Questionnaire Normalization for Consistent Investor Profiling
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Solution Overview
Problem
Existing questionnaire systems fail to provide a comprehensive investor profile as they often yield incomplete information, and different business units within a company may require distinct questions to profile the same investor, leading to inconsistent assessments across various questionnaires.
Innovation Solution
A system and method for analyzing and normalizing questionnaires by selecting focus questions, determining category scores based on answers to these questions, and generating overall scores applicable across multiple questionnaires, ensuring consistent assessments regardless of the questionnaire used.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If different questionnaires are used to profile investors for different business units, then each business unit can obtain customized profile information, but the assessments become inconsistent across questionnaires
Solution Approach 1:
The questionnaire is divided into multiple categories (e.g., investment objectives, time horizon, risk tolerance), each with its own set of questions and scoring rules. This segmentation allows different business units to select relevant categories while maintaining a unified scoring framework that ensures consistency across all questionnaires.
Solution Approach 2:
A universal scoring system is established that can be applied across all questionnaire variants. The system normalizes scores from different questionnaire categories into a common scale, enabling consistent investor profiling regardless of which specific questionnaire is used, thus achieving both customization and consistency.
2Reliability
If a single questionnaire is used for all investors, then assessment consistency is maintained, but the questionnaire cannot accommodate different business unit requirements
Solution Approach 1:
The questionnaire system is made dynamic by allowing different questions to be selected or weighted based on business unit requirements while maintaining the same underlying scoring architecture. The system can adapt which questions are presented to investors based on the specific business unit context, ensuring both flexibility and consistency.
3Adaptability or versatility
If multiple questionnaires with different questions are used, then specific business unit needs are met, but the profile information becomes incomplete or redundant
Solution Approach 1:
The system merges multiple questionnaire variants into a unified profile structure. By combining the relevant categories and questions from different business unit questionnaires into a comprehensive profile framework, the system ensures that all necessary investor information is captured without redundancy, while allowing selective application of specific questions based on business needs.
Data Source
AI summary
In one example, normalized questionnaires may be used to consistently determine an assessment regardless of which of the questionnaires is used. The normalization may include verification that a category score is consistently determined regardless of which of the questionnaires is used. The category score included in the assessment may be determined as a function of answers provided in response to each of the questions that are included in a questionnaire and that are directed to a question category. Normalization may include selection of focus questions from among the questions that are directed to the question category. Normalization may include determination of category scores, where each of the category scores is determined based on a respective answer to each one of the focus questions.