Description:
METHOD AND SYSTEM FOR RECOMMENDING A FINANCIAL PLAN
PRIORITY STATEMENT
[0001] The present application claims priority under Section 54 of the Indian Patents Act, 1970 (as amended) to Indian patent application number 202221049349 filed on August 30, 2022, the entire contents of which are incorporated herein by reference.
FIELD
[0002] The present invention relates to financial services, and more particularly to a method and system for recommending financial solutions in the form of financial plans.
BACKGROUND
[0003] Financial planning is a critical aspect of an individual’s overall well-being, yet studies reveal that 71% of individuals are curious to learn more about thorough financial planning. However, the information they typically receive is disproportionately focused on asset investing, neglecting other equally important components of financial planning. This limited approach fails to provide a comprehensive view, leaving many crucial elements of financial well-being unaddressed. Moreover, there is currently no established method to evaluate the compatibility of financial products with an individual’s personality type, further exacerbating the problem.
[0004] The current financial advisory models are fundamentally flawed in how they profile investors and provide recommendations. Investor risk profiling today is largely based on factors that offer an incomplete picture of an individual's financial and psychological state. Commonly used parameters include income and age to gauge risk appetite, financial goals and interim cash inflows to assess required risk levels, and inadequate questionnaires to measure the willingness to take risks. This approach results in superficial client segmentation into groups such as conservative, balanced, and aggressive, which do not adequately account for the nuanced behavioural patterns that often drive investment decisions. Consequently, these profiles fail to capture the full spectrum of factors influencing an individual's financial behaviour.
[0005] Further, current advisory practices often rely on standardized asset allocation models that apply modern portfolio theory to diversify investments based on predefined risk profiles. This conventional approach overlooks the variability in how different individuals react to the same asset allocation. For instance, two individuals with similar risk profiles may experience vastly different emotional responses to the same investment strategy—one may feel secure, while the other may feel anxious. The lack of personalized advice fails to foster financial peace of mind, which is crucial for long-term financial well-being. As a result, investors are often placed into generic strategies without adequate consideration of their unique emotional and behavioural tendencies.
[0006] Existing financial advisory tools do not adequately address holistic financial planning. They often fail to educate investors about the broader aspects of financial well-being, such as managing expenses, liabilities, cash flows, and insurance needs (both life and well-being). There are no mechanisms in place to evaluate and rank financial products based on their compatibility with an individual’s overall financial plan or to guide investors in making incremental changes toward achieving financial stability. The advisory models thus fall short in providing comprehensive, personalized, and practical financial solutions. Despite well-documented evidence of the relationship between personality traits and financial outcomes, there remains a disconnect between academic research and actual financial advisory practices. This gap leads to the persistent problem of inadequate financial planning that fails to cater to the holistic needs of individuals. Further, existing methods and systems that offer financial recommendations are not trained to capture the psychological aspect of a person.
[0007] To address these challenges, there is a clear need for a new method and system of financial planning that goes beyond conventional asset allocation models and superficial risk profiling. An innovative solution is required that incorporates a thorough assessment of an individual’s psychological profile, emotional responses, and unique financial circumstances. Such a solution should aim to provide tailored financial advice that aligns with the investor’s personality, enhances their peace of mind, and facilitates a pathway to long-term financial well-being. Hence, an alternative method and system for providing financial recommendations in the form of a financial plan is disclosed.
SUMMARY
[0008] The following summary is illustrative only and is not intended to be in any way limiting. In addition to the illustrative aspects, example embodiments, and features described, further aspects, example embodiments, and features will become apparent by reference to the drawings and the following detailed description.
[0009] Briefly, according to an example embodiment, a computer-implemented method for providing a financial plan to a user is disclosed. The method includes receiving, by one or more processors, a plurality of inputs related to the financial condition of the user. The plurality of inputs includes a personal identification data, personal data, total income, a plurality of expenses, financial portfolio data, emergency funds, a life event, a life interest of the user and a combination thereof. In an embodiment, the plurality of inputs is received via a computing device in response to one or more questions posed to the user. In another embodiment, the plurality of inputs can be derived from user data stored in a repository or a user database.
[0010] The method further includes identifying, by the one or more processors, a profile of the user based on the plurality of inputs, wherein the profile comprises a money sign, a generation profile, and a life stage of the user. The money sign is indicative of a psychological profile, a financial behaviour, a financial attitude and a personality of the user, and is derived from one or more of the plurality of inputs. For example, the personal data, the personal identification data and a spending profile of the user can be used to derive a financial attitude and financial behaviour of the user. Further, the response of the user to one or more psychological questions can provide information regarding the mental state and attitude of the user.
[0011] The generation profile is a financial category identified for the user based on financial data derived from the plurality of inputs, where the financial data comprises a total income, a net worth , a state of residence, a per-captia income of the state of residence, a number of dependents, a number of earning members in a family, a ratio of household expenses to the total income of the user, a percentage of safe deposits, a percentage of mainstream instruments, and a percentage of alternative investments. Further, the life stage of the user can be one of a building phase, a growth phase, a sustainability phase, a pre-retirement phase and a retirement phase. In an embodiment, the life stage of the user is identified from data derived from the plurality of inputs, where the data includes a current age of the user, a retirement age of the user, a work profile of the user, and a stage of development in professional growth.
[0012] The method further includes applying, by the one or more processors, a financial behaviour model to the profile of the user and the plurality of inputs to obtain a financial score for the user. The financial score is also referred to as a financial behaviour score and is used interchangeably in the document. Typically, the financial score indicates an overall financial well-being of the user. In an embodiment, applying the financial behaviour model to the profile of the user includes determining an actual value for each financial metric of the financial behaviour model based on the plurality of inputs; and obtaining the financial score by combining a plurality of actual values corresponding to the plurality of financial metrics.
