Cryptography and Security Tuning for Adaptive Financial Wellness Scoring
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Solution Overview
Problem
Banks struggle to provide personalized financial services to their clients due to financial stress and lack of knowledge among customers, particularly younger Americans, leading to inadequate financial planning and product recommendations.
Innovation Solution
A financial wellness scoring system using a machine learning model that evaluates and monitors a person's financial wellness, providing a score to guide personalized banking service recommendations and updating the model with new data over time.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If banks use traditional conversation guides to identify life events and provide product recommendations, then the process is simple and easy to implement, but the system cannot provide personalized financial services and fails to address individual customer needs effectively
Solution Approach 1:
The system employs machine learning models that automatically learn from customer data and financial information without requiring manual programming of recommendation logic. The model self-adjusts and improves its recommendations based on incoming data, enabling personalized financial services while reducing the need for complex manual system configuration
Solution Approach 2:
The system dynamically changes its analysis parameters and recommendation criteria based on the machine learning model's learning from new customer data. As the model processes more information about customer financial behavior, life events, and product usage patterns, it adapts its evaluation parameters to provide increasingly personalized recommendations
2Measurement precision
If banks collect and process more data about customers to improve financial wellness assessment, then the accuracy and precision of financial wellness evaluation improves, but the time required for data collection and processing increases
Solution Approach 1:
The machine learning model continuously processes new customer data and updates its assessments in real-time as data becomes available, rather than requiring batch processing. This continuous action enables the system to maintain high measurement precision while minimizing time delays, as the model is always current with the latest customer information
Solution Approach 2:
The system pre-processes and stores customer data in structured formats ready for rapid analysis by the machine learning model. This preliminary organization of data enables quick processing and immediate updates to financial wellness assessments without requiring time-consuming data preparation during actual analysis
3Reliability
If banks provide more personalized financial service recommendations, then customer financial wellness improves, but the difficulty of detecting and measuring customer needs and responses increases
Solution Approach 1:
The machine learning model incorporates feedback loops that analyze customer responses to financial recommendations and product usage patterns. This feedback enables the system to detect what works effectively for each customer and adjust future recommendations accordingly, improving reliability while systematically managing the complexity of detecting customer needs through structured data collection and analysis
Data Source
AI summary
A system and method that evaluate and monitor the financial and physical wellbeing of a person that is a client of a bank, and provides a financial wellness score that is used to provide banking service recommendations that may act to increase the wellness score. The method includes collecting data and information as it is being received over time about the financial wellness of the person, processing the collected data and information as it is being received over time using a machine learning model, determining the financial wellness of the person based on the processed data and information, and updating and tuning the machine learning model as new data and information about the financial wellness of the person is collected and processed.