FINANCIAL DATA COMPARISON TOOL

• US 20100100469A1
• Filed: 07/31/2009
• Published: 04/22/2010
• Est. Priority Date: 10/16/2008
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Buchanan, James Brooks, Brennan, Timothy Adam, Richardson, Julia Claire, Daun, Susan Claire, Corvo, Rosie Susan, Phillips, Gregory S., Jameson, Crispin Alexander Conrad, Wood, Paul Robert, Pratt, Mark Colin
• Application Number:
  US12/533,281
• Publication Number:
  US 20100100469A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Embodiments of the present invention provide apparatuses and methods for allowing a user to compare his or her financial data to the financial data of a hypothetical peer person. For example, an apparatus is provided including: (a) a communication interface configured to communicate with a user terminal, wherein the communication interface is configured to receive user input from the user terminal; and (b) a processor configured to compare a user'"'"'s finances with finances of an average member of a select group of people, the comparison based at least partially on the received user input, wherein the communication interface is configured to provide the user terminal with a visual comparison of the user'"'"'s finances with the finances of an average member of the select group of people.

Claims

1. An apparatus comprising:

a communication interface configured to communicate with a user terminal, wherein the communication interface is configured to receive user input from the user terminal; and

a processor configured to compare a user'"'"'s finances with finances of an average member of a select group of people, the comparison based at least partially on the received user input,

wherein the communication interface is configured to provide the user terminal with a visual comparison of the user'"'"'s finances with the finances of an average member of the select group of people.

2. The apparatus of claim 1, wherein the average member of a select group of people comprises an average customer of a particular financial institution.

3. The apparatus of claim 1, wherein the select group of people comprises people that have a particular characteristic in common with the user.

4. The apparatus of claim 3, wherein the particular characteristic comprises an age range, geographic location, industry, occupation, job title, income range, education, or net worth.

5. The apparatus of claim 3, wherein the user input comprises an identification of the particular characteristic.

6. The apparatus of claim 5, wherein the communication interface is configured to provide the user with a plurality of characteristics that the user can select as the particular characteristic.

7. The apparatus of claim 1, wherein the processor is configured to compare the user'"'"'s finances with finances of the average member of the select group of people by comparing a particular financial parameter.

8. The apparatus of claim 7, wherein the particular financial parameter comprises total spending, spending by category, income, investments, debt, net worth, retirement goals, financial history, account balance, or projected savings.

9. The apparatus of claim 7, wherein the user input comprises an identification of the particular financial parameter.

10. The apparatus of claim 9, wherein the communication interface is configured to provide the user with a plurality of financial parameters that the user can select as the particular financial parameter.

11. The apparatus of claim 1, further comprising:

a memory device comprising financial data about a plurality of customers of a financial institution,

wherein the processor is configured to compare the user'"'"'s finances with finances of the average member of the select group of people by averaging at least a portion of the financial data stored in the memory and comparing the average to the user'"'"'s financial data stored in the memory.

12. The apparatus of claim 1, wherein the processor is configured to limit the select group of people to a group having more than a predefined number of members.

13. The apparatus of claim 1, wherein the communication interface is configured to provide the user terminal with the visual comparison by providing a bar chart showing the user'"'"'s finances next to the finances of the average member of the select group of people.

14. A method comprising:

receiving an electronic communication from a user terminal, the electronic communication comprising identification of a parameter;

using a processor to, based at least partially on the parameter;

access the user'"'"'s finances,

average the finances of a particular group of people, and

compare the user'"'"'s finances to the average finances of the particular group of people; and

providing a graphical user interface to the user terminal, the graphical user interface providing a visual comparison of the user'"'"'s finances with the average finances of the particular group of people.

15. The method of claim 14, wherein the particular group of people comprises only customers of a particular financial institution.

16. The method of claim 14, wherein the particular group of people comprises only people having a particular characteristic in common with the user.

17. The method of claim 16, wherein the particular characteristic comprises an age range, geographic location, industry, occupation, job title, income range, education, or net worth.

18. The method of claim 17, wherein the particular characteristic is based at least partially on the received parameter.

19. The method of claim 18, further comprising:

providing, via the graphical user interface, the user with a plurality of characteristics that the user can select as the particular characteristic.

20. The method of claim 14, wherein the user'"'"'s finances are compared with the average finances of the particular group of people by comparing a particular financial parameter, and wherein the particular financial parameter is based at least partially on the received parameter.

21. The method of claim 20, further comprising:

providing, via the graphical user interface, the user with a plurality of financial parameters that the user can select as the particular financial parameter.

22. The method of claim 20, wherein the particular financial parameter comprises total spending, spending by category, income, investments, debt, net worth, retirement goals, financial history, account balance, or projected savings.

23. An apparatus comprising:

a memory comprising financial data for a plurality of people stored therein;

a communication interface configured to receive input identifying a characteristic; and

a processor configured to;

identify persons within the plurality of people that are associated with the characteristic,

average the financial data across the identified persons, and

provide, via the communication device, a comparison of a first person'"'"'s financial data with the average financial data across the identified persons.

24. The apparatus of claim 23, wherein the input comprises user input received from a user, and wherein the first person comprises the user.

25. The apparatus of claim 23, wherein the characteristic comprises an age range or geographic identifier.

26. The apparatus of claim 23, wherein the financial data comprises the amount of money spent by a person in one or more different categories, and wherein the comparison comprises a bar graph showing the first person'"'"'s spending by category compared to spending by category of the average member of the identified persons.