[0013] The financial behaviour model comprises a matrix of a plurality of financial metrics and a plurality of generation profiles for each life stage. Typically, in a financial behaviour model a generation profile for a life stage is mapped to a weighted combination of the plurality of financial metrics, and each financial metric is mapped to an ideal value within the generation profile for the life stage. Typically, the weighted combination, the ideal value, a minimum threshold, and a maximum threshold of the each financial metric is based on the generation profile, the life stage and one or more macroeconomic factors, and wherein the weighted combination, the ideal value, the minimum threshold and maximum threshold of the each financial metric is updated based on a change in the one or more macroeconomic factors.
[0014] The method further includes, providing, by the one or more processors, the financial plan to the user based on the profile of the user, and a comparison of the financial score with an ideal financial score, wherein the ideal financial score is recommended by the financial behaviour model based on the profile of the user. In an embodiment, the method includes obtaining the ideal financial score for the user by combining a plurality of ideal values corresponding to the plurality of financial metrics defined for the generation profile and the life stage of the user. The provisioning of the financial plan, further includes comparing the actual value of the each financial metric with an ideal value of the each financial metric defined within the generation profile and the life stage identified for the user; and deriving one or more implications based on a difference between the actual value and the ideal value of the each financial metric, a weighted combination of the plurality of actual values, and a difference between the financial score and the ideal financial score, wherein the one or more implications is used for providing the financial plan.
[0015] Typically, the financial plan includes one or more recommendations of financial products, to match the financial score to the ideal financial score or increase the financial score more than the ideal financial score, if the financial score is found to be less than the ideal financial score. The one or more recommendations of one or more financial products is based on a set of predefined rules associated with the profile of the user.
[0016] In an embodiment, the financial behaviour model incudes a set of predefined rules for each profile of the user, where the set of predefined rules comprise set of combinations of the plurality of financial metrics and ideal values of each financial metric in each combination for obtaining the ideal financial score; a set of implications of a value of a financial metric in a combination; and recommendations of one or more financial products for each combination of a plurality of actual values corresponding to the plurality of the financial metrics for the each profile, to obtain an ideal financial score.
[0017] According to another embodiment, a system for providing financial plan is proposed. The system includes an input module, a user profile module, and a financial behaviour model. The input module receives a plurality of inputs related to a financial condition of the user. The user profile module is configured to identify a profile of the user based on the plurality of inputs, wherein the profile comprises a money sign, a generation profile and a life stage of the user. Further, the financial behaviour model includes a matrix that maps a plurality of financial metrics, to a plurality of generation profiles for each life stage, wherein a generation profile for a life stage is mapped to a unique weighted combination of the plurality of financial metrics. Each financial metric for a generation profile and life stage, is assigned an ideal value. Further, the financial behaviour model is configured to determine a financial score of the user based on the generation profile and the life stage of the user, and the plurality of inputs. The financial behaviour model also recommends an ideal financial score for the user based on the profile of the user; and provides the financial plan to the user based on the profile of the user, and a comparison of the financial score with an ideal financial score.
[0018] In an embodiment, the financial behaviour model updates a unique weighted combination of the plurality of financial metrics, an ideal value for the each financial metric, a minimum threshold and a maximum threshold of the each financial metric of each generation profile for each life stage, when a predefined change in one or more macroeconomic factors is detected. The financial behaviour model determines an actual value for each financial metric of the financial behaviour model based on the plurality of inputs; and obtains the financial score by combining a plurality of actual values corresponding to the plurality of financial metrics.
[0019] Further, financial behaviour model obtains an ideal financial score for the user by combining a plurality of ideal values corresponding to the plurality of financial metrics defined for the generation profile and the life stage of the user; compares the actual value of the each financial metric with an ideal value of the each financial metric defined within the generation profile and the life stage identified for the user; derives one or more implications based on a difference between the actual value and the ideal value of the each financial metric, a weighted combination of the plurality of actual values, and a difference between the financial score and the ideal financial score; and provides the financial plan comprising one or more recommendations of financial products to increase the financial score to or beyond the ideal financial score or to maintain the financial score within an optimum range, based on the one or more derived implications.
[0020] In an embodiment, the financial behaviour model comprises a set of predefined rules for each profile of the user. In an example, the set of predefined rules include a set of combinations of the plurality of financial metrics and ideal values of each financial metric in each combination for obtaining the ideal financial score. The set of predefined rules also includes a set of implications of a value of a financial metric in a combination; and recommendations of one or more financial products for each combination of a plurality of actual values corresponding to the plurality of the financial metrics for the each profile, to obtain an ideal financial score.
[0021] These and other embodiments of the present disclosure are discussed in further detail hereinbelow.
BRIEF DESCRIPTION OF THE FIGURES
[0022] These and other features, aspects, and advantages of the example embodiments will become better understood when the following detailed description is read with reference to the accompanying drawings in which like characters represent like parts throughout the drawings, wherein:
[0023] FIG. 1 illustrates a system to provide a financial plan to a user, according to an example embodiment;
[0024] FIG. 2 is a block diagraph of a user profile module of the system of FIG. 1, according to an example embodiment;
[0025] FIG. 3 illustrates a financial behaviour model of the system of FIG .1, according to an example embodiment;
[0026] FIG. 4 is a flowchart illustrating a method for providing a financial plan to a user, according to an example embodiment;
[0027] FIG. 5 is a flowchart illustrating a method for providing a financial plan to a user, according to an example embodiment;
[0028] FIG. 6 is a block diagram of an embodiment of a computing device in which the modules of the system of FIG. 1, described herein, are implemented.

