Financial Registry System for Goal-Based Resource Sharing
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Solution Overview
Problem
Current systems lack an effective way for people to share financial goals and contribute to each other's needs, especially across geographical distances and busy schedules, leading to reduced possibilities for supporting major life events.
Innovation Solution
A computer-based financial registry system that allows users to set up and share financial goals, receive contributions, and visualize progress through a network-based application, integrating analytics to provide real-time feedback and facilitate donations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If traditional communication methods (social gatherings, telephone conversations, personal visits) are used to share financial goals, then personal connections are maintained, but geographical distance and busy schedules make it increasingly difficult to find out about financial needs
Solution Approach 1:
The patent introduces an online registry system as an intermediary platform that connects donors and recipients. This digital intermediary eliminates the need for direct personal contact while maintaining the flow of financial goal information, allowing people to share and contribute to financial goals regardless of geographical distance or schedule constraints.
Solution Approach 2:
The patent replaces traditional mechanical communication methods (face-to-face conversations, telephone calls, physical visits) with an electronic digital system. The online registry uses computer-based interfaces and network communication to transmit financial goal information, substituting the mechanical act of personal interaction with automated digital communication.
2Adaptability or versatility
If people willing to contribute to the goals of others are provided with limited options, then the system remains simple, but the possibilities of contributing to the goals of others are reduced
Solution Approach 1:
The online registry system is designed to support multiple contribution types (cash donations, product purchases, service contributions) and various goal types (medical expenses, education, housing, emergencies) within a single unified platform. This multi-functional design increases contribution possibilities without requiring separate systems for each contribution type.
Solution Approach 2:
The patent segments the contribution process into distinct, manageable components: goal setting, goal sharing, contribution selection, and progress tracking. Each component can be independently configured and customized, allowing users to engage at their comfort level while the system handles the complexity of coordinating multiple contribution types and recipients.
3Loss of information
If current computer-based systems are used without real-time feedback, then the system is simpler to implement, but users cannot see how a contribution may benefit a recipient and make progress toward defined goals
Solution Approach 1:
The online registry system incorporates real-time feedback mechanisms that automatically calculate and display the impact of contributions on goal progress. When a donor makes a contribution, the system immediately updates the goal status, shows the remaining amount needed, and provides visual indicators of progress, enabling donors to see the direct benefit of their contributions without manual intervention.
Data Source
AI summary
A financial registry system and method for sharing and contributing to common financial goals are disclosed herein. The system allows one or more recipients of funds to share multiple goals and select one or more products that fulfill those goals. The system allows one or more donors to provide funds or purchase one or more recommended products to contribute to the goals of recipients. An analytics engine recommends one or more insurance products that are best aligned to the shared goals of recipients. The analytics engine combines insurance products with other financial products available from service partners to provide a holistic set of financial solutions tailored to the shared goals of recipients. Furthermore, the analytics engine performs continuous analysis of current goals versus future goals in order to achieve proper goals balance. Recipients can use social networks to invite family members, relatives and friends to contribute to their goals.