Morales: We use a forced-choice questionnaire and it takes about 10 minutes for most people to complete. This questionnaire was designed with researchers to measure in-depth behavior - very accurately and reliably. The results do not change over time.
The questionnaire uncovers over 200 behavioral insights and they can be made actionable. This is where a firm can use specific insights in real-time during meetings or to assist in coaching/mentoring as other examples.
In fact, we have a client that started with us in 2003. Her client base has remained essentially the same. No client has re-taken the profile and the results are still accurate. That is the inherent value of working with validated data. She saves 2-hours per client per year using our insights and can stay focused on her client’s most important needs and goals. And, as she hires new staff, the new staff is sent into our system to review the DNA Reports and Dashboards to get to know the client quickly rather than spending countless hours in meetings and appointments to learn how best to engage with them.
Hortz: Can you explain your API strategy and training you provide for financial firms?
Morales: DNA Behavior API solutions have been bringing validated behavioral insights to large international banks, insurance providers, wealth managers, technology companies, government agencies, utilities and others. For those not familiar with application program interfaces (API), this means the human performance acceleration capabilities pioneered by our team are now part of larger (enterprise) systems and therefore part of the infrastructure of an overall business.
It’s that behavior chip again: Imagine a behavioral “chip” deployed directly inside organizations of any size, making business infrastructure and culture what we call behaviorally smart. This is an incredible efficiency and enables the exponential power of behavioral insights that Hugh sought.
The training for embedding this behavioral engagement capability is easy to implement and learning and reinforcement is quick. One training approach we use is to have an advisor or business leader have 5 of their family and friends take the questionnaire. Once they see the reports, they instantly start recognizing these insights and it leads to successfully learning the program without a lot of in-class training that would take them away from their clients. DNA Behavior has self-learning, online training and in-class training options.
Hortz: Can you give us some examples of how you see advisors are more successfully applying behavioral principles by using the platform?
Morales: We have many use cases in small, medium and large Enterprise firms using these same behavioral insights by integrating the DNA API into their business systems. One that stands out for me is from a large national bank implementation in Sydney Australia that has now become a standard application.
This bank created a Goals 360 program using the questionnaire and behavioral insights to build an end-to-end solution whereby the client and spouse use a digital experience to work with an advisor to select goals and to keep on track for their long term investing. The Goals 360 program can then “nudge” the client if there are spending patterns or other activities that could risk those goals.