The project is based on the observation that in the fintech industry, university research is not directly accessible to small structures that do not have the capacities (human and financial) to integrate the necessary resources. At the same time, fintechs have exclusive databases and the capacity to set up empirical and experimental test procedures that shed light on the ability of savers to manage financial risks.

The French fintech landscape has continued to evolve over the past few months. These new entities have shown a significant capacity for development and a speed that has hitherto been very rarely encountered. Whether in asset management, personal credit, account aggregation or even new technologies such as blockchain, fintechs have developed so rapidly that not all have had time to exploit all the data collected. The latter, from various sources, are new. In addition, fintechs have the ability to collect all the data necessary to carry out experiments that allow an in-depth study of saver behavior.

It is by placing savers at the center of their activity that fintechs have succeeded in changing the landscape of the industry. Whether in terms of interactions with customers directly or the data collected, the synergies between fintechs and academic research appear numerous.

The IDR theme is part of a context of increased participation of savers in financial markets, which is explained in particular by the development of pension savings, the establishment of tax incentives in favor of financial savings, and the continuous fall in interest rates. A wide range of risky and often complex financial products are offered to households in savings contracts such as share savings plans, life insurance or retirement savings products. This

opening up personal savings to financial markets is accompanied by greater accountability in terms of saving and investing choices, which raises fundamental questions, such as their ability to diversify their assets, to minimize fees, or to hold their positions by avoiding buying and selling at the worst times.

Faced with this observation, academic research has accumulated a considerable body of knowledge on the problems of saving choices and the modeling, representation and management of financial risks. Empirical research highlights the existence of numerous decision-making biases when it comes to financial choices. Individuals, affected by limited attention, cognitive abilities and knowledge, are generally helpless in the face of complex financial choices. Behavioral finance studies and their applications respond to the problems encountered by the financial industry on the most appropriate ways to assist savers in their savings and investment choices. The general objective of the project is part of this context and aims to produce quality and original research on financial risks, their perceptions by savers, the resulting risk management errors, as well as the most appropriate ways to assist them in order to reduce decision-making biases. The resulting objectives are broken down as follows:

• How can savers be assisted in their savings and portfolio choices?
• What allocation decisions should be delegated to the contract manager?
• How to present financial information on risks and future returns in a way that allows investors to choose the best choices?
• What minimum financial knowledge is required for informed decision making?
• How to make savers aware of the importance of good risk management practices, with what results?

These questions echo the most active research issues today. Here is a non-exhaustive list of the first subjects that seem necessary to study (non-exhaustive list):

• client profiling, or how to improve the advice given to the client regarding the selection of their risk profile,
• support, to define what type of content and what level of content to share with the client in order to support him during his life as an investor,
• risk perception and behavioral biases induced by investing in financial products at risk of capital loss,
• the impact of regulation on the relationship between the financial company and the customer.

The robo-advisor's contact with its customers, not intermediated, made it possible to draw up a list of questions that would be relevant to study as part of university research. On the one hand, we note that the ability to understand the concept of risk in finance is particularly heterogeneous among individuals. However, assimilating this concept is essential to the success of an saver's career. In fact, it seems essential to be interested in how to present this risk and the biases that may result from it.

On the other hand, in the relationship between an asset manager and an saver (whether a banker, a private manager or other), profiling the saver is essential to the sustainability of this relationship. An saver who is made to take too much risk will not stay invested for the desired period. Conversely, the result can be misleading if the risk is too low and results in a return that does not meet the saver's goals. Whether for regulatory reasons, or to simplify the customer journey, this profiling is undoubtedly not always carried out in an optimal manner. However, it gives rise to a very broad openness as to the fields of application in terms of university research.

We propose to address these two subjects in view of their proximity since they are closely linked. We start with an analysis of the existing situation based on an empirical study of an existing database before carrying out a certain number of experiments to subsequently set up the most effective and fair profiling possible.

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