Method and system for providing financial services

• US 8,583,523 B2
• Filed: 02/12/2008
• Issued: 11/12/2013
• Est. Priority Date: 02/12/2007
• Status: Expired due to Fees

• Current Assignee: Mia Kim, Mirko Manfredi
• Original Assignee: Mia Kim, Mirko Manfredi
• Inventors: Manfredi, Mirko, Kim, Mia
• Primary Examiner(s): Ebersman, Bruce I
• Assistant Examiner(s): ANDERSON, JOHN A
• Application Number:
  US12/030,046
• Publication Number:
  US 20080195438A1
• Time in Patent Office: 2,100 Days
• Field of Search: 705/38, 705/35
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method and system for providing financial services are described. The method and system include receiving financial information. The financial information includes financial transaction(s) of a user. The method and system also include determining financial advice based on the financial information. The financial advice indicates a change corresponding to the financial transaction(s). The method and system further include displaying the financial advice to the user.

Claims

1. A computer-implemented method to perform financial services comprising:

receiving and storing background financial information in a database coupled with a computer, including a plurality of parameters that include

an income of a user,

a household income associated with said user,

a geographic region where said user lives,

a profession of said user;

receiving financial information pertaining to at least one financial transaction comprising a purchase made by said user and a value of said at least one financial transaction, wherein the at least one financial transaction corresponds to a debit, credit, PIN-based card, signature-based card or stored value card;

determining at least one category for the at least one financial transaction based on the financial information using a standard industrial classification code or SIC code associated with a business associated with said at least one transaction;

calculating an average of a plurality of other financial transactions with said computer for a plurality of other users indexed by said at least one category and said plurality of parameters of said background financial information

ranking the at least one category, the ranking corresponding to a necessity of each of the at least one transaction;

determining financial advice based on the background financial information and the at least one category and the financial information pertaining to the at least one financial transaction,

wherein the financial advice indicates a suggested change in future spending habits corresponding to the at least one financial transaction and said average of said plurality of other financial transactions for said plurality of other users indexed by said at least one category and said plurality of parameters of said background financial information;

graphically displaying at least a portion of the financial information to the user wherein the graphically displaying further includes providing at least one graph indicating an amount spent in each of the at least one category for a particular time;

displaying the financial advice to the user based on said background financial information, said at least one category and said financial information wherein the financial advice includes

a suggestion to change an said amount spent in said at least one category by a particular amount in response to a user query and wherein said user query relates to said user'"'"'s preferences of aggressiveness, such that said user selects an aggressiveness level of very aggressive, aggressive, average or slight changes,

a suggestion to change spending for a particular one of the at least one financial transaction and a cost of said substitute behavior, and

an indication to the user of how much would be saved as a cost comparison of said suggestion to change spending for said particular one of the at least one financial transaction to said value of said at least one financial transaction;

receiving additional financial information associated with another financial transaction made by the user after the financial advice has been displayed to the user;

analyzing the additional financial information to determine whether the user has followed the financial advice;

providing at least one reward to the user if the user has followed the financial advice.

2. The method of claim 1 wherein the at least one card corresponds to a corresponds to the PIN-based card for a portion of the at least one financial transaction and to a and to the signature-based card for a remaining portion of the at least one transaction.

3. The method of claim 1 wherein the displaying further includes:

displaying a character associated with the financial advice.

4. The method of claim 1 wherein the displaying further includes:

displaying the financial advice through a kiosk.

5. The method of claim 1 wherein the displaying further includes:

displaying the financial advice through a personal computing device associated with said user.

6. A computer-implemented method to perform financial services comprising:

receiving and storing background financial information in a database coupled with a computer, including a plurality of parameters that include

an income of a user,

a household income associated with said user,

a geographic region where said user lives,

a profession of said user;

receiving financial information pertaining to at least one financial transaction comprising a purchase made by said user and a value of said at least one financial transaction, wherein the at least one financial transaction corresponds to a debit, credit, PIN-based card, signature-based card or stored value card;

determining at least one category for the at least one financial transaction based on the financial information using a standard industrial classification code or SIC code associated with a business associated with said at least one transaction;

calculating an average of a plurality of other financial transactions with said computer for a plurality of other users indexed by said at least one category and said plurality of parameters of said background financial information;

ranking the at least one category, the ranking corresponding to a necessity of each of the at least one transaction;

determining financial advice based on the background financial information and the at least one category and the financial information pertaining to the at least one financial transaction,

wherein the financial advice indicates a suggested change in future spending habits corresponding to the at least one financial transaction and said average of said plurality of other financial transactions for said plurality of other users indexed by said at least one category and said plurality of parameters of said background financial information;

graphically displaying at least a portion of the financial information to the user wherein the graphically displaying further includes providing at least one graph indicating an amount spent in each of the at least one category for a particular time;

displaying the financial advice to the user based on said background financial information, said at least one category and said financial information wherein the financial advice is displayed on a kiosk or on a personal computer and wherein the financial advice includes

a suggestion to change an said amount spent in said at least one category by a particular amount in response to a user query and wherein said user query relates to said user'"'"'s preferences of aggressiveness, such that said user selects an aggressiveness level of very aggressive, aggressive, average or slight changes,

a suggestion to change spending for a particular one of the at least one financial transaction and a cost of said substitute behavior, and

an indication to the user of how much would be saved as a cost comparison of said suggestion to change spending for said particular one of the at least one financial transaction to said value of said at least one financial transaction;

receiving additional financial information associated with another financial transaction made by the user after the financial advice has been displayed to the user;

analyzing the additional financial information to determine whether the user has followed the financial advice;

providing at least one reward to the user if the user has followed the financial advice.

7. The method of claim 6 wherein the at least one card corresponds to the PIN-based card for a portion of the at least one financial transaction and to the signature-based card for a remaining portion of the at least one transaction.