Methods and apparatus for promoting financial behavioral change

Abstract

Some embodiments of the invention provide tools for promoting a user's financial well-being by encouraging positive financial behavior through timely feedback, counseling and instruction. For example, some embodiments of the invention may provide real-time (e.g., in response to a transaction being performed, or in response to the user indicating he / she is contemplating a transaction) useful analysis and advice designed to encourage the type of ongoing financial behavior that leads over time to financial well-being.

Description

BACKGROUND[0001]Financial counseling and money management is often provided in one of three distinct ways: via a financial advisor / planner, via financial counseling, or via digital money management tools Individuals with sufficient assets often hire a financial advisor who can develop a plan for their future, typically focused on preparing for retirement, education and other life expenses by managing their investable assets. In pursuit of that goal, a financial advisor may examine their client's income and expenses to determine how much can be made available over time for these ongoing investments. The analysis to determine how their spending behavior impacts the availability of investable income is often relatively cursory, infrequent, and delayed. Financial advisors typically do not provide day-to-day advice on how their clients can make better money-related decisions. Rather, they typically examine client progress at most a few times a year, and use delayed transactional informat...

AI Technical Summary

Benefits of technology

This patent describes a system for encouraging and promoting a user's financial well-being by providing them with timely insights, tools, and incentives. The system analyzes a user's transactions and provides feedback on their impact on the user's finances. This feedback may include a score that reflects the user's overall financial well-being and how well they are able to save and increase their net worth over time. The system may also make use of social networks to provide relevant information and incentives to users. Overall, the system helps users make informed financial decisions and take steps towards financial security.

Problems solved by technology

The analysis to determine how their spending behavior impacts the availability of investable income is often relatively cursory, infrequent, and delayed.

Financial advisors typically do not provide day-to-day advice on how their clients can make better money-related decisions.

Financial counselors typically do not provide day-to-day advice on how clients can make better money decisions.

Moreover, interactions with the client are often infrequent, and their analysis is delayed.

While the user can access this information as frequently as they wish, the analysis is delayed by the amount of time it takes the service to collect the information from the user's financial accounts, typically a few hours and more often a few days.

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