Virtual Financial Coach Personalization via Dynamic Parameter Adjustment
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Solution Overview
Problem
Current financial coaching options, whether human or virtual, often fail to tailor their advice to individual users' specific needs, goals, and personalities, leading to ineffective goal achievement due to lack of customization and personalization.
Innovation Solution
A method and system for creating a custom virtual financial coach by generating a baseline coach and modifying its features based on user inputs, goals, and behavior, allowing for personalized and tailored coaching through a mobile application and communication schedule.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If human financial advisors are used to provide personalized coaching, then the coaching is tailored to specific individual needs and goals, but economic costs and advisor availability limit effectiveness
Solution Approach 1:
The patent creates a virtual coach that copies and emulates the personalized coaching approach of human advisors. The virtual coach is configured with user-specific parameters including personality traits, communication preferences, and coaching style based on individual user data, thereby providing personalized coaching at a fraction of the cost of human advisors.
Solution Approach 2:
The system dynamically adjusts coaching parameters such as communication frequency, tone, content type, and interaction style based on user responses and progress. The virtual coach adapts its behavior by modifying parameters like empathy level, directness, and encouragement frequency to match the user's personality profile and evolving needs.
2Quantity of substance
If predefined non-specific virtual coaching programs are used to overcome economic limitations, then accessibility is improved, but effectiveness decreases due to lack of customization
Solution Approach 1:
The system performs preliminary customization by collecting user data during onboarding and configuring the virtual coach's personality, communication style, and coaching approach before actual coaching begins. This preliminary personalization ensures the virtual coach is tailored to the user's specific needs from the start, rather than using generic predefined programs.
Solution Approach 2:
The virtual coach transitions from a static predefined program to a dynamic adaptive system that continuously learns and adjusts to the user. The coaching approach evolves based on user progress, feedback, and changing circumstances, allowing the system to maintain personalization while keeping costs low.
3Adaptability or versatility
If human advisors provide round-the-clock attention to users, then coaching effectiveness is improved, but advisor availability and access are limited
Solution Approach 1:
The virtual coach operates autonomously without requiring human advisor intervention for routine interactions. It independently responds to user queries, provides coaching guidance, monitors progress, and adjusts its approach based on user feedback, thereby providing round-the-clock availability without the complexity of human resource management.
4Quantity of substance
If generic virtual coaching programs are used, then accessibility is improved, but user engagement decreases due to lack of tailoring to user personality and preferences
Solution Approach 1:
The virtual coach applies local quality by tailoring specific aspects of its communication and coaching style to match the user's personality traits and preferences. Different coaching techniques, communication tones, and interaction styles are applied in different contexts based on the user's specific characteristics, making the coaching feel personally crafted rather than generic.
Data Source
AI summary
A system for providing coaching is configured to create a custom virtual coach based on one or more feature inputs, including receiving the one or more feature inputs, receiving a financial goal of the user, and generating the custom virtual coach based on the one or more feature inputs and the financial goal of the user. The system is also configured to send a communication containing information related to the financial goal of the user to the user device, assess an effectiveness of the custom virtual coach corresponding to the financial goal of the user, and modify at least one feature of the custom user virtual coach based on the assessment.