You know how we all have our own unique way of handling money? At ecosystem.Ai we have explored the concept of Spend Personality and how businesses can tailor their interactions to fit each customer’s unique spending habits. With years of experience working alongside financial institutions to understand transactional data, we have identified 6 distinctive spending personality types. Spend Personality consists of a score defining customers on a spectrum of Intentional, Industrious, Experiential, Enthusiastic, Introvert, and Extrovert.
For a financial institution, it’s essential to understand Spend Personalities because they represent more than just spending habits; they can provide you with a unique glimpse into the lifestyle choices, attitudes, and goals of your customers.While one personality may prioritize spending on travel and leisure, another may concentrate their spending on education, these unique insights can help you to engage more effectively.
But what if I told you there’s more to it than just spending?
That’s where Money Personality comes in – a broader concept that helps you understand not just spending habits, but also earning, saving, and investing behaviors. Alongside Spend Personalities, We’ve also identified 6 Money Personality types: the Carefree, the Indulger, the Adventurer, the Borrower, the Cautious, and the Conservative. By understanding the Money Personality of your customers, you can gain valuable insights into their financial strengths, weaknesses, and motivations. This can help you tailor your services, improve customer engagement, and more effectively manage financial risks.
The secret to unlocking a deeper understanding of your customers’ financial habits lies in our Money Personality Module. This powerful solution utilizes real-time analytics to classify customers according to their financial actions, providing invaluable insights. With this Module, you can tailor your product offerings to meet the unique needs and preferences of every customer, at scale. Let’s explore the 6 Money Personality types.
The Conservative
Savings are usually the top priority for this personality, who also sets clear budgetary limits. They regularly transfer money to retirement plans, investments, or savings accounts. Rather than luxury goods, their past purchases might tend to be towards investments and essentials.
The Indulger
Through their financial practices, they celebrate life. Although they may occasionally prioritize saving, they often indulge in transactions that involve upscale goods, entertainment, travel, and eating out. They might have more installment payments, such as car loans or furniture financing, and use credit cards more frequently.
The Adventurer
For the possibility of great returns, they don’t hesitate to take financial risks. Important transactions to watch out for include consistent, sizable investments in high-risk mutual funds, stocks, bonds, or even cryptocurrencies.
The Borrower
Usually, these people depend on credit to support their way of life. Their transaction history may contain significant elements related to credit card expenditures, cash advances, pay-later services, and loan applications.
The Cautious
They tend to be economical with their money and make thoughtful, well-researched purchases. They may consistently make contributions to savings or investments, pay their insurance premiums on time, and prefer cheaper or more economical goods.
The Carefree
This personality doesn’t actively handle their money. Their financial activity may be characterized by irregular bank transactions, late payments, overdraft fees, or unclear patterns of income or expenditure.
In another layer of understanding the Money Personality of your customers, each of the preceding types can be grouped into two base traits: Prudent and Adventurous.
Prudent
People who possess prudence can be said to make deliberate, well-considered financial choices. They place a high value on planning, saving, and safe, risk-free financial development.
- The Conservative
- The Cautious
Adventurous
Conversely, people who possess the adventurous trait are prepared to take financial chances in the hopes of achieving great benefits. They may be impetuous with their money, putting instant satisfaction ahead of careful budgeting.
- The Indulger
- The Adventurer
- The Borrower
- The Carefree
So how does it all work?
The Money Personality Module is implemented using the ecosystem.Ai Prediction Platform to run batch and real-time analysis on your customer data. Use proprietary behavioral algorithms to identify which of the personalities best aligns with each of your customers, and determine your approach based on those insights. You will be setting a new standard in the offering of customer-centric services to the individuals that rely on you for financial dependability. You can be everything they expect, and more.
Use our Module to determine just how uniquely your customers handle their money. Why not start by exploring our Spend Personality Module, available on the AWS Marketplace. The Module includes a very special mini-Money Personality project that you can use to unlock a deeper understanding of your customers’ financial habits. Combine Spend and Money Personality to truly connect and engage with your customers the way they deserve.
