FINANCIAL HEALTH ASSESSMENT AND INCENTIVE SYSTEM FOR FINANCIALLY RESPONSIBLE BEHAVIORS

• US 20150081405A1
• Filed: 11/21/2014
• Published: 03/19/2015
• Est. Priority Date: 08/25/2011
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ross, Erik Stephen, Krumme, Katherine Ann
• Application Number:
  US14/550,628
• Publication Number:
  US 20150081405A1
• Time in Patent Office: Days
• US Class Current: 705/14.1
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

Embodiments of the invention provide financial health assessment and incentive systems for financially responsible behaviors. The methods, apparatus and computer program products provide for receiving a financial behavior set associated with a customer, identifying a difference between the financial behavior set associated with the customer and a second financial behavior set, and providing to the customer an incentive to make an alteration to a financial behavior. In some example implementations, financial behaviors exhibited by or otherwise attributable to individuals who are socially affiliated with the customer via a social network are observed and associated with the customer. In some example implementations, advertisements for goods and/or services that are potentially attractive to the customer are directed to the customer in response to identifying a difference between the financial behavior set associated with the customer and the second financial behavior set.

Claims

1. An apparatus for assessing and incentivizing a financial behavior associated with a customer, the apparatus comprising:

a computing device comprising a memory and at least one processor; and

a customer financial behavior assessment application stored in memory, executable by the processor, and configured to;

receive a first financial behavior set comprising a spending behavior associated with a customer;

identify one or more differences between the first financial behavior set and a second financial behavior set comprising a target spending behavior;

determine location information associated with the customer;

determine, from the first financial behavior set, that the customer has previously exhibited undesired spending behavior at a location corresponding to the location information associated with the customer;

in response to determining the customer has previously exhibited undesired spending behavior at the location, provide to the customer a notification that the customer has previously exhibited undesired spending behavior at the location; and

in conjunction with the notification, provide to the customer an incentive to make an alteration to a financial behavior in the first financial behavior set, wherein the incentive is configured to reduce the one or more differences between the first financial behavior set and the second financial behavior set.

2. The apparatus of claim 1 wherein customer financial behavior assessment application is further configured to obtain information associated with a plurality of accounts wherein the plurality of accounts comprises a first account associated with a first institution, and a second account associated with a second institution.

3. The apparatus of claim 1 wherein the first financial behavior set comprises at least one aspect selected from the group consisting of a savings behavior, a financial goal associated with the customer, a budgeting behavior, and a credit behavior.

4. The apparatus of claim 1 wherein the first financial behavior set comprises a behavior associated with an individual, wherein the individual is socially affiliated with the customer via a social network.

5. The apparatus of claim 1 wherein the second financial behavior set comprises at least one aspect selected from the group consisting of a spending behavior, a savings behavior, a financial goal associated with the customer, a budgeting behavior, and a credit behavior.

6. The apparatus of claim 1 wherein the second financial behavior set comprises a financial behavior set associated with an individual wherein the individual is socially affiliated with the customer via a social network.

7. The apparatus of claim 1 wherein the financial behavior assessment application is further configured to offer the customer at least one incentive selected from the list consisting of:

a reduced interest rate on a loan, an opportunity to enter a prize drawing, forgiveness of a fee charged on an account, and an award.

8. The apparatus of claim 1, wherein the financial behavior assessment application is further configured to:

receive a third financial behavior set, wherein the third financial behavior set is associated with the customer; and

identify one or more differences between the third financial behavior set and the second financial behavior set.

9. The apparatus of claim 8 wherein the financial behavior assessment application is further configured to:

in response to identifying one or more differences between the third financial behavior set and the second financial behavior set, adjust the incentive provided to the customer.

10. The apparatus of claim 1 wherein the financial behavior assessment application is further configured to:

in response to identifying one or more differences between the first financial behavior set and a second financial behavior set, direct an advertisement to the customer.

11. The apparatus of claim 10 wherein the financial behavior assessment application is further configured to:

identify a plurality of individuals wherein each individual in the plurality of individuals is socially affiliated with the customer via a social network; and

direct the advertisement to an individual in the plurality of individuals.

