Rolling Feedback System For Financial Risk Analysis
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Solution Overview
Problem
Current financial planning systems lack comprehensive data integration from disparate sources and fail to provide rolling feedback for predictive analysis, limiting their ability to offer personalized and updated recommendations.
Innovation Solution
A computerized system that utilizes natural language processing and a database of recommendation information to gather data from various sources, including mortgage documents, bank statements, and insurance policies, and applies a digital ruleset for financial risk analysis, providing recommendations that can be updated based on user actions and external data changes.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual review of financial documents is performed by financial advisors, then comprehensive financial planning can be achieved, but the process becomes labor-intensive and expensive
Solution Approach 1:
The patent replaces the mechanical manual review process with an automated computerized system that uses natural language processing to extract information from financial documents. The system automatically analyzes mortgage documents, bank statements, debt statements, loan documents, tax returns, retirement statements, and insurance policies, eliminating the need for manual advisor review while maintaining comprehensive analysis capability.
Solution Approach 2:
The system enables self-service by automatically gathering data from multiple sources, processing the information through natural language processing, generating financial plans, and providing recommendations without requiring continuous human intervention. The automated system serves itself by continuously improving through machine learning from feedback on plan outcomes.
2Extent of automation
If traditional automated financial planning systems are used, then some automation is achieved, but they fail to integrate comprehensive disparate data sources and provide rolling feedback
Solution Approach 1:
The patent creates a universal system that can process multiple types of financial documents and data sources through a single natural language processing platform. The system handles mortgage documents, bank statements, debt statements, loan documents, tax returns, retirement statements, and insurance policies, integrating disparate data sources that traditional systems could not comprehensively process.
Solution Approach 2:
The system implements rolling feedback by continuously monitoring plan outcomes and using actual results to refine and update financial recommendations. Feedback from plan performance, client actions, and changing circumstances is fed back into the system to improve future planning accuracy and provide updated recommendations dynamically.
3Adaptability or versatility
If financial plans are customized for each individual, then personalized financial advice is provided, but the planning process becomes time-consuming and limited to available documents
Solution Approach 1:
The system performs preliminary actions by automatically gathering data from multiple sources before the planning process begins, pre-processing documents through natural language processing, and pre-generating plan options based on available information. This preliminary automation reduces the time required for customized planning while maintaining personalization.
Solution Approach 2:
The system creates dynamic financial plans that automatically update based on changing circumstances, new data inputs, and rolling feedback from plan performance. Plans are not static documents but living recommendations that adapt and evolve over time, providing personalized advice without requiring repeated manual planning processes.
Data Source
AI summary
This a computerized rolling feedback system for financial and risk analysis comprising a database of recommendation information representing financial risk information of a set for past participants; a set of financial situational information for a target participant taken from the group consisting of mortgage, financial or debt statement, loan document, tax return, insurance policy, will, trust, a financial plan and a debt-to-income ratio analysis; a computer system adapted to receive an additional information, determine an information type according to a similarity engine included in the computer system using a similarity analysis and modifying the financial risk information according to the additional information, apply a digital ruleset stored on the computer system to provide a recommendation for financial risk information modifications according to a comparison of the financial risk information with the financial situational information.