Financial Platform User Profile Adaptation via Unstructured Data
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Solution Overview
Problem
Existing credit evaluation methods fail to capture nuanced and dynamic aspects of an individual's financial circumstances, as they predominantly rely on structured financial data and lack flexibility to adapt to changing financial behaviors and needs.
Innovation Solution
A system that extracts unstructured data from external sources, such as social media interactions, to generate or update user profiles, including risk assessments, and presents tailored financial offers, seamlessly integrating various data sources and adapting to user-specific attributes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional credit evaluation methods relying on structured financial data are used, then the evaluation process is simple and reliable, but the system lacks adaptability to changing financial behaviors and fails to capture nuanced aspects of individual financial circumstances
Solution Approach 1:
The patent merges structured financial data with unstructured data sources (social media interactions, lifestyle preferences, brand engagements) to create a comprehensive user profile. This combination enables the system to capture nuanced and dynamic aspects of financial behavior while maintaining the reliability of traditional evaluation methods through integrated analysis of multiple data types.
Solution Approach 2:
The system employs a multi-functional approach by utilizing various data sources (financial records, social media, lifestyle data) within a single unified evaluation framework. This universal system can process different data types through common processing logic, enabling adaptability to changing financial behaviors while managing complexity through standardized handling procedures.
2Measurement precision
If unstructured data from external sources is extracted and integrated, then the understanding of individual financial behavior becomes holistic and accurate, but the system complexity and data processing requirements increase
Solution Approach 1:
The patent segments the data integration process into distinct modules: data extraction from multiple sources, data cleaning and normalization, user profile generation, and risk assessment. This segmentation reduces overall system complexity by breaking down the complex task of integrating unstructured data into manageable, independent processing stages that can be optimized separately.
Solution Approach 2:
The system introduces an intermediary user profile representation that mediates between raw unstructured data and final credit evaluation decisions. This intermediate layer processes and transforms diverse data types into a unified format, simplifying the integration complexity while maintaining measurement precision through comprehensive data analysis.
3Adaptability or versatility
If dynamic user profiles are continuously updated with new data, then the system adapts to changing user circumstances, but the processing time and computational resources increase
Solution Approach 1:
The patent implements preliminary action by continuously extracting and pre-processing data from external sources in the background, building up user profiles before formal evaluation requests are made. This advance preparation reduces processing time during actual credit evaluation by having ready-made profile data available, while maintaining flexibility to incorporate new user attributes as they emerge.
Data Source
AI summary
Methods and systems provide for the intelligent provision of financial services within a financial services platform. In one embodiment, the system: extracts unstructured data from external sources associated with a new or existing user of a financial services platform; generates or updates a user profile, including a user risk assessment, from the unstructured data; presents a financial offer to the user for a financial service or product; upon receiving an indication of interest from the user, matches the user to one or more pieces of invitational content with product or service offers; presents the invitational content to the user; upon the user has accepted an offer, receives a fee from the brand that is used to fund aspects of the financial service or product; and periodically performs one or more of the above steps for additional financial offers and additional pieces of invitational content.