How to “gamify” your on-boarding questions?



How to “gamify” your on-boarding questions?


May 24, 2018

As a professional investor - embarking a client with a boring on-boarding is absolutely dreadful. With MIFID2, LSFIN and other "know you customer" - better than they know themselves, bankers and IFA need a good way to “gamify” their first kiss. 
 How to keep it serious and entertaining in the same time?

Asking questions - should be seen as an entertaining and joyful experience. Usually, serious quizz are built with non-leisure intentions. Non-leisure, perhaps, but curiosity and a little reward should be sufficient to keep client's attention. These questions should not be a laborious experience and as time is precious which methods would enhance your questions?

1. If you ask questions - make them feel like the customer will gain a learning outcome. Learning can be about a bias for exemple what is overconfidence - and illustrated with a little video.

2. Don’t speak Ancient Greek to your clients - obviously you know about some financial behavioural biases such as confirmation bias, availability or home bias... You should try to translate them into words which are commonly understandable : how do you make sure that your opinion is the right one? do you take time to check a second source of news before you invest? would you mind investing in a Japanese stock?

3. Clients' personalities should be respected. InvestGlass team is fond of what we call archetypes. Created by Professor Carl Gustav Jung, those are behavioural patterns are roles in which investors represents themselves. Understanding those roles with patterns will greatly help figure out how to behave with your clients. No PHD is needed for that. Simple questions : 
Is you client acting or interacting ? Listening and careful with your advice, or bringing you his investment universe preference because they know better ? 
As you foresee, very quickly you can assess what type of relationship he is expecting. Then you can map your client into a gamification map such as this one :

From this you see that one format does not fit all. Several questionnaires will be needed. Those questions can end up to similar model portfolio but the way you will ask those questions will vary. You can also meet with destructors or disruptors. They will break your game into piece. They want to change your system and find a way they prefer. You should have solid rules to enforce an appropriate behaviour if a client refuses to answer key questions. Are all the swaps, gearing, risk reward, knowledge questions relevant? How can you turn basic questions into a 1 to 7 PRIIPS risk level?

4. InvestGlass offers the possibility to build those bespoke questionnaires and link them to mandates. Each mandates can be published into a PDF format or you can simulate a portfolio, customise it and publish a trade blotter for trading purposes.

In conclusion, to make the on boarding process more friendly, you have to ask friendly questions. It is important to understand the objectives, requirements, and motifs of each client to engage them the best way possible. On-boarding is often the first step of your value chain. Take your time in this chicane. Building several quizzes ending to similar model portfolio / mandates is crucial. You have to accept that there are different types of people and therefore different means to collect answers.

InvestGlass offers you on-boarding questionnaires facilities. Those questions are controlled by tags (labelling securities, and research), compliance securities lists, and blocking questions. Those simple tools eliminate unsuitable mandates automatically. You start with 2 questionnaires and 5 possible mandates & model portfolio. Client says he is a retail Italian client so 2 portfolio with exchange traded products are retrieved. 3 still relevant and he wants socially responsible securities only then only 1 will be eligible... Obviously, it can end to 0 suitable portfolio, then the client might want to opt for your advisory or bespoke service!

Facilitate your process today with InvestGlass. Become Faster and Smarter with InvestGlass

Read More Robert Shiller (O.j.) Online Data Robert Shiller Hens, T. and Bachmann, K. (2009) “Behavioural finance for private banking” Wiley Finance
 Bank Leu (2005) “Chancen und Risiken auf den Finanzmärkten, Irrationales Anlegerverhalten und eine Analyse von Anlagestrategien seit 1950”

Ryan, R. M., & Deci, E. L. (2000). Self-determination theory and the facilitation of intrinsic motivation, social development, and well-being. The American Psychologist, 55, 68–78. For more information please contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.

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