Wearable Financial Wellness Scoring Using Physiological Data
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Solution Overview
Problem
Individuals often lack adequate knowledge about financial matters and experience financial stress due to factors like living paycheck to paycheck, credit card debt, and retirement anxiety, necessitating improved methods to assess and enhance financial wellness.
Innovation Solution
A wearable device monitors vital signs and physical attributes using machine learning to determine a financial wellness score, which informs personalized banking service recommendations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If traditional financial assessment methods are used, then implementation simplicity is maintained, but measurement precision of financial wellness is insufficient
Solution Approach 1:
The patent combines multiple data sources including wearable device data, financial account data, and transaction data into a unified financial wellness assessment system. This integration allows comprehensive measurement of financial wellness by synthesizing physiological indicators with financial metrics, thereby improving measurement precision while managing system complexity through centralized processing.
Solution Approach 2:
The patent introduces a financial wellness score as an intermediary metric that translates complex multi-source data into a single actionable indicator. This score serves as a mediator between raw data from wearables and financial accounts, and personalized recommendations, simplifying the interpretation process while maintaining high measurement precision through underlying complex analysis.
2Adaptability or versatility
If personalized banking recommendations are provided, then adaptability to individual needs is improved, but device complexity increases
Solution Approach 1:
The patent applies local quality by providing personalized banking recommendations tailored to each individual's specific financial wellness profile, physiological state, and financial situation. Instead of uniform recommendations, the system adjusts advice locally for each user based on their unique data pattern, thereby improving adaptability while managing complexity through automated personalization algorithms.
Solution Approach 2:
The patent implements dynamic recommendations that adapt in real-time as new data arrives from wearables and financial accounts. The system continuously updates financial wellness scores and adjusts recommendations based on changing physiological indicators and financial transactions, providing dynamic adaptability without requiring manual system reconfiguration.
3Measurement precision
If continuous monitoring of physical attributes is performed, then measurement precision of financial wellness is improved, but use of energy increases
Solution Approach 1:
The patent employs periodic monitoring where wearable devices collect physiological data at scheduled intervals rather than continuously. This periodic sampling maintains sufficient measurement precision for financial wellness assessment while significantly reducing energy consumption compared to continuous monitoring, as the system only activates sensors at predetermined time points or upon specific triggers.
Solution Approach 2:
The patent applies partial monitoring by selectively collecting only the most relevant physiological parameters needed for financial wellness assessment rather than monitoring all possible physical attributes. This selective approach maintains measurement precision for the specific application while minimizing energy usage by avoiding unnecessary data collection from less relevant sensors.
Data Source
AI summary
A system and method that evaluate and monitor the financial wellness of a person that is a client of a bank, and provides a financial wellness score that is used to provide banking service recommendations that may act to increase the wellness score. The method includes providing a wearable device that the person wears and that monitors physical attributes of the person, collecting data and information as it is being received over time about the physical attributes of the person from the wearable device, processing the data and information as it is being received over time using a machine learning model, and determining a financial wellness score based on the processed data and information.