Financial institutions, financial advisors and others commonly recommend that individuals engage in some form of financial planning. The financial planning can typically include aspects such as planning to purchase a home, planning for college for one's children and planning for retirement.
The development of a financial plan for an individual can include many factors, including the age of the individual, members and age of the individual's family, current employer and salary of family members, whether the individual owns or rents and other factors. Changes to one or more of these factors can have an impact on the development of the financial plan.
Embodiments of the disclosure are directed to a method implemented on an electronic computing device for creating a financial story for an individual, the method comprising: on the electronic computing device, receiving first information regarding finances for the individual; obtaining second information comprising biographical information for the individual; obtaining third information regarding future goals for the individual; and using the first information, the second information and the third information to create the financial story for the individual, the financial story comprising a timeline that shows past and future life and financial events for the individual, wherein at least some of the future life and financial events for the individual on the timeline are automatically generated using heuristics.
In another aspect an electronic computing device comprises: a processing unit; and system memory, the system memory including instructions which, when executed by the processing unit, cause the electronic computing device to: obtain first information regarding finances for an individual; obtain second information comprising biographical information for the individual; obtain third information regarding future goals for the individual; obtain fourth information regarding financial transactions and life events for one or more additional individuals similar to the individual; and use the first information, the second information, the third information and the fourth information to create an interactive timeline for the individual, the interactive timeline showing past and future life and financial events for the individual, wherein at least some of the future life and financial events for the individual on the timeline are automatically generated using heuristics.
In yet another aspect, an electronic computing device comprises: a processing unit; and system memory, the system memory including instructions which, when executed by the processing unit, cause the electronic computing device to: obtain first information regarding finances for an individual; obtain second information comprising biographical information for the individual; obtain third information regarding future goals for the individual; obtain fourth information regarding financial transactions and life events for one or more additional individuals similar to the individual; use the first information, the second information, the third information and the fourth information to create an interactive timeline for the individual, the interactive timeline showing past and future life and financial events for the individual; receive a first request to add an additional event to the interactive timeline; as a result of the first request: add the additional event to the interactive timeline; and adjust the time of one or more existing events based on the adjustment of the position of the existing event, wherein, at least some of the future life and financial events are based on life events for one or more of the additional individuals similar to the individual.
The details of one or more techniques are set forth in the accompanying drawings and the description below. Other features, objects, and advantages of these techniques will be apparent from the description, drawings, and claims.
The present disclosure is directed to the formation of a financial life story for an individual. The financial life story can be compiled by a financial institution and displayed graphically via a timeline on an electronic computing device. The financial institution can leverage existing data the financial institution already has about the individual, such as biographical information (for example age, marital status, information about the individual's children), previous and existing loans, checking and savings account information and credit card accounts. The financial institution can also leverage information provided by the individual regarding prior and/or possible future events, such as the purchase of a home, college and retirement.
The timeline can include known events regarding the individual and the individual's family, life goals for the individual and plans for the individual. The timeline can also include proposed goals for the individual, based on information known about the individual and based on goals for similar individuals. In this disclosure, the individual is described as being a customer of the financial institution, although the individual need not be a customer in some implementations. In this disclosure, the terms customer and individual are used interchangeably.
Using the systems and methods, the timeline can be interactive. The individual can add, remove, and adjust events on the timeline. The timeline can also facilitate experimentation. The individual can add or adjust alternative events and view expected outcomes on the timeline based on the added or adjusted alternative events. For example, the individual can add an event corresponding to purchasing a home and observe the effect on other events on the timeline. The individual can compare timeline events to an alternative of renting an apartment instead of purchasing a home. The timeline can also be merged with timelines for related financial stories, such as those from husband/wife and/or children.
Future events can be automatically added to the timeline based upon heuristics specific to the individual. The heuristics can be based on guidance by team members of the financial institution and a knowledge base with knowledge specific to the individual. For example, when the financial institution has a personal profile of the individual and a determination is made that the individual has children of a certain age, the financial institution can add a proposed goal to the timeline of saving money for college for the children at an appropriate point in the timeline. The appropriate point can be similar to a timeline point when individuals of a similar background to the individual start saving for college for their children. As another example, the financial institution can project that based on the profile of the individual, a financial status of the individual and information for the individuals of the similar background, a proposed goal of purchasing a home and acquiring a mortgage can be added at an appropriate point in the timeline. Other examples are possible.