DETAILED DESCRIPTION OF EXAMPLE EMBODIMENTS
[0029] The drawings are to be regarded as being schematic representations and elements illustrated in the drawings are not necessarily shown to scale. Rather, the various elements are represented such that their function and general purpose become apparent to a person skilled in the art. Any connection or coupling between functional blocks, devices, components, or other physical or functional units shown in the drawings or described herein may also be implemented by an indirect connection or coupling. A coupling between components may also be established over a wireless connection. Functional blocks may be implemented in hardware, firmware, software, or a combination thereof.
[0030] Various example embodiments will now be described more fully with reference to the accompanying drawings in which only some example embodiments are shown. Specific structural and functional details disclosed herein are merely representative for purposes of describing example embodiments. Example embodiments, however, may be embodied in many alternate forms and should not be construed as limited to only the example embodiments set forth herein.
[0031] Accordingly, while example embodiments are capable of various modifications and alternative forms, example embodiments are shown by way of example in the drawings and will herein be described in detail. It should be understood, however, that there is no intent to limit example embodiments to the particular forms disclosed. On the contrary, example embodiments are to cover all modifications, equivalents, and alternatives thereof. Similarly, like numbers refer to like elements throughout the description of the figures.
[0032] Before discussing example embodiments in more detail, it is noted that some example embodiments are described as processes or methods depicted as flowcharts. Although the flowcharts describe the operations as sequential processes, many of the operations may be performed in parallel, concurrently or simultaneously. In addition, the order of operations may be re-arranged. The processes may be terminated when their operations are completed but may also have additional steps not included in the figure. The processes may correspond to methods, functions, procedures, subroutines, subprograms, etc.
[0033] Specific structural and functional details disclosed herein are merely representative for purposes of describing example embodiments. Inventive concepts may, however, be embodied in many alternate forms and should not be construed as limited to only the example embodiments set forth herein.
[0034] It will be understood that, although the terms first, second, etc. may be used herein to describe various elements, these elements should not be limited by these terms. These terms are only used to distinguish one element from another. For example, a first element could be termed a second element, and similarly, a second element could be termed a first element, without departing from the scope of example embodiments. As used herein, the term "and/or" includes any, and all combinations of one or more of the associated listed items. The phrase "at least one of" has the same meaning as "and/or".
[0035] Further, although the terms first, second, etc. may be used herein to describe various elements, components, regions, layers and/or sections, it should be understood that these elements, components, regions, layers and/or sections should not be limited by these terms. These terms are used only to distinguish one element, component, region, layer, or section from another region, layer, or section. Thus, a first element, component, region, layer, or section discussed below could be termed a second element, component, region, layer, or section without departing from the scope of inventive concepts.
[0036] Spatial and functional relationships between elements (for example, between modules) are described using various terms, including “connected,” “engaged,” “interfaced,” and “coupled.” Unless explicitly described as being “direct,” when a relationship between first and second elements is described in the above disclosure, that relationship encompasses a direct relationship where no other intervening elements are present between the first and second elements, and also an indirect relationship where one or more intervening elements are present (either spatially or functionally) between the first and second elements. In contrast, when an element is referred to as being "directly” connected, engaged, interfaced, or coupled to another element, there are no intervening elements present. Other words used to describe the relationship between elements should be interpreted in a like fashion (e.g., "between," versus "directly between," "adjacent," versus "directly adjacent," etc.).
[0037] The terminology used herein is for the purpose of describing particular example embodiments only and is not intended to be limiting. As used herein, the singular forms "a," "an," and "the," are intended to include the plural forms as well, unless the context clearly indicates otherwise. As used herein, the terms “and/or” and “at least one of” include any and all combinations of one or more of the associated listed items. It will be further understood that the terms "comprises," "comprising," "includes," and/or "including," when used herein, specify the presence of stated features, integers, steps, operations, elements, and/or components, but do not preclude the presence or addition of one or more other features, integers, steps, operations, elements, components, and/or groups thereof.
[0038] It should also be noted that in some alternative implementations, the functions/acts noted may occur out of the order noted in the figures. For example, two figures shown in succession may in fact be executed substantially concurrently or may sometimes be executed in the reverse order, depending upon the functionality/acts involved.
[0039] Unless otherwise defined, all terms (including technical and scientific terms) used herein have the same meaning as commonly understood by one of ordinary skills in the art to which example embodiments belong. It will be further understood that terms, e.g., those defined in commonly used dictionaries, should be interpreted as having a meaning that is consistent with their meaning in the context of the relevant art and will not be interpreted in an idealized or overly formal sense unless expressly so defined herein.
[0040] Spatially relative terms, such as “beneath”, “below”, “lower”, “above”, “upper”, and the like, may be used herein for ease of description to describe one element or feature’s relationship to another element(s) or feature(s) as illustrated in the figures. It will be understood that the spatially relative terms are intended to encompass different orientations of the device in use or operation in ‘addition to the orientation depicted in the figures. For example, if the device in the figures is turned over, elements described as “below”, or “beneath” other elements or features would then be oriented “above” the other elements or features. Thus, term such as “below” may encompass both an orientation of above and below. The device may be otherwise oriented (rotated 90 degrees or at other orientations) and the spatially relative descriptors used herein are interpreted accordingly.
[0041] Portions of the example embodiments and corresponding detailed description may be presented in terms of software, or algorithms and symbolic representations of operation on data bits within a computer memory. These descriptions and representations are the ones by which those of ordinary skill in the art effectively convey the substance of their work to others of ordinary skill in the art. An algorithm, as the term is used here, and as it is used generally, is conceived to be a self-consistent sequence of steps leading to a desired result. The steps are those requiring physical manipulations of physical quantities. Usually, though not necessarily, these quantities take the form of optical, electrical, or magnetic signals capable of being stored, transferred, combined, compared, and otherwise manipulated. It has proven convenient at times, principally for reasons of common usage, to refer to these signals as bits, values, elements, symbols, characters, terms, numbers, or the like.
