System for Assessing Retirement Planning Based on A Retirement Score

• US 20160275615A1
• 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, Wadley, Cameron Darnell, Nicholson, Daralyn Marie
• Application Number:
  US14/664,631
• Publication Number:
  US 20160275615A1
• 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 for assessing retirement planning based on a retirement score. The system is configured to access the assets and the liabilities of a user, a user profile, 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, estimated rates of return for the assets that provide returns, and financial behavior of the user. In response, calculate a retirement score for the user indicating the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user. In response, display the retirement score on a retirement planning interface on a user device.

Claims

1. A system for assessing retirement planning based on a retirement score, 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;

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

determine asset values and liability values;

determine a user profile comprising an age of the user, wherein the user profile indicates a lifestyle of the user;

determine 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;

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

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

calculate a 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 user profile, the estimated rates of return, and the financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; and

display the retirement score on a retirement planning interface on a user device.

2. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

receive a desired future predetermined date for retirement from the user through the retirement planning interface;

recalculate a new retirement score for the user based on the desired future predetermined date for retirement; and

display the new retirement score and the desired future predetermined date on the user interface of the user device.

3. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

determine 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

initiate 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.

4. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

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

initiate a presentation of one or more services specific to the user on the retirement planning interface on the user device, wherein the one or more user specific services comprises a financial planning service.

5. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

receive one or more parameters associated with one or more users in a household of the user, the one or more users in the household of the user are financial institution customers; and

determine a retirement score for the household based on at least the one or more parameters received from the one or more users in a household of the user and the retirement score of the user.

6. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

track the retirement score of the user over a predetermined past time period; and

initiate presentation of the retirement score of the user relative to a retirement score associated with one or more users over the predetermined past time period, wherein the one or more users are determined to have a substantially similar user profile as that of the user.

7. The system of claim 1, wherein the one or more processing devices are configured to execute computer-readable program code to:

initiate presentation of one or more predetermined user profiles on the retirement planning interface on the user device;

receive a user selection of at least one of the one or more predetermined user profiles; and

receive additional information associated with the user thereby enabling the user to customize the selected predetermined user profile.

8. The system of claim 7, wherein the one or more processing devices are configured to execute computer-readable program code to:

initiate presentation of one or more selectable options on the retirement planning interface on the user device, wherein the one or more selectable options enable the user to provide the additional information to customize the selected predetermined user profile.

9. A computer program product for assessing retirement planning based on a retirement score, the computer program product comprising a non-transitory computer-readable medium comprising code causing a first apparatus to:

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

determine asset values and liability values;

determine a user profile comprising an age of the user, wherein the user profile indicates a lifestyle of the user;

determine 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;

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

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

calculate a 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 user profile, the estimated rates of return, and the financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; and

display the retirement score on a retirement planning interface on a user device.

10. The computer program product of claim 9, wherein the first apparatus is further configured to cause a processor to:

receive a desired future predetermined date for retirement from the user through the retirement planning interface;

recalculate a new retirement score for the user based on the desired future predetermined date for retirement; and

display the new retirement score and the desired future predetermined date on the user interface of the user device.

11. The computer program product of claim 9, wherein the first apparatus is further configured to cause a processor to:

determine 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

initiate 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.

12. The computer program product of claim 9, wherein the first apparatus is further configured to cause a processor to:

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

initiate a presentation of one or more services specific to the user on the retirement planning interface on the user device, wherein the one or more user specific services comprises a financial planning service.

13. The computer program product of claim 9, wherein the first apparatus is further configured to cause a processor to:

receive one or more parameters associated with one or more users in a household of the user, the one or more users in the household of the user are financial institution customers; and

determine a retirement score for the household based on at least the one or more parameters received from the one or more users in a household of the user and the retirement score of the user.

14. The computer program product of claim 9, wherein the first apparatus is further configured to cause a processor to:

track the retirement score of the user over a predetermined past time period; and

initiate presentation of the retirement score of the user relative to a retirement score associated with one or more users over the predetermined past time period, wherein the one or more users are determined to have a substantially similar user profile as that of the user.

15. The computer program product of claim 14, wherein the first apparatus is further configured to cause a processor to:

initiate presentation of one or more selectable options on the retirement planning interface on the user device, wherein the one or more selectable options enable the user to provide the additional information to customize the selected predetermined user profile.

16. A computer implemented method for assessing retirement planning based on a retirement score, the method comprising:

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

determining, using a computing device processor, asset values and liability values;

determining, using a computing device processor, a user profile comprising an age of the user, wherein the user profile indicates a lifestyle of the user;

determining, using a computing device processor, 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, using a computing device processor, estimated rates of return for the assets that provide returns;

determining, using a computing device processor, financial behavior of the user, wherein the financial behavior comprises at least one of a spending behavior, investment behavior, and savings behavior;

calculating, using a computing device processor, a 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 user profile, the estimated rates of return, and the financial behavior of the user, wherein the retirement score indicates the user'"'"'s preparedness for retirement at a future predetermined date, wherein the future predetermined date is selected by the user; and

displaying the retirement score on a retirement planning interface on a user device.

17. The computer implemented method of claim 16, wherein the method further comprises:

receiving a desired future predetermined date for retirement from the user through the retirement planning interface;

recalculating a new retirement score for the user based on the desired future predetermined date for retirement; and

displaying the new retirement score and the desired future predetermined date on the user interface of the user device.

18. The computer implemented method of claim 16, wherein the method further comprises:

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.

19. The computer implemented method of claim 16, wherein the method further comprises:

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

initiating a presentation of one or more services specific to the user on the retirement planning interface on the user device, wherein the one or more user specific services comprises a financial planning service.

20. The computer implemented method of claim 16, wherein the method further comprises:

receiving one or more parameters associated with one or more users in a household of the user, the one or more users in the household of the user are financial institution customers; and

determining a retirement score for the household based on at least the one or more parameters received from the one or more users in a household of the user and the retirement score of the user.