The financial institution can aggregate data across customer populations to identify trends across customer populations and to apply those trends to similar individuals. The financial institution can also use marketing data from third party sources, for example Forrester, JD Power or Zillow to determine trends. For example, the aggregated data may suggest that a person with the individual's socioeconomic background may be likely to purchase a boat at some time in the future. Based on the aggregated data, the financial institution may suggest a goal of purchasing a boat and saving for the boat over a period of time, for example 10 years. The financial institution may also suggest events such as budgeting for maintenance of the boat.
As discussed in more detail later herein, the timeline can be built using event blocks that can be assembled automatically and/or with customer input. The event blocks can allow the customer to view events both forward and backward in time. The event blocks can be shaded or colored to provide a status. For example, in one implementation, event blocks can be a solid color for past events that have already occurred and a faded color or a non-solid pattern for predicted events that have not yet occurred. The event blocks in the faded color or non-solid pattern can change to the solid color when the event does occur.
The timeline can also display financial information at various points on the timeline. For example, by selecting a point on the timeline (for example by tapping the timeline), the customer can display financial information such as net worth, assets, liabilities, retirement savings and significant property owned. Other information can be displayed on the timeline.
In addition, a feed can be provided to a storyline in which the storyline can be exposed in various contexts, such as on a mobile device and on a website. The feed can include actual events, assumed events (e.g. events suggested by the financial institution), individual goals, a narrative that can include emotional information and a journal.
The systems and methods disclosed herein are directed to a computer technology that can automatically generate an interactive timeline corresponding to an individual's life story and that can permit the individual to view how financial decisions can impact his/her financial health. Future events can be added to the timeline based on heuristics, leveraging financial and profile information already known about the individual and aggregated data from other individuals with backgrounds similar to the individual. The technology permits the individual to manually add goals and events and to manually and visually move goals and events and to automatically view a financial impact of any changes.
The example customer electronic computing device 102 is an electronic computing device of the customer. The electronic computing device can be a desktop computer, a laptop computer, a mobile electronic computing device such as a smartphone or a tablet computer. The electronic computing device permits the customer to access the financial institution server computer 106 over network 104.
The example network 104 is a computer network, such as the Internet. A customer on customer electronic computing device 102 can access financial institution server computer 106 via network 104.
The example financial institution server computer 106 is a server computer of a financial institution, such as a bank. The customer can have one or more financial accounts at the financial institution. In addition, the financial institution server computer 106 can have access to a personal profile for the customer and can have access to a history of financial transactions made by the customer at the financial institution. In some implementations, the financial institution server computer 106 can comprise a plurality of server computers.
The example financial story module 108 can implement an interactive timeline that depicts a financial life story for the customer. As discussed in more detail later herein, the financial story module 108 can provide event descriptors on the timeline that can identify events that have already occurred, future events planned by the customer, future goals of the customer and proposed events based on a heuristic evaluation of the customer and of individuals with backgrounds similar to the customer. The financial story module 108 can also implement an interactive aspect of the timeline in which the customer can add and remove events and move events on the timeline and in which outcomes of these actions can be identified and displayed. The financial story module 108 can also implement other aspects of the timeline, as discussed later herein.
The example database 110 is an electronic database that can store financial records for the individual and for family members of the individuals. The database 110 can be accessed by financial institution server computer 106.
The example timeline 200 includes four types of events. A first event type 222 comprises events already known to have occurred. Each event of first event type 222 is shown in a solid color. A second event type 224 comprises events projected by heuristics as possible events for the customer. Each event of second event type 224 comprises an event that can typically occur for individuals with backgrounds similar to the customer. Each event of second event type 224 is shown in the specific shading indicated for the second event type 224 on
As shown in the example timeline 200, a first event shown on the timeline 200 is a budget home event 204. Because the budget home event 204 is shown in a solid color, the budget home event 204 is known to have already occurred. The budget home event 204 represents the customer creating a budget to purchase a home.
