SYSTEM FOR RETIREMENT SCORE TRANSFORMATION USING OPTIMIZATION

• US 20160275609A1
• Filed: 03/20/2015
• Published: 09/22/2016
• Est. Priority Date: 03/20/2015
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Dintenfass, Katherine, Hanson, Carrie Anne, Nicholson, Daralyn Marie, Wadley, Cameron Darnell
• Application Number:
  US14/664,210
• Publication Number:
  US 20160275609A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

Embodiments of the invention are directed to systems, methods, and computer program products optimizing a generated retirement score. In this way, the invention calculates a retirement score for the user indicating the user'"'"'s preparedness for retirement at a future predetermined date. The invention continues by retrieving historic retirement scores for the user. Based on the scores, user spend data, user location, and financial products associated with the user, the invention identifies improvements to a user retirement score. The user may be automatically shifted into products that may improve the retirement score. Furthermore, the invention may augment historical retirement score data to present illustrations of the effect of recommendations on current and/or future retirement scores if the recommendations are implemented.

Claims

1. A system for utilizing retirement score transformation using optimization, the system comprising:

one or more memory devices; and

one or more processing devices operatively coupled to the one or more memory devices, wherein the one or more processing devices are configured to execute computer-readable program code to;

retrieve a calculated retirement score from a node within a distributive network, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date;

retrieve retirement score history for the user;

identify and compile user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes;

review current financial products of the user via communication with financial institution servers;

identify financial products that, upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

communicate with distributive network node and automatic enroll of the user into financial products that improve the user retirement score;

determine recommendations, other than financial products, that upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

display the retirement score on a retirement planning interface on a user device; and

augment the display on the user device with a representation of an effect of both the recommendations and financial products on the retirement score.

2. The system of claim 1, further comprising determining the retirement score by:

accessing assets and liabilities of a user over a distributive network of servers via private access to a financial institution database;

determining a financial trend of the user based on the assessment, wherein the financial trend comprises at least one of a spending behavior, investment behavior, and savings behavior calculated over a time period in the past; and

transforming the financial trend data into a retirement score for the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date.

3. The system of claim 1, wherein augmenting the display on the user device with a representation of the effect of both the recommendations and financial products on the retirement score further comprises graphically displaying an augmented overlay of the effect of the recommendation or the financial products independently and in combination, wherein the graphically displaying of the augmented overlay includes historic, present, and future representations of the retirement score.

4. The system of claim 1, wherein identifying and compiling user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes further comprises identifying a user device location, current user financial products, and spend associated with the user financial products.

5. The system of claim 1, further comprising:

determining that the user has a low retirement score based on at comparing the retirement score of the user with an average retirement score associated with one or more users with substantially similar one or more parameters as that of the user; and

initiating a presentation of one or more tips on the retirement planning interface on the user device to enable the user to improve the low retirement score to within the average retirement score associated with the one or more users.

6. The system of claim 1, wherein calculating the retirement score includes:

identifying and accessing the assets and the liabilities of a user over a network of servers, wherein the assets include illiquid assets and liquid assets;

identifying values and liability values;

identifying fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

determining estimated rates of return for the assets that provide returns;

calculating financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; and

calculating the retirement score for the user based on one or more parameters, wherein the one or more parameters comprise at least the asset values, the liability values, the estimated rates of return, and the financial behavior of the user.

7. The system of claim 1, wherein augmenting the display on the user device with a representation of an effect of both the recommendations and financial products on the retirement score further comprises communicating an augmented display of the retirement score to the user device and storing data associated with the augmented display for presentment on the user device and retrieving the data from the user device and presenting the data via a visual interface on the user device.

8. A computer program product for utilizing retirement score transformation using optimization, within a distributive network for optimization configuration, 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 for retrieving a calculated retirement score from a node within a distributive network, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date;

an executable portion configured for retrieving retirement score history for the user;

an executable portion configured for identifying and compiling user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes;

an executable portion configured for reviewing current financial products of the user via communication with financial institution servers;

an executable portion configured for identifying financial products that, upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

an executable portion configured for communicating with distributive network node and automatic enroll of the user into financial products that improve the user retirement score;

an executable portion configured for determining recommendations, other than financial products, that upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

an executable portion configured for displaying the retirement score on a retirement planning interface on a user device; and

an executable portion configured for augmenting the display on the user device with a representation of an effect of both the recommendations and financial products on the retirement score.

