 "Finance")
Financial institution, 1 Finance has secured a psychology patent for its scientific assessment framework called MoneySign.
The MoneySign assessment framework, for which the financial institution has won the psychology patent has been developed with the help of global psychology experts and behavioural scientists to solve the age-old problem of investor risk appetite analysis.
The MoneySign assessment framework uses the most extensive framework in psychology called The Big 5 or O-C-E-A-N model, to assess an individual's risk appetite.
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"The MoneySign assessment framework is a significant milestone for 1 Finance,and it will help the company to provide a holistic financial advisory service to its members. We are committed to partner with our members on their journey to financial wellbeing that meets the evolving needs of our members and help them achieve financial wellness," said Jeet Marwadi, Founder & MD at 1 Finance.
"We believe there are enough and more products to suit every customer’s needs, not just financial but emotional as well. There are thousands of tools that capture the financial aspect but no tool to factor on the critical emotional aspects. We are hopeful this will change the way financial planning is done here on," added Keval Bhanushali, Co-Founder & CEO at 1 Finance.
TheMoneySign assessment framework which is now protected by a psychology patent is currently available for free on the 1 Finance app.
Since its launch in December 2022, the framework has detected the sign of close to 10,000 affluent and emerging affluent individuals with a net worth of over Rs 2.5 crore or financial exposure of over Rs 20 lakh.