[0042] At least one example embodiment is generally directed to techniques for providing or recommending a financial plan to a plurality of users. In particular, the embodiments disclose a system that includes a machine learning model referred to as a financial behavior model, that is trained on a plurality of inputs relating to a financial condition of the plurality of users. The financial behavior model is trained to providing a personalized financial plan to each user. The system is designed to receive various inputs related to a user's financial condition, attitude, psychological behaviour, lifespan planning, and life stage to create a comprehensive user profile. It then applies a financial behaviour model to this profile and inputs to generate a financial score. The financial score is also referred to as a financial behaviour score and is used interchangeably in the document. By comparing this score to an ideal financial score recommended for the user's profile, the system provides a tailored financial plan. This plan includes personalized recommendations of financial products or strategies aimed at improving the user's financial score, thereby enhancing their financial stability. Additionally, the financial plan considers the user's emotional well-being and mental state, ensuring that the recommendations align with their personality, life stage, and long-term planning goals, promoting overall financial and emotional stability.
[0043] The disclosed embodiments focus on techniques for providing or recommending a financial plan to a user, with a particular emphasis on leveraging machine learning models trained on a variety of user inputs related to financial conditions. The present disclosure provides a system and method aimed at customizing financial plans based on individual user profiles, which are created by gathering a range of inputs concerning the user’s financial condition, attitude, psychological behaviour, lifespan plan, and life stage.
[0044] The system operates by receiving these inputs from the user and then identifying a comprehensive profile that reflects not only their financial situation but also their broader personal attributes, such as behaviour and planning tendencies. A financial behaviour model is applied to the user’s profile and the input data, generating a financial score. This financial score is compared to an ideal financial score determined by the system for that particular user profile. Based on this comparison, the system generates a tailored financial plan, which includes one or more recommendations of financial products or strategies to bring the financial score up to or more than the ideal financial score.
[0045] A unique aspect of this embodiment is that the financial plan is designed to improve the user’s financial score, which corresponds to an improvement in their financial condition and stability. The ultimate goal is to help the user achieve or surpass the ideal financial score, which reflects optimal financial well-being. Additionally, the system takes into account of the user’s emotional well-being and mental state by ensuring that the recommendations are aligned with their personality, generation, life stage, and future planning. This personalized approach ensures that the financial plan is not only financially effective but also emotionally reassuring for the user as they follow the recommendations, promoting a sense of financial and psychological stability.
[0046] FIG. 1 illustrates a system (100) for providing a financial plan (108) to a user (110). The system (100) includes one or more modules such as an input module (102), a user profile module (104), and a financial behaviour model (106). While the system (100) is depicted as a centralized unit with the one or more modules directly connected, the embodiment also envisages other flexible modes of deployment. For example, the one or more modules can be hosted on a distributed network, such as a cloud service, allowing for scalability, remote access, and efficient data processing across multiple locations. This architecture ensures that the system (100) can handle large volumes of data and provide real-time financial insights regardless of physical hardware limitations, enabling a more adaptable and resource-efficient solution for delivering personalized financial plans.
[0047] As shown, the input module (102) receives a plurality of inputs (112a-112n) from the user (110). Typically, the plurality of inputs (112a-112n) relates to the financial condition of the user (110). In an embodiment, the plurality of inputs (112a-112n) is received from the user (110) via a user interface (116) in response to one or more questions posed to the user by the input module (102). The user interface (116) may be an interactive display associated with a computing device being used by the user (110) or a display associated with a computing device at a financial institution, at which a financial institution associate, and the user (110) collaborate. The questions are posed to the user, and the financial associate enters the plurality of inputs (112a-112n) into the computing device. In another embodiment, the plurality of inputs (112a-112n) is retrieved from user data stored in a repository or a user database. The user database may be a database of the financial institution implementing the system (100) or the financial behaviour model (106).
[0048] Example of the plurality of inputs include but are not limited to at least one of a personal identification data, personal data, a lifestyle plan, a total income, a plurality of expenses, financial portfolio data, emergency funds, a life event, and a life interest of the user. The lifestyle plan includes but is not limited to desires, objectives, requirements of the user and a desired standard of living. The lifestyle plan include basic living habits of the user, requirements, needs and desires of the user. In specific embodiments of the invention, the plurality of inputs that the system processes relate to various aspects of a user’s financial and personal life. These inputs can include, but are not limited to, information about the user's financial behaviour, financial attitude, financial portfolio data, life events, the lifestyle plan, life interests, personal data, and psychological attitude. The system takes a holistic view of the user’s financial condition by analysing each of these categories to provide tailored financial recommendations.
[0049] The financial behaviour data encompasses the user’s preferences in handling financial transactions, such as their banking habits. For instance, this could include where the user prefers to bank, how they access banking services (e.g., through online platforms or physical branches), and how frequently they engage in financial transactions. It also considers the user's spending and purchasing preferences, such as whether they favour credit, debit, or cash payments, and their approach to recurring expenses and one-time purchases.
[0050] The financial attitude of a user includes deeper psychological and behavioural aspects, such as their feelings about financial security. For example, it might assess the user’s comfort level with using automated banking solutions like ATMs, or their overall trust and engagement with financial institutions. This category also explores how actively the user manages their finances, including whether they monitor accounts regularly or have preferences toward specific financial products or services offered by institutions.
[0051] The financial portfolio data refers to the user’s existing financial holdings. This includes the balances in their deposit accounts, ownership of real estate, outstanding mortgage loans, investment portfolios, retirement savings, and other financial assets. By incorporating this data, the system can analyse the user's current financial standing and predict future financial outcomes based on the portfolio’s performance.
[0052] Another crucial input is the emergency fund, which represents the savings the user has set aside for unforeseen events, such as job loss, medical emergencies, or other crises. This information helps the system determine the user's financial preparedness and resilience in the face of unexpected challenges.
