System for sharing retirement scores between social groups of customers

• US 10,049,406 B2
• Filed: 03/20/2015
• Issued: 08/14/2018
• Est. Priority Date: 03/20/2015
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Nicholson, Daralyn Marie, Hanson, Carrie Anne, Wadley, Cameron Darnell, Dintenfass, Katherine
• Primary Examiner(s): Maguire, Lindsay M
• Assistant Examiner(s): Warden, Michael J
• Application Number:
  US14/664,667
• Publication Number:
  US 20160275616A1
• Time in Patent Office: 1,243 Days
• Field of Search: None
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

Embodiments of the invention are directed to systems, methods, and computer program products for assessing retirement planning based on a retirement score. The system is configured to create a social network group, receive a request for the user to join the social network group, receive financial information of the user. Based on the financial information of the user, determine the projected retirement score of the user. This system may additionally determine a projected group retirement score range for the social network group, determine that the projected retirement score of the user is within the projected group retirement score range for the social network group, create a group membership for the user to join the social network group based on determining the projected retirement score of the user is within the projected group retirement score range for the social network group.

Claims

1. A system for creating social network group membership for a user based on a projected retirement score of the user, the system comprising:

a memory;

a communication device connected to a distributed network;

a processing device;

a software module stored in memory comprising executable instructions that when executed by the processing device, cause the processing device to;

create a social network group;

receive from a personal computing device of the user connected to the distributed network, over the distributed network, a request for the user to join the social network group;

receive from a financial management computing system connected to the distributed network, over the distributed network, financial information of the user;

determine the projected retirement score of the user based on the financial information of the user and a life expectancy of the user, wherein the projected retirement score is an estimate of the user'"'"'s preparedness for retirement at a future predetermined date;

establish a connection with a fitness tracker of the user;

receive, from the fitness tracker, fitness information of the user;

update the life expectancy and the projected retirement score of the user based on the fitness information of the user;

cause the fitness tracker to determine a location of the user;

receive the location of the user from the fitness tracker;

determine a fitness activity based on the location of the user;

in response to receiving the fitness information of the user, prompt the user to perform the fitness activity by (i) causing the fitness tracker to display a message and (ii) causing the fitness tracker to vibrate;

determine that the user has completed the fitness activity;

update the life expectancy and the projected retirement score of the user based on determining that the user has completed the fitness activity;

determine a projected group retirement score range for the social network group;

determine that the projected retirement score of the user is within the projected group retirement score range for the social network group;

create a group membership for the user to join the social network group based on determining the projected retirement score of the user is within the projected group retirement score range for the social network group;

communicate, to the personal computing device of the user, via the communication device over the distributed network, the projected retirement score of the user and the projected group retirement score range for the social network group; and

establish a network communication link over the distributed network between the personal computing device of the user and a computing device of at least one other member of the social network group, wherein the network communication link allows the user to communicate, via the personal computing device of the user at the least the projected retirement score of the user and a portion of the financial information of the user to the computing device of the at least one other member.

2. The system of claim 1, wherein the software module further comprises instructions that cause the processing device to:

receive from the financial management computing system, over the distributed network, new retirement information for the user, wherein the new retirement information is received after creating the group membership for the user;

update the projected retirement score of the user based on the new retirement information;

determine that the updated projected retirement score is outside the projected group retirement score range for the social network group;

determine a second social network group comprising a second projected group retirement score range, wherein the updated projected retirement score is within the second projected group retirement score range; and

communicate to the personal computing device of the user an invitation to join the second social network group based on determining the second social network group.

3. The system of claim 1, wherein the software module further comprises an instruction that causes the processing device to:

receive from the financial management computing system, over the distributed network, investment information for each member of the social network group;

determine a primary savings method that members of the social network group use to save for retirement; and

communicate to the personal computing device, over the distributed network, a message comprising a description of the primary savings method to the user.