A second event, shown next in chronological order on timeline 200, is a married event 206. The married event 206, corresponding to the customer getting married is also known to have already occurred. Next chronologically on the timeline 200 is an indication of a current date 208 in relation to other events on the timeline 200.
A third event, shown next in chronological order on timeline 200, is a purchase home event 210. The purchase home event 210 is of the event type 228, indicating that the customer has not yet purchased a home but plans to do so.
A fourth event, shown next in chronological order on timeline 200, is an education event 212. The education event 212 is of the event type 224, indicating that individuals with backgrounds similar to the customer (customers like me) typically start savings for college for their children at approximately the time shown in timeline 200. The time for the education event 212 is determined by heuristics based on a known age of the customer's children. The ages of the customer's children can be determined from a profile or other information for the customer accessible on or from financial institution server computer 106.
A fifth event, shown next in chronological order on timeline 200, is a vacation home event 214. The vacation home event 214 is also of event type 224, indicating that individuals with backgrounds similar to the customer often purchase vacation homes at approximately the time shown in timeline 200. The time of the vacation home event 214 can be based on several factors, including the age of the customer, the age of the customer's children and an amount of financial assets, including current income, for the customer. The vacation home event 214 is shown as a goal for the customer.
A sixth event, shown next in chronological order on timeline 200, is a teach event 216. The teach event 216 is of event type 228, indicating the teach event 216 is something that the customer plans to do. In this case, the customer plans to teach at a high school at a later stage of the customer's career.
A seventh event, shown next in chronological order on timeline 200, is a retire event 218. The retire event 218 is of event type 226, indicating that it is a personal goal of the customer to retire at the time shown on timeline 200.
As shown in
The timeline 200 also permits the customer to zoom in on an event and view more detailed information regarding the event.
In a similar manner to the addition of the European vacation in
In some implementations, as stated earlier herein, the financial story module 108 can show different branches with differing scenarios. For example, the financial story module 108 can show one branch with events occurring when the customer purchases the home at position A in the timeline, another branch when the customer purchases the home at position B in the timeline and a third branch when the customer does not purchase a home and decides to rent instead. As another example, the financial story module 108 can show one branch for a fixed rate mortgage and other branch for a variable rate mortgage. Other scenarios are possible.
In other implementations, the branch 502 may be implemented differently. For example, a portion of the timeline 202 up a point of time of the branch 502 may be centered with previous events (212, 214, 216 and 218) shown above the centered timeline 202 and events that occur based on the branch 502 (402, 404 and events 212, 216 and 218 that do not change based on the branch 502) shown below the centered timeline 202. Other presentations are possible.
Timeline 602 for the customer shows a known event of married 608, a goal event of purchasing a vacation home 610 and a goal event of retirement 612. Timeline 604 for the wife shows a known event of married 608, a goal event of a European vacation 614 and a goal event of retire 612. Because the customer and wife are married, the known event of married 608 is the same event on both timeline 602 and timeline 604. In addition, because the individual and his wife plan to retire at the same time, the goal event of retire 612 is also the same event on both timeline 602 and timeline 604.
When timeline 602 and timeline 604 are merged, the financial story module 108 analyzes events for timelines 602 and 604 and other information such as the financial health of the customer and his wife and determines whether and how events from timelines 602 and 604 can be combined. For the example shown in
At operation 702, information is obtained at financial institution server computer 106 regarding finances of the customer. When the customer has one or more accounts at the financial institution, the information regarding the finances of the customer can be obtained from the one or more accounts of the customer.
At operation 704, biographical information regarding the customer is obtained at financial institution server computer 106. The biographical information can be obtained from a personal profile of the customer. The personal profile is typically created when the customer opens the one or more accounts at the financial institution and can be updated periodically. The biographical information can include such items as the name, address and age of the customer, the customer's educational background, the customer's current employer and salary, the customer's employment history, information regarding the customer's family including names and ages of the customer's spouse and children and other information.
At operation 706, information is obtained at financial institution server computer 106 regarding interests and future goals of the customer. The information regarding the interests and future goals of the customer can be obtained from the personal profile and other sources.
