Medean–a P2P financial planner– wants to use the power of social to change consumer behavior—but instead of stacking user financials up against their friends, it’s only tackling demographic factors.
The startup, which showed off its technology in Startup Alley at the Techcrunch Disrupt conference yesterday, works by feeding user data into an algorithm from five demographic categories: the user’s age, gender, location, income, and marital status.
The algorithm then compares those categories to others with similar data.
“The concept is what we like to call peer-to-peer financial planning. So, we’re really trying to decentralize the financial services [sector] by crowdsourcing it,” Erik Skjodt, founder of Medean, told Bank Innovation. “We show you how they compare—how much you’re spending on different categories like housing, how much you’re saving this month—pretty much any financial factor, we’re going to compare you with your peer group.”continue reading »