[0053] Life events are significant occurrences in the user’s personal or professional life that could influence their financial situation. These events could be past, present, or anticipated, such as educational milestones, marriage, childbirth, or retirement. For example, an upcoming wedding may necessitate significant financial planning, while retirement may require a revaluation of savings strategies and investment decisions.
[0054] The user’s life interests also play a pivotal role in shaping their financial behaviour. Life interests refer to the activities and hobbies that a user is passionate about and that may affect their financial decisions. For instance, if a user has a keen interest in sports, they may allocate a considerable portion of their budget toward purchasing sports equipment, attending games, or maintaining a membership in a sports club. Similarly, other interests, such as education, professional hobbies, or leisure activities, may impact their financial plan by shifting the user's spending focus.
[0055] The user profile module (104) is coupled to the input module (102) to receive the plurality of inputs (112a-112n) and to identify a profile of the user based on one or more of the plurality of inputs (112a-112n). In an embodiment, the profile includes but is not limited to a combination of a money sign, a generation profile and a life stage of the user (110).
[0056] The money sign is typically indicative of a psychological profile, the financial behaviour, the financial attitude and an overall personality of the user. Typically, the money sign serves as an indicator of the user's psychological profile, reflecting their financial behaviour, financial attitude, and overall personality traits related to money management. This aspect of the profile provides insights into how the user approaches financial decisions, their comfort with risk, spending habits, a comfort level of the user with certain financial products, solutions and decisions, and their overall financial outlook.
[0057] The generation profile is a financial category identified for the user (110) based on financial data derived from the plurality of inputs, wherein the financial data comprises a total income, a net worth, a state of residence, a per-captia income of the state of residence, a number of dependents, a number of earning members in a family and a ratio of household expenses to the total income of the user (110), a percentage of safe deposits, a percentage of mainstream instruments, and a percentage of alternative investments. For example, three generation profiles namely generation profile 1, generation profile 2, and generation profile 3 can be identified, by the user profile module (104).
[0058] In an embodiment, a user in the generation profile 1 may have following personality traits: the user may be the primary bread earner in the family, is working hard to provide for the family despite limited education, is earning for basic living sustenance and needs to prioritize stability and security over taking risk with finances. Further, the user has aspirations like providing social security to the family and basic lifestyle to the next generation, and priorities like upgrading existing living facility to one with basic comfort and necessities.
[0059] In an embodiment, a user in the generation profile 2 may have the following personality traits: the user is well-educated, is a skilled professional and is focussed on improving a current lifestyle. Further, the financial behaviour reflects a mentality that saves mindfully to build a reasonable corpus, and that prefers traditional investment options such as bank deposit, mutual funds, insurance plus investment plans and the like. The aspirations of a user in the generation profile 2 include providing a good lifestyle, and education for future generations, and achieving financial freedom to have more control over time. Furthermore, examples of priorities include creating secondary sources of income, buying a quality car and a home with good amenities.
[0060] In an embodiment, a user in the generation profile 3 may have the following personality traits. The user is an early adaptor of new trends and global products and is willing to take high risks in pursuit of potential rewards. Further, the user is focussed on building wealth, and likes experimenting with risky asset classes. The user has aspirations of indulging into luxury purchases and is driven to start new businesses and pursue hobbies as a profession. Further, the user has priorities like growing investment portfolio by investing in alternative assets and staying informed and educated about financial trends and new products.
[0061] For example, generation profile 3 may be associated with such individuals that are belonging to a higher class of a society, and that have less financial overload on them. For example, a business tycoon holding multiple profitable business empires, living in a Tier 1 city of a developed country and having less dependents in his family, would be classified in the generation profile 3. On the other hand, a person belonging to a lower class of a Tier 1 city, having an income at the income level set for lower class strata of the society, having a large number of dependents in his family, would be classified in the generation profile 1. In contrast, a person belonging to a lower class family, but having his own sources of income and huge inherited assets, living in a tier 2 city, and thereby having lesser household expenses, and having no dependent members in the family, would get classified as the generation profile 2.
[0062] The life stage refers to a stage of life that the user (110) is at a current time. For example, the user (110) can be in one of a building phase, a growth phase, a sustainability phase, a pre-retirement phase, or a retirement phase of life. The life stage is identified from data derived from the plurality of inputs (112a-112n). The data includes but is not limited to a current age of the user, a retirement age, a work profile of the user, and a stage of development in professional growth. Usually, the building phase occurs when the user (110) is between 26-35 years of age. The building phase illustrates a time duration when the user just starts working or studying and is set towards building a strong foundation for future. The user can be involved in accumulating skills, figuring our a field of work, taking new roles and responsibilities, and getting a taste of financial independent and stability.
[0063] Further, typically the growth phase occurs when the user (110) is between 36-45 years of age. The growth phase is a period of life when the user (110) can be seen consolidating knowledge and establishing expertise in the field, while simultaneously exploring opportunities to broaden skill set and experience. Incase a person feels saturated and is looking to switch job profiles or build a business he may fall under the growth phase. The growth phase also indicates a person is ready to take calculated risks for wealth creation, which results in more expenses, becoming more financially responsible towards the expenses in the family and towards the dependents in the family.
[0064] Further, the sustainability phase occurs when the user is between 46-55 years of age. The sustainability phase reflects a phase in life when a user’s active income has peaked, and the user is in a leadership role in his work environment. The user has a good financial foundation, is expanding his business or income, and has moved into a managerial or decision making positions in life. Furthermore, the pre-retirement phase occurs usually between 56-60 years of age and reflects the last few years of a person’s professional life, when the user begins delegating responsibilities, reviews retirement options, invests into insurance and estate plans, and prepares to transition to a more relaxed lifestyle and set up a regular inflow of passive income. Lastly, the retirement phase occurs post 60 years of age for most professions and indicates a lifestyle where the person is not earning any active income, is dependent on other members of the family or is financially dependent on passive income. While these phases have been classified on the basis of current age, it is not the only criteria of deciding a life stage of the user.
