William Perlmutter 

COMMUNICATIONS AND MARKETING OPERATIONS / ANALYST
May 14, 2018
If the goal was to obtain the best answer, it is better to be informed about the decision of others than either uninformed or misinformed of their subjective conclusions. In short, the more information one has, the greater chance for optimal advice to be obtained.

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 swam intelligence

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.

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