Centralized Data Store for Financial Calculator Integration
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Solution Overview
Problem
Existing financial calculators on websites lack data integration and security, requiring users to re-enter information across multiple tools, providing general recommendations without considering specific user circumstances, and failing to account for institution-held customer data, leading to inefficiencies and incomplete financial planning.
Innovation Solution
Implementing a centralized data store to share and manage user-generated financial data across calculators, pre-filling relevant information for existing users, and providing detailed recommendations tailored to individual circumstances, thereby enhancing data integrity and user convenience.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If a centralized data store is implemented to share data across calculators, then data integration and user convenience are improved, but system complexity and security risks increase
Solution Approach 1:
The patent merges multiple calculator data storage systems into a single centralized data store that serves all financial calculators on the website. This consolidation allows user inputs and calculator results to be automatically shared across different calculator tools without requiring users to re-enter information, thereby improving ease of operation while the system manages the complexity internally.
Solution Approach 2:
The centralized data store acts as an intermediary layer between the user interface and multiple calculator applications. It mediates data exchange by automatically retrieving and sharing relevant user information across different calculators, reducing the burden on users while the system handles the computational complexity of data integration and security management.
2Productivity
If user data is saved and shared across calculators, then productivity and completeness of financial planning are improved, but data security risks increase
Solution Approach 1:
The system performs preliminary actions by automatically saving user inputs and calculator results to the centralized data store during each calculator session. This preliminary data capture enables future calculators to retrieve and use the stored information without requiring users to re-enter it, improving productivity while the system maintains security controls over the saved data.
Solution Approach 2:
The system implements feedback mechanisms where user data is continuously saved, retrieved, and shared across calculator sessions. This feedback loop improves financial planning completeness by maintaining user history and preferences, while security measures are integrated into the feedback process to protect sensitive financial information during storage and retrieval operations.
3Measurement precision
If detailed user-specific recommendations are provided, then measurement precision and value to customer are improved, but computational requirements and system complexity increase
Solution Approach 1:
The system applies local quality by tailoring calculator recommendations and financial planning advice to each user's specific circumstances, preferences, and previously entered data. Instead of providing generic recommendations, the system customizes outputs based on individual user profiles stored in the centralized data store, improving measurement precision while managing complexity through targeted personalization.
Solution Approach 2:
The system utilizes parameter changes by dynamically adjusting calculator inputs and recommendations based on user-specific parameters retrieved from the centralized data store. This allows the system to provide accurate, personalized financial planning advice by modifying calculation parameters according to individual user situations, improving recommendation accuracy while the system manages the complexity of parameter management internally.
Data Source
AI summary
In various embodiments, financial calculators with improved data security and data integration, collecting, managing and sharing data generated by a user are described. Selected financial data is accessed and shared with various financial tools in a centralized data store to provide a faster, easier calculator with fewer inputs. In one embodiment, a retirement calculator advises a user on how much to save in a corporate retirement plan, IRA and other investments, and the priority order in which to save. In another embodiment, a college savings calculator is disclosed that pre-fills anticipated college costs when a user selects a college.