GENERATING A ONE-CLICK FINANCIAL PLAN

• US 20160350859A1
• Filed: 05/27/2015
• Published: 12/01/2016
• Est. Priority Date: 05/27/2015
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Terrill, Craig, Bahri, Sahil, Tai, Sonny, Patnaik, Markondapatnaikuni Samba Siva, Dintenfass, Katherine, Grigg, David M., Jones-McFadden, Alicia C., Connolly, Jeanne Ferullo
• Application Number:
  US14/723,340
• Publication Number:
  US 20160350859A1
• 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, computer program products, and methods for generating a one-click financial plan for a customer of a financial institution. Embodiments determine a set of outflow data comprising data corresponding to debits originating from accounts owned by the customer; determine a set of inflow data comprising data corresponding to credits applied to accounts owned by the customer; determine a set of customer information comprising a customer age; based on some of the plurality of debits, identify external customer accounts; based on the identified external customer accounts, determine characteristics associated with each of the external customer accounts; calculate, based on the customer age, the set of inflow data and the set of outflow data, an estimated retirement plan comprising an estimated retirement date and an estimated retirement dollar amount; and present retirement information based on the estimated retirement plan to the customer.

Claims

1. A system for generating a one-click financial plan for a customer of a financial institution, 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;

determine a set of outflow data comprising data corresponding to a plurality of debits originating from one or more accounts owned by the customer;

determine a set of inflow data comprising data corresponding to a plurality of credits applied to one or more accounts owned by the customer;

determine a set of customer information comprising a customer age;

based at least in part on some of the plurality of debits, identify one or more external customer accounts;

based at least in part on the identified one or more external customer accounts, determine one or more characteristics associated with each of the one or more external customer accounts;

calculate, based on the customer age, the set of inflow data and the set of outflow data, an estimated retirement plan comprising an estimated retirement date and an estimated retirement dollar amount; and

present retirement information based on the estimated retirement plan to the customer.

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

present a one-click financial plan approval request to the customer, wherein the one-click financial plan approval request corresponds to a one-click financial plan based at least in part on the estimated retirement plan; and

receive a one-click input from the customer approving the one-click financial plan.

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

in response to receiving the one-click input from the customer, implement the one-click financial plan.

4. The system of claim 3, wherein implementing the one-click financial plan comprises crediting one or more accounts with a regular credit amount based at least on the estimated retirement dollar amount.

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

calculate a one-click retirement plan confidence score; and

present the confidence score to the customer.

6. The system of claim 1, wherein the presented retirement information comprises a monthly amount calculated based on the estimated retirement data and the estimated retirement dollar amount.

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

access demographic information of a representative set of customers;

using the set of outflow data and the set of inflow data, correlate the customer with a demographic profile indicating characteristics of other customers similar to the customer;

using the demographic profile, the set of outflow data and the set of inflow data, identify at least one unknown account likely owned by the customer, wherein the at least one unknown account is not associated with the set of outflow data or the set of inflow data; and

determine balance information associated with the at least one unknown account based at least in part on the demographic profile.

8. A computer program product for generating a one-click financial plan for a customer of a financial institution, 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 determine a set of outflow data comprising data corresponding to a plurality of debits originating from one or more accounts owned by the customer;

an executable portion configured to determine a set of inflow data comprising data corresponding to a plurality of credits applied to one or more accounts owned by the customer;

an executable portion configured to determine a set of customer information comprising a customer age;

an executable portion configured to, based at least in part on some of the plurality of debits, identify one or more external customer accounts;

an executable portion configured to, based at least in part on the identified one or more external customer accounts, determine one or more characteristics associated with each of the one or more external customer accounts;

an executable portion configured to calculate, based on the customer age, the set of inflow data and the set of outflow data, an estimated retirement plan comprising an estimated retirement date and an estimated retirement dollar amount; and

an executable portion configured to present retirement information based on the estimated retirement plan to the customer.

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

an executable portion configured to present a one-click financial plan approval request to the customer, wherein the one-click financial plan approval request corresponds to a one-click financial plan based at least in part on the estimated retirement plan; and

an executable portion configured to receive a one-click input from the customer approving the financial plan.

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

an executable portion configured to, in response to receiving the one-click input from the customer, implement the one-click financial plan.

11. The computer program product of claim 8, wherein implementing the one-click financial plan comprises crediting one or more accounts with a regular credit amount based at least on the estimated retirement dollar amount.

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

an executable portion configured to calculate a one-click retirement plan confidence score; and

an executable portion configured to present the confidence score to the customer.

13. The computer program product of claim 8, wherein the presented retirement information comprises a monthly amount calculated based on the estimated retirement data and the estimated retirement dollar amount.

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

an executable portion configured to access demographic information of a representative set of customers;

an executable portion configured to, using the set of outflow data and the set of inflow data, correlate the customer with a demographic profile indicating characteristics of other customers similar to the customer;

an executable portion configured to, using the demographic profile, the set of outflow data and the set of inflow data, identify at least one unknown account likely owned by the customer, wherein the at least one unknown account is not associated with the set of outflow data or the set of inflow data; and

an executable portion configured to determine balance information associated with the at least one unknown account based at least in part on the demographic profile.

15. A method for generating a one-click financial plan for a customer of a financial institution, the method comprising:

determining a set of outflow data comprising data corresponding to a plurality of debits originating from one or more accounts owned by the customer;

determining a set of inflow data comprising data corresponding to a plurality of credits applied to one or more accounts owned by the customer;

determining a set of customer information comprising a customer age;

based at least in part on some of the plurality of debits, identifying one or more external customer accounts;

based at least in part on the identified one or more external customer accounts, determining one or more characteristics associated with each of the one or more external customer accounts;

calculating, based on the customer age, the set of inflow data and the set of outflow data, an estimated retirement plan comprising an estimated retirement date and an estimated retirement dollar amount; and

presenting retirement information based on the estimated retirement plan to the customer.

16. The method of claim 15, further comprising:

presenting a one-click financial plan approval request to the customer, wherein the one-click financial plan approval request corresponds to a one-click financial plan based at least in part on the estimated retirement plan; and

receiving a one-click input from the customer approving the financial plan.

17. The method of claim 15, further comprising:

in response to receiving the one-click input from the customer, implementing the one-click financial plan.

18. The method of claim 15, wherein implementing the one-click financial plan comprises crediting one or more accounts with a regular credit amount based at least on the estimated retirement dollar amount.

19. The method of claim 15, further comprising:

calculating a one-click retirement plan confidence score; and

presenting the confidence score to the customer.

20. The method of claim 15, wherein the presented retirement information comprises a monthly amount calculated based on the estimated retirement data and the estimated retirement dollar amount, the method further comprising:

accessing demographic information of a representative set of customers;

using the set of outflow data and the set of inflow data, correlating the customer with a demographic profile indicating characteristics of other customers similar to the customer;

using the demographic profile, the set of outflow data and the set of inflow data, identifying at least one unknown account likely owned by the customer, wherein the at least one unknown account is not associated with the set of outflow data or the set of inflow data; and

determining balance information associated with the at least one unknown account based at least in part on the demographic profile.