Financial Recommendation Tool with Dynamic Value Exchange
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Solution Overview
Problem
Traditional financial product/service recommendations by banks are not collaborative and do not adequately account for customers' long-term needs, financial behaviors, or future events, leading to inaccurate recommendations and a lack of customer understanding of the value provided by financial products/services.
Innovation Solution
An interactive and collaborative customer solution recommendation tool/module that determines financial solution recommendations based on customer inputs, providing value components such as monetary, convenience, and emotional value, allowing customers to make informed decisions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traditional financial product recommendations are provided based solely on current financial portfolio information, then the recommendation process is simple and quick, but the accuracy and relevance of recommendations deteriorate because customers may be reluctant to divulge all financial assets and debts
Solution Approach 1:
The patent segments the recommendation process into multiple independent modules: a collaborative assessment module that gathers comprehensive financial information through structured questioning, a value calculation module that processes the information, and a recommendation module that generates personalized suggestions. This segmentation allows the system to handle complex information gathering while maintaining operational simplicity for customers.
Solution Approach 2:
The patent introduces a collaborative assessment tool as an intermediary between the customer and the recommendation system. This tool mediates the information exchange by guiding customers through a structured process that feels conversational rather than interrogative, thereby improving information accuracy without increasing perceived complexity.
2Adaptability or versatility
If traditional financial product recommendations focus only on current financial portfolio, then the recommendation process is straightforward, but the recommendations fail to account for customer's long-term financial needs and future events
Solution Approach 1:
The patent implements preliminary action by having customers complete a collaborative assessment during the initial consultation that captures not only current financial status but also future goals, expected life events, and long-term needs. This upfront comprehensive assessment ensures that recommendations remain relevant over time without requiring repeated lengthy evaluations.
Solution Approach 2:
The system dynamically adjusts recommendation parameters based on the collaborative assessment results, incorporating time horizons, future events, and long-term objectives into the calculation model. This allows the system to adapt recommendations to both current and future needs while managing the assessment time through efficient parameter optimization.
3Ease of operation
If traditional recommendations are provided without explaining value components, then the interaction is simple, but customers cannot comprehend the benefit or make informed decisions
Solution Approach 1:
The patent applies local quality by providing differentiated value explanations tailored to each recommendation. Instead of generic descriptions, the system calculates and presents specific value components (monetary value, convenience value, emotional value) for each recommended product, allowing customers to understand the particular benefits relevant to their situation while maintaining overall interaction simplicity.
Solution Approach 2:
The system incorporates feedback mechanisms where value components are calculated based on customer responses and preferences, then fed back into the recommendation process. This creates a loop where customer understanding is continuously enhanced through personalized value explanations that adapt to their specific needs and reactions.
Data Source
AI summary
Systems, methods, and computer program products are provided for presenting value exchange in conjunction with financial solution recommendations or offers. The value component, is not limited to monetary value but may, in specific embodiments, also include, convenience value, emotional value or the like. The value component allows the customer to make informed decisions on which financial solution recommendations or offers to select. Further, the value component may be uniquely and dynamically customized (i.e., determined on-the-fly) for the customer based on inputs received from the customer and/or customer profile data. In addition, the value component may reflect average value realized for the demographic group applicable to the customer.