[0065] Hence, it is to be noted that, only the current age of the user is not the only criteria that decides which life stage the user falls under. For example, a user may have started building his career at a later stage in life say for example at the age of 40 years, due to prior personal commitments, in such a case, even though the user is of 40 years, the life stage applicable to such as user is the building phase. Alternatively, for careers, that have a short life and where a person reaches sustainability early in life, for example a successful sportsperson would reach a pre-retirement phase at the age of 40. In such a case, the pre-retirement phase will begin early on and not between 56-60 years of age. Selection of the profile for the user (110) by the user profile module (104) is explained further with respect to FIG. 2
[0066] FIG. 2 illustrates the user profile module (104) in which a plurality of money signs (204a-204n) is defined. In an embodiment, a plurality of questions relating to a psychological attitude of a person can be posed to the user (110), and the answers received from the user (110) to the questions, can be analysed by the user profile module (104) to determine a scoring on one or more traits of the user (110). Example of traits can include, curiosity level, creativity level, patience, organization, discipline, hyper competition, aggressiveness, satisfaction and anxiety. Based on the scoring achieved on the one or more traits of the user (110), the user profile module (104) shall identify the money sign applicable to the user (110).
[0067] Further, a plurality of generation profiles (206a-206c) is defined, and a plurality of life stages (208a-208e) are defined. For example, generation profile (206a) is generation profile 1, generation profile (206b) is generation profile 2, and generation profile (206c) is generation profile 3. Similarly, life stage (208a) is the building phase, life stage (208b) is the growth phase, life stage (208c) is the sustainability phase, life stage (208d) is the pre-retirement phase and life stage (208e) is the retirement phase. The profile of the user can be a combination of a money sign, a generation profile and a life stage, which is selected from the plurality of money signs (204a-204n), the plurality of generation profiles (206a-206c), and the plurality of life stages (208a-208e). For example, the profile can be a combination of money sign (204b), the generation profile 2 (206b) and the life stage (208a), if the user (110) has a personality akin to the money sign (204b), belongs to the generation profile 2 (206b) and is currently in the life stage (208a) which is the building phase.
[0068] Once the profile of the user (110) is selected, the financial behaviour model (106) determines a financial score for the user (110) based on the plurality of inputs (112a-112n) and the profile of the user (110). The financial behaviour model (106) further recommends an ideal financial score for the user based on the profile of the user. Based on a comparison between the financial score and the ideal financial score of the user, the financial behaviour model (106) recommends a financial plan to the user (110).
[0069] In order to calculate the financial score and the ideal financial score for the user (110), financial behaviour model (106) uses a matrix comprising a mapping of a plurality of financial metrics and a plurality of generation profiles for each life stage. Typically, in the matrix a generation profile for a life stage is mapped to a unique weighted combination of the plurality of financial metrics, and each financial metric for the generation profile for the life stage is assigned a unique ideal value. An example the matrix is shown in FIG. 3.
[0070] FIG. 3 illustrates a matrix (300) used by the financial behaviour model (106). While only one embodiment of the matrix (300) is illustrated herein, it is noted that various configurations of the matrix (300) is envisaged by this disclosure. The matrix (300) includes a column (302) of financial metrics, having the plurality of financial metrics (302a-302p). Example of the plurality of financial metrics include good liabilities-to-total assets metric (302a), bad liabilities-to-total assets (302b), household expense-to-income (302c), good liability linked EMI-to-Income (302d), bad liability linked EMI-to-Income (302e), savings-to-income (302f), equity (302g), real estate (302h), passive income (302i), debt (302j), alternative investments (302k), liquidity-to-expense (302l), well-being insurance (302m), and life insurance-to-income (302n).
[0071] In concept, the plurality of financial metric (302a-302p) help in evaluating a person’s financial performance against three primary areas, expense and liability management, asset allocation and emergency planning. Accordingly, the plurality of financial metrics (302a-302p) is classified under the three primary categories. For example, the good liabilities-to-total assets (302a), the bad liabilities-to-total assets (302b), the household expense-to-income (302c), the good liability linked EMI-to-Income (302d), the bad liability linked EMI-to-Income (302e), and the savings-to-income (302f) financial metrics are classified under the expense and liability management category of personal finance. The equity (302g), the real estate (302h), the passive income (302i), debt (302j), and the alternative investments (302k) financial metrics are covered under the asset allocation category of personal finance. The liquidity-to-expense (302l), the well-being insurance (302m), and the life insurance-to-income (302n) financial metrics are classified under the emergency planning category.
[0072] Generally, the expense and liability management, include evaluating an individual’s ability to manage their expenses and liabilities in a financially sound manner include several key metrics. One crucial aspect is the ability to optimally and responsibly use debt for acquiring valuable, income-generating assets. This involves assessing how well an individual leverages debt to enhance their financial position rather than exacerbate it. Another important metric is the management of high-risk or high-cost liabilities. This includes evaluating whether such liabilities are kept under control and, if incurred, managed effectively to minimize their financial impact. Effective management of these liabilities is essential for maintaining overall financial stability. Consistency in applying a systematic and balanced approach to managing monthly savings and debt repayment is also a critical metric. This reflects an individual's discipline and strategic planning in maintaining regular savings while meeting debt obligations. Finally, the ability to control household and lifestyle expenses is a significant factor. This metric assesses how well an individual manages day-to-day expenditures and lifestyle choices to ensure they remain within their means and support long-term financial well-being. Together, these metrics provide a comprehensive evaluation of an individual's financial management capabilities.
