Methods and apparatus for promoting financial behavioral change

a financial behavior and behavioral change technology, applied in the field of financial behavior change methods and apparatus, can solve the problems of inability to provide day-to-day advice on how to make better money-related decisions for clients, infrequent, and relatively cursory investment income, so as to improve financial well-being, encourage spending and saving behaviors, and promote financial well-being. the effect of user's financial well-being

Inactive Publication Date: 2016-02-04
MOVENCORP INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Benefits of technology

[0004]Some embodiments of the invention provide methods for encouraging and promoting a user's financial well-being by delivering timely insights, tools and incentives. Rather than reviewing a user's financial history in hindsight, some embodiments of the invention provide timely insights, such as when a transaction is performed, or when a user indicates he/she is contemplating a transaction. These insights may be designed to encourage spending and saving behaviors that lead to an improved financial well-being. Further, some embodiments of the invention may incent a user

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

Method used

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  • Methods and apparatus for promoting financial behavioral change
  • Methods and apparatus for promoting financial behavioral change
  • Methods and apparatus for promoting financial behavioral change

Examples

Experimental program
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Embodiment Construction

I. Architecture

[0028]Some embodiments of the invention provide a system which supports timely, helpful interactions with users to motivate positive behavior that leads over time to improved financial well-being. FIG. 1 depicts components of representative system 100, which includes experience engine 120, user device(s) 140 and platform 110. In general, the experience engine 120 processes information provided by platform 110 to create a user experience that is delivered to user device(s) 140 via network(s) 130. As described further below, the user experience may incorporate transaction-level insights, intermediate-level feedback (e.g., which places individual transactions into a larger context), and high-level guidance (e.g., reflecting the user's overall financial wellness).

[0029]Recognizing the ubiquity of mobile devices, the value of timeliness in providing useful feedback to users, and the fact that many transactions are performed by users when they are away from home, some embod...

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PUM

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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...

Claims

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Application Information

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IPC IPC(8): G06Q30/02G06Q20/32
CPCG06Q20/322G06Q30/0207G06Q30/0218G06Q40/00G06Q30/0226G06Q50/01G06Q20/384G06Q20/108
Inventor SION, ALEXANDERKING, BRETTKHALIL, MOHAMED
Owner MOVENCORP INC
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