Financial wellness system

Patent metadata

Field	Value
Publication number	US-2016267595-A1
Application number	US-201514643947-A
Country	US
Kind code	A1
Filing date	Mar 10, 2015
Priority date	Mar 10, 2015
Publication date	Sep 15, 2016
Grant date	—

Abstract

Embodiments of the invention provide for systems, computer program products, and methods for a financial wellness application that provides an overview of the financial well-being of users. The financial wellness of the users may be determined by identifying personal characteristics of the users regarding background information about the users and the users' households. Based on a user's personal characteristics, financial wellness questions are determined from a plurality of financial wellness questions to present to the user for which the user provides financial wellness input. The financial wellness input is transformed into a financial situation assessment, day-to-day management assessment, and preparation for the future assessment, which are transformed into an overall wellness score. Moreover, the financial wellness input may also be compared against financial wellness thresholds. As such, when the user's financial wellness input fails to meet the threshold values it may trigger the display of actionable advice for the user.

First claim

What is claimed is:

1 . A system for transforming user information into a determination of the financial wellness of a user, the system comprising:
one or more memory devices having computer readable program code store thereon; and one or more processing devices operatively coupled to the one or more memory devices, wherein the one or more processing devices are configured to execute the computer readable program code to:
present personal characteristic questions to the user, wherein the personal characteristic questions comprise financial history information about the user and the user's household, and wherein the personal characteristic questions are presented to the user through a user interface on a user device;
receive personal characteristic inputs in response to the personal characteristic questions;
determine financial wellness assessment questions to present to the user from a plurality of financial wellness assessment questions, wherein the financial wellness assessment questions are determined based on the personal characteristic inputs received for the personal characteristics questions, wherein the financial wellness assessment questions relate to the user's financial situation, the user's day-to-day financial management, and the user's preparation for the future, and wherein the plurality of financial wellness assessments questions are stored on one or more servers;
present the financial wellness assessment questions to the user, wherein the financial wellness assessment questions are presented to the user on the user interface of the user device;
receive financial wellness assessment inputs from the user in response to the financial wellness assessment questions, wherein the financial wellness assessment inputs are received from the user through the user interface on the user device;
transform the financial wellness assessments inputs from the user into a financial situation score that measures a value of the user's net worth, a day-to-day financial management score that measures how the user handles current finances, and a preparing for the future score that measures how the user plans for long-term financial needs;
transform the financial situation score, the day-to-day financial management score, and the preparing for the future score into an overall financial wellness score;
identify one or more rules from a plurality of rules for one or more of the financial wellness questions or the personal characteristic questions, wherein the one or more rules are used to determine actionable advice for the user, wherein the actionable advice is determined when a threshold response for the one or more rules is violated by the financial wellness assessment inputs or the personal characteristic inputs, and wherein the plurality of rules are stored on one or more servers; and
present the actionable advice to the user on the user interface of the user device, wherein the actionable advice comprises tips, articles, or recommended product offers associated with the one or more rules that were violated by the financial wellness assessment inputs or the personal characteristic inputs, wherein the actionable advice is related to improving the overall wellness score of the user, wherein the actionable advice is stored on one or more servers, and wherein the actionable advice comprises tips, articles, or recommended product offers that are identified from third-party systems or one or more financial institution systems.

2 . The system of claim 1 , wherein the personal characteristic inputs are received automatically through accessing user profile information or user account information stored on the one or more financial institution systems.

3 . The system of claim 1 , wherein the personal characteristic inputs are received from the user through the user interface on the user device.

4 . The system of claim 1 , wherein at least one of the financial wellness assessment inputs are received automatically through accessing user profile information or user account information stored on the one or more financial institution systems.

5 . The system of claim 1 , wherein the financial situation score is based on financial wellness assessment questions related to the user's assets and the user's liabilities.

6 . The system of claim 1 , wherein the day-to-day financial management score is based on financial wellness assessment questions related to the user's liquidity management, budgeting, debt management, and financial planning.

7 . The system of claim 1 , wherein the preparing for the future score is based on financial wellness assessment questions related to the user's education management, personal development, investing management, retirement planning, insurance management, and estate planning.

8 . A computer program product for transforming user information into a determination of the financial wellness of a user, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:
an executable portion configured to present personal characteristic questions to the user, wherein the personal characteristic questions comprise financial history information about the user and the user's household, and wherein the personal characteristic questions are presented to the user through a user interface on a user device; an executable portion configured to receive personal characteristic inputs in response to the personal characteristic questions; an executable portion configured to determine financial wellness assessment questions to present to the user from a plurality of financial wellness assessment questions, wherein the financial wellness assessment questions are determined based on the personal characteristic inputs received for the personal characteristics questions, wherein the financial wellness assessment questions relate to the user's financial situation, the user's day-to-day financial management, and the user's preparation for the future, and wherein the plurality of financial wellness assessments questions are stored on one or more servers; an executable portion configured to present the financial wellness assessment questions to the user, wherein the financial wellness assessment questions are presented to the user on the user interface of the user device; an executable portion configured to receive financial wellness assessment inputs from the user in response to the financial wellness assessment questions, wherein the financial wellness assessment inputs are received from the user through the user interface on the user device; an executable portion configured to transform the financial wellness assessments inputs from the user into a financial situation score that measures a value of the user's net worth, a day-to-day financial management score that measures how the user handles current finances, and a preparing for the future score that measures how the user plans for long-term financial needs; an executable portion configured to transform the financial situation score, the day-to-day financial management score, and the preparing for the future score into an overall financial wellness score; an executable portion configured to identify one or more rules from a plurality of rules for one or more of the financial wellness questions or the personal characteristic questions, wherein the one or more rules are used to determine actionable advice for the user, wherein the actionable advice is determined when a threshold response for the one or more rules is violated by the financial wellness assessment inputs or the personal characteristic inputs, and wherein the plurality of rules are stored on one o

Assignees

• Bank Of America

Inventors

• Rauls Boris
• Sohaili Sonia
• Labe Jr Russell Paul
• Altschuler Stuart
• Laster David Scott
• Vrdoljak Nevenka
• Varner Evelyn
• Suri Anil

Classifications

• G06Q40/06 Primary

  Asset management; Financial planning or analysis · CPC title