[0073] The asset allocation category of financial metrics is important in assessing an individual's ability to leverage wealth-building opportunities effectively. In this aspect, we evaluate each person’s asset allocation by comparing it to the ideal exposure to various asset classes, such as equities, debt instruments, and real estate, tailored to their specific needs. This evaluation is based on a comprehensive set of hyper-personalized benchmarks derived from extensive quantitative research and data analysis. These benchmarks take into account a range of factors, including the individual’s life stage, generational characteristics, personality type, and the current macroeconomic environment. This approach ensures that the asset allocation recommendations are precisely aligned with the individual's unique financial context and objectives.
[0074] Emergency planning is a the third aspect in evaluating an individual's capacity to handle financial setbacks effectively. This aspect focuses on assessing key data points that reflect an individual's preparedness for unexpected situations. The first metric assessed is the adequacy of liquid assets. This involves evaluating whether an individual has sufficient readily accessible funds to cover emergencies without disrupting their long-term financial stability. Next, we consider the adequacy of well-being insurance coverage. This metric examines whether the individual’s well-being insurance policy provides adequate protection against potential medical expenses, thereby reducing the financial impact of well-being-related emergencies. Finally, we assess the adequacy of life insurance coverage. This evaluates whether the individual has sufficient life insurance to provide financial security for their dependents in the event of their untimely demise. Together, these metrics provide a comprehensive view of how well an individual is prepared to cope with financial setbacks.
[0075] The matrix (300) further includes three generation profiles viz. generation profile 1 (304a), generation profile 2 (304b) and generation profile 3 (304c). Each generation profile is divided into a plurality of life stages. For example, generation profile 1 (304a) is segregated into life stage 1 (306a), life stage 2 (306b), life stage 3 (306c) and life stage 4 (306d). Each of the life stages (306a-306d), of the generation profile 1 (304a) have a different weighted combinations of the plurality of metrices (312a-312p). The ideal weight or ideal value of a financial matric for a particular generation profile and life stage is set by the financial behaviour model (106). For example, an ideal value for the good liabilities-to-total assets metric (302a), for the generation profile 1 (304a) for the life stage 1 (306a) is 2% , whereas an ideal value for the financial metric (302a) for the generation profile 1 (304a) for the life stage 2 (306b) is 7%. The ideal values for the each financial metric (302a-302p) for the plurality of generation profiles (304a-304c), and the plurality of life stages (306a-306d), set by an embedded logic of the financial behaviour model (106), according to the characteristics of the generation profile and life stage of a person. The financial behaviour model (106) is updated such as to change the ideal values of the plurality of financial metrics (302a-302p) across the matrix (300) based on changes in one or more macroeconomic factors. Further, each value of a financial metric has a minimum threshold value and a maximum threshold value, which is updated according to the change in the one or more macroeconomic factors. The ideal values are also updated based on changes in the money sign evaluations.
[0076] Further, the financial behaviour model (106) comprises of a set of predefined rules for each profile of a user. The profile is basically a combination of a generation profile and a life stage. The predefined rules include for each profile a set of combinations of the plurality of financial metrics and ideal values of each financial metric in each combination for obtaining the ideal financial score. Further, the predefined rules include a set of implications for a value of a financial metric in a combination. Accordingly, the actual value of the each financial metric (302a-302p) is compared with an ideal value of the each financial metric (302a-302p) defined within the generation profile and the life stage identified for the user (110). Furthermore, based on a difference between the actual value and the ideal value of the each financial metric, a first set of implications are derived by using the predefined rules as mentioned above. The first set of implication is also based on a weighted combination of the actual values of the plurality of financial metrics (302a-302p).
[0077] For example, if the ideal value of the good liabilities-to-total assets metric (302a) for the generation profile 1 (304a) and the life stage 1 (306a) is 2% and the actual value computed for the user (110) from the plurality of inputs (112a-112n) is 7% which deviates from the ideal value of 2%, the model shall derive an implication based on such deviation. The implication is provided based on the money sign, the generation profile and the life stage of the user.
[0078] Further, an actual value of the each financial metric (302a-302p) is computed by the financial behaviour model (106) based on the plurality of inputs (112a-112n). Further by using the plurality of actual values of the each financial metric (302a-302p) a financial score of the user (110) is identified. Further, by using the ideal values of the plurality of financial metrics (302a-302p) applicable for the profile of the user (110), an ideal financial score for the user (110) is computed. Also, based on a difference between the financial score and the ideal financial score, a second set of implication is derived.
[0079] Based on the first set and the second set of implications the financial behaviour model (106), provides the financial plan comprising one or more recommendations of financial products, where the one or more recommendations are targeted to increase the financial score to or beyond the ideal financial score or to maintain the financial score within an optimum range. Typically, the optimum range lies between the ideal financial score and the maximum financial score. For example, if the ideal financial score computed for a profile of the user is 85, the maximum financial score is 100, and the financial score of the user is 67, then the financial plan shall include recommendations that would help the user to reach the ideal financial score of 85. On the other hand, if the financial score of the user is 85, then the recommendations would aim to help the user to maintain the financial score within the optimum range of 85 to 100.
