WHY DOES A CROWD DECIDE BETTER THAN AN INDIVIDUAL?
In Nature, some animals prefer living in groups or swarms rather than being alone. Within such a phenomenon, the plethora of sound, individual decisions (with the community in mind) leads to collective wisdom, representing a foundational element to our business model described below.
Finnoq swarm intelligence
Scientifically this is described as swarm intelligence.
In order to elaborate this concept, the ETH Zürich conducted an experiment with 144 students. The “collective wisdom” theory was tested in two different ways. A first cohort of the students responded and then received the median responses of all other participants of the study who had answered the same question. The second cohort received the results of all first cohort of participants in advance. The findings left no doubt about swarm intelligence: the students who did not previously know how the others would have answered the question achieved an overall better result. This is one of many examples where swarm intelligence is not only useful, but achieves a better and further-optimised result for decision makers.
How Finnoq benefits from collective wisdom?
Our advisory solution is based upon the swarm intelligence of our community. Individual subjective opinions are merged to collective statements about financial products. However, the individual is left unaware as to how others voted; therefore, the only factors influencing swarm intelligence and the reliability of statements negatively are prevented.
Subsequently, a principal advantage for the Finnoq user arises - due to collective wisdom, reliable and individually-anonymous statements can be generated for every Finnoq user on the platform.