Machine Learning Model for Financial and Physical Wellbeing Scoring
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Solution Overview
Problem
Banks face challenges in providing personalized financial services to clients due to financial stress and lack of knowledge about financial matters, exacerbated by life events, while also needing to consider the clients' physical wellbeing.
Innovation Solution
A combined financial and wellness scoring system that integrates data from client databases, wearable devices, and transaction sources to calculate a financial wellness score, incorporating financial and physical wellbeing metrics, and provides tailored banking service recommendations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If banks use traditional conversation guides to identify client needs, then they can direct clients to appropriate products and services, but they fail to capture the holistic wellbeing (physical and financial) of clients
Solution Approach 1:
The patent merges financial data from banking systems with physical health data from wearable devices to create a unified client profile. This combination enables banks to assess both financial and physical wellbeing simultaneously, resolving the contradiction by integrating previously separate information streams into a comprehensive evaluation system.
Solution Approach 2:
The system creates a multi-functional assessment framework that evaluates multiple dimensions of client wellbeing (financial stability, physical health, lifestyle factors) through a single integrated model. This universal approach allows banks to personalize services across diverse client needs while maintaining a consistent evaluation methodology.
2Measurement precision
If banks collect comprehensive data from multiple sources including wearable devices, then they can create a holistic view of client wellbeing, but the system complexity increases
Solution Approach 1:
The patent introduces a machine learning model as an intermediary layer that processes and integrates data from multiple sources (banking systems, wearable devices, lifestyle databases). This mediator automatically synthesizes complex multi-source data into unified wellbeing scores, reducing the apparent system complexity while maintaining high measurement precision.
Solution Approach 2:
The system employs self-service mechanisms where the machine learning model automatically collects, processes, and analyzes data from multiple sources without requiring manual intervention. The model autonomously integrates financial and physical wellbeing data, generating comprehensive assessments that reduce operational complexity despite the comprehensive data collection.
3Adaptability or versatility
If banks focus only on financial data for service recommendations, then the system remains simple, but they cannot address the interconnection between physical health and financial wellness
Solution Approach 1:
The patent creates a composite wellbeing score that integrates multiple data types (financial metrics, physical health indicators, lifestyle factors) into a unified assessment. This composite approach enables holistic client understanding by combining diverse information streams, while the machine learning model manages the complexity of integrating these different data categories into a cohesive framework.
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 about a financial wellbeing of the person, assigning a financial wellbeing score to the person based on the collected data and information about the financial wellbeing of the person, collecting data and information about a physical wellbeing of the person, assigning a physical wellbeing score to the person based on the collected data and information about the physical wellbeing of the person, and combining the financial wellbeing score and the physical wellbeing score to obtain a financial wellness score that provides an indication of the financial wellness of the person.