Interactive Questionnaire Forecasting for Client Data Accuracy

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Solution Overview

Problem

Financial services companies face challenges in updating their client databases to reflect changing client needs, leading to inefficient product offerings and service delivery due to outdated or invalid client information.

Innovation Solution

The system employs interactive questionnaires and messages to collect information from clients, updating their profiles, which are then used by a needs forecasting engine to generate reports for agents, enabling accurate forecasting and product recommendations.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If financial services companies manually update client databases to reflect changing client needs, then the accuracy of client information is improved, but the time and resources required for updating increase significantly

Engineering Contradiction:

Improveaccuracy of client informationVSAvoidtime required for updating

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The system performs preliminary actions by proactively reaching out to clients through automated questionnaires before product needs change or expire. This advance data collection ensures client information is updated before it becomes outdated, eliminating the need for time-consuming manual updates and maintaining high accuracy of client database information.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system enables self-service by allowing clients to automatically update their own information through interactive questionnaires and communications. Clients respond to automated messages with their current status, which is then automatically integrated into their profiles. This eliminates manual data entry by company staff while ensuring accurate, up-to-date client information is maintained continuously.

Inventive Principle:

Principle #25Self-service

2Productivity

If financial services companies use automated systems to update client databases, then the time and resources required for updating are reduced, but the quality and completeness of client information may deteriorate

Engineering Contradiction:

Improveefficiency of database updatingVSAvoidquality of client information

Core Design Contradiction:

ProductivityVSMeasurement precision

Solution Approach 1:

The system implements feedback mechanisms where automated questionnaires are dynamically adjusted based on client responses and historical data. The system analyzes returned information for completeness and consistency, requesting additional details when needed. This feedback loop ensures that automated collection maintains high information quality while preserving efficiency benefits.

Inventive Principle:

Principle #23Feedback

Solution Approach 2:

The automated system employs dynamic questioning strategies that adapt to individual client profiles, response patterns, and changing needs. The questionnaire content and depth are dynamically adjusted based on client characteristics and historical interactions, ensuring comprehensive data collection efficiently tailored to each client while maintaining overall high information quality across the database.

Inventive Principle:

Principle #15Dynamics

3Reliability

If financial services companies collect frequent client information through interactive questionnaires, then the up-to-date nature of client profiles is improved, but the complexity of the system increases

Engineering Contradiction:

Improveup-to-date nature of client profilesVSAvoidcomplexity of data collection system

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The system employs periodic action by scheduling automated questionnaires and communications at regular intervals based on client profiles, product types, and identified needs. Rather than continuous complex interactions, clients receive periodic updates and information requests at appropriate frequencies. This maintains reliable, current client profiles while managing system complexity through structured, time-based automation rather than continuous complex processing.

Inventive Principle:

Principle #19Periodic action

Data Source

PatentUS10275802B1Systems and methods for forecasting client needs using interactive communication

Publication Date: 2019.04.30 MASSACHUSETTS MUTUAL LIFE INSURANCE CO

AI summary

The present disclosure provides a system and method for forecasting client needs using interactive communication. A Messaging server may retrieve client profiles stored in a client database. Messaging server formulates questions to be included in interactive questionnaires or message(s). The messaging server sends the formulated interactive questionnaires to a client computing device. The client computing device sends the responses back to messaging server for updating the client profiles stored in the client database. Forecasting engine employs the updated information in the client profiles to predict client's behavior that may be used for forecasting client needs based on the updated information received from the interactive questionnaire or message(s). Forecasting engine generates financial indicators and needs forecast reports that may be sent to one or more agent computing devices or an automated product matching engine.