4. The system of claim 1, wherein the software module further comprises an instruction that causes the processing device to:

receive, from network data feeds over the distributed network, market information related to an investment vehicle;

receive from the financial management computing system, over the distributed network, investment information for each member of the group;

determine based on the investment information that members of the group own shares in a stock;

determine an investment strategy for members for the group related to the investment vehicle; and

communicate to the personal computing device of the user, over the distributed network, a message comprising the investment strategy to the user.

5. The system of claim 1, wherein the software module further comprises an instruction that causes the processing device to communicate to the personal computing device of the user, over the distributed network, a message on how to improve the projected retirement score of the user.

6. The system of claim 1, wherein the software module further comprises an instruction that causes the processing device to determine a financial product to offer the user based on the retirement information of the user, wherein the offer comprises at least a financial product used to improve the projected retirement score of the user, and communicate to the personal computing device of the user, over the distributed network, the offer to the user.

7. A computer program product for creating social network group membership for a user based on a projected retirement score of the user comprising a non-transitory computer-readable storage medium having computer-executable instructions to:

create a social network group;

receive from a personal computing device of the user, via a communication device over a distributed network, a request for the user to join the social network group, wherein the personal computing device is connected to the distributed network;

receive from a financial management computing system connected to the distributed network, via the communication device over the distributed network, financial information of the user;

determine the projected retirement score of the user based on the financial information of the user and a life expectancy of the user;

establish a connection with a fitness tracker of the user;

receive, from the fitness tracker, fitness information of the user;

update the life expectancy and the projected retirement score of the user based on the fitness information of the user;

cause the fitness tracker to determine a location of the user;

receive the location of the user from the fitness tracker;

determine a fitness activity based on the location of the user;

in response to receiving the fitness information of the user, prompt the user to perform the fitness activity by (i) causing the fitness tracker to display a message and (ii) causing the fitness tracker to vibrate;

determine that the user has completed the fitness activity;

update the life expectancy and the projected retirement score of the user based on determining that the user has completed the fitness activity;

receive from the financial management computing system, via the communication device over the distributed network, financial information for each member of the social network group;

determine a projected group retirement score range for the social network group based on the financial information for each member of the social network group;

determine that the projected retirement score of the user is within the projected group retirement score range for the social network group, wherein the projected retirement score is an estimate of the user'"'"'s preparedness for retirement at a future predetermined date;

create a group membership for the user to join the social network group based on determining the projected retirement score of the user is within the projected group retirement score range for the social network group;

communicate, to the personal computing device of the user, via the communication device over the distributed network, the projected retirement score of the user and the projected group retirement score range for the social network group; and

establish a network communication link over the distributed network between the personal computing device of the user and a computing device of at least one other member of the social network group, wherein the network communication link allows the user to communicate, via the personal computing device of the user at the least the projected retirement score of the user and a portion of the financial information of the user to the computing device of the at least one other member.

8. The computer program product of claim 7, wherein the non-transitory computer-readable storage medium further has computer-executable instructions to:

receive from the financial management computing system, over the distributed network, new retirement information for the user, wherein the new retirement information is received after creating the group membership for the user;

update the projected retirement score of the user based on the new retirement information;

determine that the updated projected retirement score is outside the projected group retirement score range for the social network group;

determine a second social network group comprising a second projected group retirement score range, wherein the updated projected retirement score is within the second projected group retirement score range; and

communicate to the personal computing device of the user an invitation to join the second social network group based on determining the second social network group.

9. The computer program product of claim 7, wherein the non-transitory computer-readable storage medium further has computer-executable instructions to:

receive from the financial management computing system, over the distributed network, investment information for each member of the social network group;

determine a primary savings method that members of the social network group use to save for retirement; and

communicate to the personal computing device, over the distributed network, a message comprising a description of the primary savings method to the user.

