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Tallinn University launches first applied research combining artificial intelligence, psychology, and the financial world

Tallinn University (TLU), in collaboration with Claricy OÜ, is conducting applied research aimed at creating an innovative personalised financial advising method.

According to Aija Sakova, Head of the Knowledge Transfer and Project Support Office at TLU, this research represents a novel approach that brings together technology (artificial intelligence), knowledge of human behaviour, and the financial world. “This is the first applied research of its kind that links the sciences studying humans with technology, and it has also received relevant support from the Estonian Business and Innovation Agency. We have worked with Claricy for almost two years to make this research possible, because the seamless integration of social and humanities sciences with the technology sector is a change that does not happen without obstacles or by itself. I feel immense pride in my colleagues and in the cooperation between Tallinn University and Claricy,” explains Sakova.

The Claricy team has previous experience in financial analysis and the analysis of human behavioural patterns related to it. However, to develop a new prototype for a digital platform incorporating artificial intelligence capabilities, the expertise of humanities researchers is needed for evidence-based applied research. During the research, a scientifically based personality test, behavioural model, and behavioural financial technology prototype will be developed, enabling the provision of personalized financial advising narratives to confirm the method's effectiveness. The study, focusing on the connections between financial behaviour and psychological traits, is led by Tallinn University researchers Kadi Liik and Aleksander Pulver, along with Chief Expert of Business Partnership Ingrid Hindrikson.

“The aim of the research is to prove that automated financial advising based on people's personal traits can be more effective than traditional generalized advice. This innovative approach combines artificial intelligence and behavioral science to offer better and more personalized financial advice,” says Kadi Liik, Senior Lecturer of Organizational and Developmental Psychology at Tallinn University's School of Natural Sciences and Health.

Tallinn University Associate Professor of Personality Psychology Aleksander Pulver adds: “The project's results could significantly impact the field of financial advising by providing new solutions that take into account individuals' psychological characteristics and behavioral habits. This helps prevent stress caused by financial problems and improves people's financial well-being.”

“This project's funding is a prime example of how more and more products and services are focusing on personalization. To implement this, it is equally important to conduct applied research as it is to conduct traditional scientific research. Research that focuses on the human element,” notes Aija Sakova, Head of Knowledge Transfer and Project Support Office at Tallinn University.

Claricy OÜ specialises in programming and IT solutions for small and medium-sized enterprises. The company has been operational since 2021 and has experience in implementing various financial and IT projects. Tallinn University is a leading research and development institution offering extensive scientific expertise and collaboration opportunities in various fields, including psychology and behavioural sciences.

The project is funded by the Estonian Business and Innovation Agency, with its support accounting for 70% of the total project cost, while Claricy OÜ's funding covers 30%. The company and university teams are already setting new goals for future joint development work within the framework of a large-scale RUP program.


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