.). The resulting recommendations, questions, nudges and achievements are pushed via API or white-label mobile apps (where conversational engine is planned in near future) and user reaction and improved behavior is tracked over time. FF points are assigned based on recommendations followed, where those transactions that fall into aspirational categories, are valued more.

Based on preliminary tests, up to 25 per cent of a typical user spend can be recategorised to those spending categories that people value more, that they remember and associate with positive moments of their lives and though that,

Hence, FF aims to fulfill the aims of

  1. Helping users nudge users towards positive financial and mental paths,
  2. Help them associate emotions with transactions and through that,
  3. Instantly account for the place and value of money spent.

Partnership and business strategy

90 per cent of our efforts are dedicated to building a multi-channel B2B platform, allowing existing B2C players to engage their customers with the data enriched through our routines. We are curently in pilot with 1 major 15 million users financial institution, and in talks with 5 more around the globe.

Backed by Digital Space Ventures and a number of world known specialists in the field of payments and innovation, we aim to tell you more about our story — and our mission to provide emotion to every digital transaction.

Financial Fitness

Fitness Meets Finance for a Healthy Wellbeing

Daniel Gusev

Written by

10+ years, 2 labs, 1 bank, 2 startups, 1 exit. Digital banker, wishful tinkerer, amateur father. Fintech VC @gauss_vc and co-founder of @finfitapp.

Financial Fitness

Fitness Meets Finance for a Healthy Wellbeing