Fractal Analytics, a global leader in artificial intelligence and analytics that powers decision-making in Fortune 500 companies, today announced the acquisition of Final Mile. Final Mile is a pioneer in driving behavior change, integrating cognitive neuroscience, behavioral economics and design to solve critical business and developmental sector challenges.
“While artificial intelligence is becoming an integral part of products and services we consume, AI needs to incorporate better understanding of human behavior to improve human-machine interface, simplify information consumption and drive lasting behavior change,” said Srikanth Velamakanni, Group Chief Executive & Executive Vice-Chairman, Fractal Analytics. “With this acquisition, we are bringing data science and behavioral science together to drive better outcomes for our clients.”
Founded in 2008, Final Mile is a leader in the application of behavioral sciences to understand decision-making and influence consumer and social behavior. Final Mile has helped solve behavioral challenges in financial services, healthcare, consumer goods, e-commerce, and developmental and nonprofit sectors. An award-winning firm, Final Mile uses innovative research methods like games and simulations to truly understand the non-conscious reasons behind what people do and develop interventions to drive sustainable behavior change.
“The human decision-making process is complex,” said Biju Dominic, Co-founder and Chief Executive Officer, Final Mile. “To fundamentally address a challenge or shape the decision-making process, one must identify and understand what truly drives behavior. Organizations can achieve better outcomes by applying learnings from cognitive neuroscience, behavioral economics and design. That is our focus.”
At the cornerstone of Final Mile’s approach is the ‘nudge’ theory created by Nobel prize-winning economist Richard Thaler. The nudge theory suggests that changes in a consumer’s ‘choice architecture’ – the environment in which people make choices – can positively influence their decision-making and lead to better choices.
Explained Srikanth: “Final Mile’s track record in influencing human behavior through behavioral science, combined with Fractal’s data science and AI capabilities, will help our clients drive lasting behavior change internally and externally.”
Added Biju: “Data and AI can dramatically improve our understanding of human behavior, inform better hypotheses, and complement our work with clients in achieving sustained behavior change. We see extraordinary opportunities to deliver greater value to our clients in partnering with Fractal over the long term.”