10. The computer program product of claim 7, wherein the non-transitory computer-readable storage medium further has computer-executable instructions to:

receive, from network data feeds over the distributed network, market information related to an investment vehicle;

receive from the financial management computing system, over the distributed network, investment information for each member of the group;

determine based on the investment information that members of the group own shares in a stock;

determine an investment strategy for members for the group related to the stock; and

communicate to the personal computing device of the user, over the distributed network, a message comprising the investment strategy to the user.

11. The computer program product of claim 7, wherein the non-transitory computer-readable storage medium further has computer-executable instructions to communicate to the personal computing device of the user, over the distributed network, a message on how to improve the projected retirement score of the user.

12. The computer program product of claim 7, wherein the non-transitory computer-readable storage medium further has computer-executable instructions to determine a financial product to offer the user based on the retirement information of the user, wherein the offer comprises at least a financial product used to improve the projected retirement score of the user, and communicate to the personal computing device of the user, over the distributed network, the offer to the user.

13. A method for creating social network group membership for a user based on a projected retirement score of the user, the method comprising:

creating a social network group;

receiving from a personal computing device of the user, over a distributed network, a request for the user to join the social network group, wherein the personal computing device is connected to the distributed network;

receiving from a financial management computing system connected to the distributed network, over the distributed network, financial information of the user;

determining the projected retirement score of the user based on the financial information of the user and a life expectancy of the user, wherein the projected retirement score is an estimate of the user'"'"'s preparedness for retirement at a future predetermined date;

establishing a connection with a fitness tracker of the user;

receiving, from the fitness tracker, fitness information of the user;

updating the life expectancy and the projected retirement score of the user based on the fitness information of the user;

causing the fitness tracker to determine a location of the user;

receiving the location of the user from the fitness tracker;

determining a fitness activity based on the location of the user;

in response to receiving the fitness information of the user, prompting the user to perform the fitness activity by (i) causing the fitness tracker to display a message and (ii) causing the fitness tracker to vibrate;

determining that the user has completed the fitness activity;

updating the life expectancy and the projected retirement score of the user based on determining that the user has completed the fitness activity;

receiving, from the financial management computing system, over the distributed network, financial information for each member of the social network group;

determining a projected group retirement score range for the social network group based on the financial information for each member of the social network group;

determining that the projected retirement score of the user is within the projected group retirement score range for the social network group;

creating a group membership for the user to join the social network group based on determining the projected retirement score of the user is within the projected group retirement score range for the social network group;

communicating, to the personal computing device of the user, the projected retirement score of the user and the projected group retirement score range for the social network group; and

establishing a network communication link over the distributed network between the personal computing device of the user and a computing device of at least one other member of the social network group, wherein the network communication link allows the user to communicate, via the personal computing device of the user at the least the projected retirement score of the user and a portion of the financial information of the user to the computing device of the at least one other member.

14. The method of claim 13, further comprising:

receiving from the financial management computing system, over the distributed network, new retirement information for the user, wherein the new retirement information is received after creating the group membership for the user;

updating the projected retirement score of the user based on the new retirement information;

determining that the updated projected retirement score is outside the projected group retirement score range for the social network group;

determining a second social network group comprising a second projected group retirement score range, wherein the updated projected retirement score is within the second projected group retirement score range; and

communicating to the personal computing device of the user an invitation to join the second social network group based on determining the second social network group.

15. The method of claim 13, further comprising:

receiving from the financial management computing system, over the distributed network, investment information for each member of the social network group;

determining a primary savings method that members of the social network group use to save for retirement; and

communicating to the personal computing device, over the distributed network, a message comprising a description of the primary savings method to the user.

16. The method of claim 13, further comprising:

receiving, from network data feeds over the distributed network, market information related to an investment vehicle;

receiving from the financial management computing system, over the distributed network, investment information for each member of the group;

determining based on the investment information that members of the group own shares in a stock;

determining an investment strategy for members for the group related to the stock; and

communicating to the personal computing device of the user, over the distributed network, a message comprising the investment strategy to the user.

17. The method of claim 13, further comprising communicating to the personal computing device of the user, over the distributed network, a message on how to improve the projected retirement score of the user.