12. A method for assessing and incentivizing a financial behavior associated with a customer, the method comprising:

receiving a first financial behavior set comprising a spending behavior associated with a customer;

identifying via a computing device processor one or more differences between the first financial behavior set and a second financial behavior set comprising a target spending behavior;

determining location information associated with the customer;

determining, from the first financial behavior set, that the customer has previously exhibited undesired spending behavior at a location corresponding to the location information associated with the customer;

in response to determining the customer has previously exhibited undesired spending behavior at the location, providing to the customer a notification that the customer has previously exhibited undesired spending behavior at the location; and

in conjunction with the notification, providing to the customer an incentive to make an alteration to a financial behavior in the first financial behavior set, wherein the incentive is configured to reduce the one or more differences between the first financial behavior set and the second financial behavior set.

13. The method of claim 12 wherein receiving the first financial behavior set associated with a customer comprises obtaining information associated with a plurality of accounts wherein the plurality of accounts comprises a first account associated with a first institution, and a second account associated with a second institution.

14. The method of claim 12 wherein the first financial behavior set comprises at least one aspect selected from the group consisting of a spending behavior, a savings behavior, a financial goal associated with the customer, a budgeting behavior, and a credit behavior.

15. The method of claim 12 wherein the first financial behavior set comprises a behavior associated with an individual, wherein the individual is socially affiliated with the customer via a social network.

16. The method of claim 12 wherein the second financial behavior set comprises at least one aspect selected from the group consisting of a spending behavior, a savings behavior, a financial goal associated with the customer, a budgeting behavior, and a credit behavior

17. The method of claim 12 wherein the second financial behavior set comprises a financial behavior set associated with an individual wherein the individual is socially affiliated with the customer via a social network.

18. The method of claim 12 wherein providing to the customer an incentive to make an alteration to a financial behavior in the first financial behavior set, wherein the alteration to the financial behavior in the first financial behavior set reduces the difference between the first financial behavior set and the second financial behavior set comprises offering the customer at least one incentive selected from the list consisting of:

a reduced interest rate on a loan, an opportunity to enter a prize drawing, forgiveness of a fee charged on an account, and an award.

19. The method of claim 12, the method further comprising:

responsive to providing to the customer an incentive to make an alteration to a financial behavior in the first financial behavior set, wherein the alteration to the financial behavior in the first financial behavior set reduces the difference between the first financial behavior set and the second financial behavior set;

receiving a third financial behavior set, wherein the third financial behavior set is associated with the customer; and

identifying via a computing device processor one or more differences between the third financial behavior set and the second financial behavior set.

20. The method of claim 19 further comprising:

responsive to identifying via a computing device processor one or more differences between the third financial behavior set and the second financial behavior set, adjusting the incentive provided to the customer.

21. The method of claim 12 further comprising:

in response to identifying via a computing device processor one or more differences between the first financial behavior set and a second financial behavior set, directing an advertisement to the customer.

22. The method of claim 21 further comprising:

identifying a plurality of individuals wherein each individual in the plurality of individuals is socially affiliated with the customer via a social network; and

directing the advertisement to an individual in the plurality of individuals.

23. A computer program product comprising:

a non-transitory computer-readable medium comprising;

a first set of codes for causing a computer processor to be configured for receiving a first financial behavior set comprising a spending behavior associated with a customer;

a second set of codes for causing a computer processor to be configured for identifying via a computing device processor one or more differences between the first financial behavior set and a second financial behavior set comprising a target spending behavior;

a third set of codes for causing a computer processor to be configured for determining location information associated with the customer;

a fourth set of codes for causing a computer processor to be configured for determining, from the first financial behavior set, that the customer has previously exhibited undesired spending behavior at a location corresponding to the location information associated with the customer;

a fifth set of codes for causing a computer processor to be configured for, in response to determining the customer has previously exhibited undesired spending behavior at the location, providing to the customer a notification that the customer has previously exhibited undesired spending behavior at the location; and

a third set of codes for causing a computer processor to be configured for, in conjunction with the notification, providing to the customer an incentive to make an alteration to a financial behavior in the first financial behavior set, wherein the incentive is configured to reduce the one or more differences between the first financial behavior set and the second financial behavior set.