US 2018/0293657 A1Published application

System for utilizing a retirement score to receive benefits

AssigneeBank of America Corporation

InventorsKatherine Dintenfass, Carrie Anne Hanson, Daralyn Marie Nicholson, Cameron Darnell Wadley

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Abstract

Embodiments of the invention are directed to systems, methods, and computer program products utilizing a generated retirement score for use qualification and authorization to receive benefits. In this way, the invention calculates 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, the system displays the retirement score on a retirement planning interface on a user device. Subsequently, the invention parses out the component parts of the retirement score, distributes the parsed scores within the entity to determine benefits available to the user. These benefits may be provide via the planning interface. Finally, the retirement score may be combined with financial assessment scores and provided to third parties for product approval and implementation for user.

Claims18

Dependent claims

A system for utilizing generated retirement scores for benefit presentment, 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:
perform an assessment of assets and liabilities of a user;
determine a financial trend of the user based on the assessment, wherein the financial trend is calculated over a past time period;
transform the financial trend into a retirement score for the user, wherein the retirement score indicates preparedness of the user for retirement at a future predetermined date;
parse the retirement score into individual scores for each of one or more parameters making up the retirement score including individual scores for asset values, liability values, an estimated rates of return, and financial behavior of the user;
distribute the parsed retirement score to systems within the financial institution and store the parsed retirement score within a framework of the systems within the financial institution;
receive communication from one or more of the systems within the financial institution identifying benefits available to the user based on the parsed retirement score;
and
augment the retirement score at one or more historic points in time illustrating user utilization of recommended steps at the one or more historic point in time, wherein augmenting the retirement score further comprises illustrating the augmented retirement score at the one or more historic points in time illustrating an impact of the recommended steps at one or more historic points in time on a current user retirement score.

8 more elements

A computer program product for utilizing generated retirement scores for benefit presentment, the computer program product, within a distributive network for benefit analysis, 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 performing an assessment of assets and liabilities of a user;
an executable portion configured for determining a financial trend of the user based on the assessment, wherein the financial trend is calculated over a past time period;
an executable portion configured for transforming the financial trend into a retirement score for the user, wherein the retirement score indicates preparedness of the user for retirement at a future predetermined date;
an executable portion configured for parsing the retirement score into individual scores for each of one or more parameters making up the retirement score including individual scores for asset values, liability values, an estimated rates of return, and financial behavior of the user;
an executable portion configured for distributing the parsed retirement score to systems within the financial institution and store the parsed retirement score within a framework of the systems within the financial institution;
an executable portion configured for receiving communication from one or more of the systems within the financial institution identifying benefits available to the user based on the parsed retirement score;
and
an executable portion configured for augmenting the retirement score at one or more historic points in time illustrating user utilization of recommended steps at the one or more historic point in time, wherein augmenting the retirement score further comprises illustrating the augmented retirement score at the one or more historic points in time illustrating an impact of the recommended steps at one or more historic points in time on a current user retirement score.

5 more elements

A computer-implemented method for utilizing generated retirement scores for benefit presentment, 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:
performing an assessment of assets and liabilities of a user;
determining a financial trend of the user based on the assessment, wherein the financial trend is calculated over a past time period;
transforming the financial trend into a retirement score for the user, wherein the retirement score indicates preparedness of the user for retirement at a future predetermined date;
parsing the retirement score into individual scores for each of one or more parameters making up the retirement score including individual scores for asset values, liability values, an estimated rates of return, and financial behavior of the user;
distributing the parsed retirement score to systems within the financial institution and store the parsed retirement score within a framework of the systems within the financial institution;
receiving communication from one or more of the systems within the financial institution identifying benefits available to the user based on the parsed retirement score;
and
augmenting the retirement score at one or more historic points in time illustrating user utilization of recommended steps at the one or more historic point in time, wherein augmenting the retirement score further comprises illustrating the augmented retirement score at the one or more historic points in time illustrating an impact of the recommended steps at one or more historic points in time on a current user retirement score.

6 more elements

Dependencies are inferred from the claim text.

Facts

Application: 16/005,221Filed 11 Jun 2018
Priority: 20 Mar 2015
Published: 11 Oct 2018
Term ends: Not estimatedThe source records don’t support an estimate.

Classification3 codes

G06Q 40/06
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: asset management; Financial planning or analysis
G06Q 40/00
Finance
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial

Family

Application14/664,193Continuation · filed 20 Mar 2015
Application16/005,221Continuation
US 10,019,760 B2Related patent
US 10,262,372 B2Related patent
US 2016/0275608 A1Published application
US 2018/0293657 A1This patent

From the US filing history. Foreign family members aren’t listed.