WELLNESS SEGMENTATION TOOL

• US 20140372341A1
• Filed: 06/14/2013
• Published: 12/18/2014
• Est. Priority Date: 06/14/2013
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Brown, William E. III
• Application Number:
  US13/918,092
• Publication Number:
  US 20140372341A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06F 16/9535 Search customisation based on user profiles and personalisation
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Embodiments of the invention provide for systems, computer program products, and methods for a financial wellness segmentation tool that allows a user to create customized wellness segmentation reports in order to segment the wellness metrics of plan participants in one or more retirement accounts into customized groups for additional analysis. The wellness segmentation tool searches the underlying data related to individual wellness scores, wellness metrics, retirement accounts, and participant information, and creates customized wellness segmentation reports for the user based on one or more retirement plans, selection criteria, and data points selected by the user. In this way, a user may create customized wellness segmentation reports that allow the institution to receive specific information about the participants in order to adjust investment options, retirement account benefits, or targeted communication or education for specifically identified plan participants.

Claims

1. A system comprising:

a memory device having computer readable program code store thereon; and

a processing device operatively coupled to the memory device, wherein the processing device is configured to execute the computer readable program code to;

receive a request from a user to create a customized report for plan participants of one or more retirement account plans;

provide selection criteria to the user for defining the plan participants included in the customized report, wherein the selection criteria is wellness scores of the plan participants, savings behaviors of the plan participants, investing behaviors of the plan participants, setting and monitoring goal behaviors of the plan participants, or account preservation behaviors of the plan participants;

receive a selection of one or more of the selection criteria from the user;

provide data points to the user for defining information to include in the customized report, wherein the data points are participant account information and participant information;

receive a selection of one or more of the data points to include in the customized report;

create the customized report based on the selection of the selection criteria and the data points; and

provide the customized report to the user.

2. The system of claim 1, wherein the processing device is further configured to execute the computer readable program code to:

provide a plan selector to the user for defining the one or more retirement account plans to include in the customized report; and

receive a selection of the one or more retirement account plans to include in the customized report.

3. The system of claim 1, wherein the savings behaviors comprise behavior factors relating to if the plan participants have an active status in the retirement account and are not contributing to the retirement account, if the plan participants are contributing less than a contribution percentage, and if the plan participants are not achieving the maximum benefit of contribution matching from the institution.

4. The system of claim 1, wherein the investing behaviors comprise behavior factors relating to if the plan participants are concentrated in the institution stock, if the plan participants are concentrated in a specific asset class, and if the plan participants are improperly using predefined diversified retirement allocations.

5. The system of claim 1, wherein the setting and monitoring goal behaviors comprise a behavior factor related to if the plan participants have requested an investment strategy.

6. The system of claim 1, wherein the account preservation behaviors comprise a behavior factor related to if the plan participants are using a specified value of the retirement account balance as collateral for a loan.

7. The system of claim 1, wherein the participant account information comprises one or more of the investment percentages, account balances, behaviors, or behavior factors;

and wherein the participant information comprises one or more of an identification number, a name, an address, an e-mail, or a phone number.

8. A computer program product, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured to receive a request from a user to create a customized report for plan participants of one or more retirement account plans;

an executable portion configured to provide selection criteria to the user for defining the plan participants included in the customized report, wherein the selection criteria is wellness scores of the plan participants, savings behaviors of the plan participants, investing behaviors of the plan participants, setting and monitoring goal behaviors of the plan participants, or account preservation behaviors of the plan participants;

an executable portion configured to receive a selection of one or more of the selection criteria from the user;

an executable portion configured to provide data points to the user for defining information to include in the customized report, wherein the data points are participant account information and participant information;

an executable portion configured to receive a selection of one or more of the data points to include in the customized report;

an executable portion configured to create the customized report based on the selection of the selection criteria and the data points; and

an executable portion configured to provide the customized report to the user.

9. The computer program product of claim 8, wherein the computer-readable program code portions further comprise:

an executable portion configured to provide a plan selector to the user for defining the one or more retirement account plans to include in the customized report; and

an executable portion configured to receive a selection of the one or more retirement account plans to include in the customized report.

10. The computer program product of claim 8, wherein the savings behaviors comprise behavior factors relating to if the plan participants have an active status in the retirement account and are not contributing to the retirement account, if the plan participants are contributing less than a contribution percentage, and if the plan participants are not achieving the maximum benefit of contribution matching from the institution.

11. The computer program product of claim 8, wherein the investing behaviors comprise behavior factors relating to if the plan participants are concentrated in the institution stock, if the plan participants are concentrated in a specific asset class, and if the plan participants are improperly using predefined diversified retirement allocations.

12. The computer program product of claim 8, wherein the setting and monitoring goal behaviors comprise a behavior factor related to if the plan participants have requested an investment strategy.

13. The computer program product of claim 8, wherein the account preservation behaviors comprise a behavior factor related to if the plan participants are using a specified value of the retirement account balance as collateral for a loan.

14. The computer program product of claim 8, wherein the participant account information comprises one or more of the investment percentages, account balances, behaviors, or behavior factors;

and wherein the participant information comprises one or more of an identification number, a name, an address, an e-mail, or a phone number.

15. A method comprising:

receiving a request from a user to create a customized report for plan participants of one or more retirement account plans;

providing, by a processing device, selection criteria to the user for defining the plan participants included in the customized report, wherein the selection criteria is wellness scores of the plan participants, savings behaviors of the plan participants, investing behaviors of the plan participants, setting and monitoring goal behaviors of the plan participants, or account preservation behaviors of the plan participants;

receiving, by the processing device, a selection of one or more of the selection criteria from the user;

providing, by the processing device, data points to the user for defining information to include in the customized report, wherein the data points are participant account information and participant information;

receiving, by the processing device, a selection of one or more of the data points to include in the customized report;

creating, by the processing device, the customized report based on the selection of the selection criteria and the data points; and

provide the customized report to the user.

16. The method of claim 15, further comprising:

providing, by the processor, a plan selector to the user for defining the one or more retirement account plans to include in the customized report; and

receiving, by the processor, a selection of the one or more retirement account plans to include in the customized report.

17. The method of claim 15, wherein the savings behaviors comprise behavior factors relating to if the plan participants have an active status in the retirement account and are not contributing to the retirement account, if the plan participants are contributing less than a contribution percentage, and if the plan participants are not achieving the maximum benefit of contribution matching from the institution.

18. The method of claim 15, wherein the investing behaviors comprise behavior factors relating to if the plan participants are concentrated in the institution stock, if the plan participants are concentrated in a specific asset class, and if the plan participants are improperly using predefined diversified retirement allocations.

19. The method of claim 15, wherein the setting and monitoring goal behaviors comprise a behavior factor related to if the plan participants have requested an investment strategy.

20. The method of claim 15, wherein the account preservation behaviors comprise a behavior factor related to if the plan participants are using a specified value of the retirement account balance as collateral for a loan.

21. The method of claim 15, wherein the participant account information comprises one or more of the investment percentages, account balances, behaviors, or behavior factors;

and wherein the participant information comprises one or more of an identification number, a name, an address, an e-mail, or a phone number.