9. The computer program product of claim 8, further comprising an executable portion configured for determining the retirement score by:

accessing assets and liabilities of a user over a distributive network of servers via private access to a financial institution database;

determining a financial trend of the user based on the assessment, wherein the financial trend comprises at least one of a spending behavior, investment behavior, and savings behavior calculated over a time period in the past; and

transforming the financial trend data into a retirement score for the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date.

10. The computer program product of claim 8, wherein augmenting the display on the user device with a representation of the effect of both the recommendations and financial products on the retirement score further comprises graphically displaying an augmented overlay of the effect of the recommendation or the financial products independently and in combination, wherein the graphically displaying of the augmented overlay includes historic, present, and future representations of the retirement score.

11. The computer program product of claim 8, wherein identifying and compiling user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes further comprises identifying a user device location, current user financial products, and spend associated with the user financial products.

12. The computer program product of claim 8, further comprising:

an executable portion configured for determining that the user has a low retirement score based on at comparing the retirement score of the user with an average retirement score associated with one or more users with substantially similar one or more parameters as that of the user; and

an executable portion configured for initiating a presentation of one or more tips on the retirement planning interface on the user device to enable the user to improve the low retirement score to within the average retirement score associated with the one or more users.

13. The computer program product of claim 8, wherein calculating a retirement score includes:

identifying and accessing the assets and the liabilities of a user over a network of servers, wherein the assets include illiquid assets and liquid assets;

identifying values and liability values;

identifying fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

determining estimated rates of return for the assets that provide returns;

calculating financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; and

calculating the retirement score for the user based on one or more parameters, wherein the one or more parameters comprise at least the asset values, the liability values, the estimated rates of return, and the financial behavior of the user.

14. The computer program product of claim 8, wherein augmenting the display on the user device with a representation of an effect of both the recommendations and financial products on the retirement score further comprises communicating an augmented display of the retirement score to the user device and storing data associated with the augmented display for presentment on the user device and retrieving the data from the user device and presenting the data via a visual interface on the user device.

15. A computer-implemented method for utilizing retirement score transformation using optimization, the method comprising:

providing a computing system within a distributive network for generation an utilization of the retirement score, comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations;

retrieving a calculated retirement score from a node within a distributive network, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date;

retrieving retirement score history for the user;

identifying and compile user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes;

reviewing current financial products of the user via communication with financial institution servers;

identifying financial products that, upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

communicating with distributive network node and automatic enroll of the user into financial products that improve the user retirement score;

determining recommendations, other than financial products, that upon implementation transforms the retirement score and provides optimization of the retirement score for the user;

displaying the retirement score on a retirement planning interface on a user device; and

augmenting the display on the user device with a representation of an effect of both the recommendations and financial products on the retirement score.

16. The computer implemented method of claim 15, further comprising determining the retirement score by:

accessing assets and liabilities of a user over a distributive network of servers via private access to a financial institution database;

determining a financial trend of the user based on the assessment, wherein the financial trend comprises at least one of a spending behavior, investment behavior, and savings behavior calculated over a time period in the past; and

transforming the financial trend data into a retirement score for the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date.

17. The computer implemented method of claim 15, wherein augmenting the display on the user device with a representation of the effect of both the recommendations and financial products on the retirement score further comprises graphically displaying an augmented overlay of the effect of the recommendation or the financial products independently and in combination, wherein the graphically displaying of the augmented overlay includes historic, present, and future representations of the retirement score.

18. The computer implemented method of claim 15, wherein identifying and compiling user spend data via accessing one or more devices, such as a user device, outside the distributive network nodes further comprises identifying a user device location, current user financial products, and spend associated with the user financial products.

19. The computer implemented method of claim 15, further comprising:

determining that the user has a low retirement score based on at comparing the retirement score of the user with an average retirement score associated with one or more users with substantially similar one or more parameters as that of the user; and

initiating a presentation of one or more tips on the retirement planning interface on the user device to enable the user to improve the low retirement score to within the average retirement score associated with the one or more users.

20. The computer implemented method of claim 15, wherein calculating the retirement score includes:

identifying and accessing the assets and the liabilities of a user over a network of servers, wherein the assets include illiquid assets and liquid assets;

identifying values and liability values;

identifying fund in-flows and fund out-flows for the assets and the liabilities over a past time period by analyzing transactions for the assets and the liabilities;

determining estimated rates of return for the assets that provide returns;

calculating financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior; and

calculating the retirement score for the user based on one or more parameters, wherein the one or more parameters comprise at least the asset values, the liability values, the estimated rates of return, and the financial behavior of the user.