At operation 708, information can be obtained at financial institution server computer 106 regarding individuals similar to the customer. The information regarding individuals similar to the customer can be obtained from a database of other customers of the financial institution. The database can store personal profiles of these other customers and transaction and event histories for these customers. Using information from the personal profiles of these other customers, the financial institution can identify customers that have similar educational backgrounds and similar socioeconomic backgrounds to the customer. The financial institution can then identify life events for these other customers and project the life events onto the timeline for the customer. For example, when a determination is made that many of these other customers start saving for college for their children at a certain age or at a certain point in their marriage, the financial institution can suggest a similar goal at a similar point in time on the timeline for the customer.
At operation 710, a financial story timeline is created for the customer at financial institution server computer 106. The financial story timeline, similar to timeline 200 from
At operation 712, one or more requests are received at financial institution server computer 106 from the customer for changes to the timeline. The requests are received from customer electronic computing device 102. The requests are a result of the interactive aspect of the timeline. The timeline can be rendered on the customer electronic computing device 102. The customer can drag and move events on the timeline and can add events to the timeline. Each adjustment to an event or addition to an event can comprise a request for a change to the timeline that can be sent to financial institution server computer 106 from customer electronic computing device 102.
At operation 714, the timeline is adjusted at financial institution server computer 106 based on the one more requests for changes to the timeline received from customer electronic computing device 102. The financial institution server computer 106 can adjust one or more events on the timeline based on the customer profile and heuristics. For example, if the customer adds an event, such a goal for a European vacation, the financial institution server computer 106 can determine that the customer cannot afford to purchase a vacation home when the customer initially hoped to purchase the vacation home. Therefore, the financial institution server computer 106 can determine to move an event corresponding to a purchase of the vacation home further out into the future, as shown by vacation home event 404 in
As illustrated in the example of
The mass storage device 814 is connected to the CPU 802 through a mass storage controller (not shown) connected to the system bus 822. The mass storage device 814 and its associated computer-readable data storage media provide non-volatile, non-transitory storage for the financial institution server computer 106. Although the description of computer-readable data storage media contained herein refers to a mass storage device, such as a hard disk or solid state disk, it should be appreciated by those skilled in the art that computer-readable data storage media can be any available non-transitory, physical device or article of manufacture from which the central display station can read data and/or instructions.
Computer-readable data storage media include volatile and non-volatile, removable and non-removable media implemented in any method or technology for storage of information such as computer-readable software instructions, data structures, program modules or other data. Example types of computer-readable data storage media include, but are not limited to, RAM, ROM, EPROM, EEPROM, flash memory or other solid state memory technology, CD-ROMs, digital versatile discs (“DVDs”), other optical storage media, magnetic cassettes, magnetic tape, magnetic disk storage or other magnetic storage devices, or any other medium which can be used to store the desired information and which can be accessed by the financial institution server computer 106.
According to various embodiments of the invention, the financial institution server computer 106 may operate in a networked environment using logical connections to remote network devices through the network 820, such as a wireless network, the Internet, or another type of network. The financial institution server computer 106 may connect to the network 820 through a network interface unit 804 connected to the system bus 822. It should be appreciated that the network interface unit 804 may also be utilized to connect to other types of networks and remote computing systems. The financial institution server computer 106 also includes an input/output controller 806 for receiving and processing input from a number of other devices, including a touch user interface display screen, or another type of input device. Similarly, the input/output controller 806 may provide output to a touch user interface display screen or other type of output device.
As mentioned briefly above, the mass storage device 814 and the RAM 810 of the financial institution server computer 106 can store software instructions and data. The software instructions include an operating system 818 suitable for controlling the operation of the financial institution server computer 106. The mass storage device 814 and/or the RAM 810 also store software instructions, that when executed by the CPU 802, cause the financial institution server computer 106 to provide the functionality of the financial institution server computer 106 discussed in this document. For example, the mass storage device 814 and/or the RAM 810 can store software instructions that, when executed by the CPU 802, cause the financial institution server computer 106 to display received data on the display screen of the financial institution server computer 106.
Although various embodiments are described herein, those of ordinary skill in the art will understand that many modifications may be made thereto within the scope of the present disclosure. Accordingly, it is not intended that the scope of the disclosure in any way be limited by the examples provided.
Number | Date | Country | |
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62413657 | Oct 2016 | US |