[0080] In an example, consider a user having a money sign that indicates the user is highly curious, and is a risk taker, that belongs to a generation profile 2 (304b), is at a sustainable phase or life stage 3 (306a), and has still achieved a financial score that is lower than the ideal financial score due to lack of emergency funds. In other words, the user has got a low value for the well-being insurance (302m) financial metric, and the life insurance-to-income (302n) financial metric which deviates significantly from an ideal value assigned to the well-being insurance (302m) financial metric, and the life insurance-to-income (302n) financial metric for the profile of the user. Lack of support from emergency funds, is considered a risky scenario and indicates a poor financial well-being status during times of need, which brings the financial score below the ideal financial score. Further, if the from the plurality of inputs received from the user, the financial behaviour model (106) determines that the expenses towards well-being and medical care of the user have been higher than an average value, the implication derived would be a need for a stronger well-being insurance. Accordingly, the financial behaviour model (106), provides a recommendation of a well-being insurance suitable for the age, well-being and family background of the user which is derivable from the profile of the user. The financial plan can also include a life insurance plan to improve the value of the life insurance-to-income (302n) financial metric. Further, considering the user’s generation profile is generation profile 2 (304b) and it is evident from the actual values of the financial metrics, that the user has invested in assets that create a passive source of income so the recommendation shall be towards creating a higher percentage ratio of passive income assets to total assets. A method of providing a financial plan to a user is explained further with respect to FIG. 4.
[0081] FIG. 4 is a flowchart 400 illustrating a method for providing a financial plan to a user, according to an example embodiment. The method includes the following flow of steps.
[0082] At 402, a plurality of inputs related to a financial condition of a user are received from the user via a user interface of a financial planning system or financial recommendation tool, hereinafter referred to as a system. The system can be hosted on a cloud server and can be accessible by the user via an application running on a computing device such as a mobile phone. The application can pose a plurality of questions to the user to receive the plurality of inputs as answers via the user interface of the computing device. In another embodiment, the plurality of inputs can be retrieved by a user data stored in a user database hosted on the cloud server.
[0083] Examples of the plurality of inputs include personal identification data, personal data, a lifestyle plan, a total income, a plurality of expenses, financial portfolio data, emergency funds, a life event, and a life interest of the user. The lifestyle plan of the user comprises one or more desires, objectives, and requirements of the user. Basically, the lifestyle plan provides information on what kind of hobbies, investment or expenses the user is happy and content with. The information is critical to developing an effective financial plan, as it considers the individual’s preferences, inclinations, and attitudes toward various financial solutions. This approach places particular emphasis on the psychological disposition of the individual when adhering to the financial plan. By ensuring that the financial solution aligns with the individual's comfort and satisfaction, the likelihood of achieving long-term financial stability is significantly enhanced, enabling a more seamless and successful path toward their financial goals. Thereby making the financial plan an effective tool for financial stability among users.
[0084] At 404, a profile of the user is identified based on the plurality of inputs. The profile can include a money sign, a generation profile and a life stage of the user. The money sign is typically derived from inputs that relate to psychological behaviour, attitude and nature of the user. The generation profile relates to a financial category of the user, i.e. whether the user belongs to a lower class, middle class or higher class. Additionally, it also indicates a level of financial stability and comfort the user is in based on his asset ratio, family dependency and aspirations. For example, a person can belong to a lower strata of the society based on his annual income but can still be financially stable and comfortable due to huge inherited assets and no family dependency. The generation profile hence for such a person shall differ from another person belonging to the same lower strata of the society but that has no inherited assets and has a huge family dependency. Some of the factors that are used for deciding a generation profile of the user are a total income, a net worth, a state of residence, a per-captia income of the state of residence, a number of dependents, a number of earning members in a family and a ratio of household expenses to the total income of the user, a percentage of safe deposits, a percentage of mainstream instruments, and a percentage of alternative investments.
[0085] At 406, a financial behaviour model is applied to the profile of the user and the plurality of inputs to obtain a financial score of the user. The financial behaviour model consists of a matrix incorporating multiple financial metrics and generation profiles corresponding to each life stage. Each generation profile is associated with a weighted combination of these financial metrics, where each metric is assigned an ideal value by the financial behavior model. Parameters such as a weighted combination, ideal value, minimum threshold, and maximum threshold for each financial metric are determined by factors such as the money sign, generation profile, life stage, and various macroeconomic factors. Such parameters are dynamically updated in response to changes in the macroeconomic environment. The financial behaviour model also includes a set of predefined rules tailored to each user profile. These rules are designed to guide users towards achieving an ideal financial score by leveraging specific financial metrics.
[0086] Firstly, the model defines a set of combinations for the various financial metrics, along with the ideal values for each metric within these combinations. These combinations serve as a framework for evaluating the user’s financial status and aim to reach the optimal financial score for their profile. Secondly, the model outlines the implications of each financial metric's value within a combination. This provides insights into how variations in individual metrics can influence the overall financial score and help identify areas for improvement or adjustment. Lastly, based on the actual values of the financial metrics for each user profile, the model offers recommendations for relevant financial products. These recommendations are designed to help users optimize their financial position and achieve the ideal financial score tailored to their unique circumstances.
[0087] Applying the financial behaviour model to a user's profile involves determining the actual value for each financial metric from the set of inputs, following the predefined rules established in the model. Once the actual values for the various financial metrics are obtained, they are combined to calculate the user's overall financial score, reflecting their financial position in relation to the model's ideal parameters.
[0088] At 408, the financial plan is provided to the user based on the profile of the user and based on a comparison between the financial score and the ideal financial score. In providing the financial plan to the user, the process begins by determining the ideal financial score. This is achieved by combining a set of ideal values associated with the various financial metrics, which are tailored to the user's generation profile and life stage. These ideal values form the benchmark for evaluating the user's financial standing.
[0089] Next, the actual value of each financial metric is compared to the corresponding ideal value defined for the user's generation profile and life stage. This comparison helps identify any discrepancies between the user's current financial metrics and the ideal benchmarks. Based on the differences between the actual and ideal values for each financial metric, a set of implications is derived. These implications take into account the weighted combination of actual values, the user's money sign, and the gap between the user's financial score and the ideal financial score. This analysis provides a detailed understanding of the user's financial situation.
[0090] Finally, these implications are utilized to develop a tailored financial plan. The plan is designed to address any gaps or areas of improvement, helping the user move closer to their ideal financial score and overall financial stability. The financial plan includes one or more recommendations aimed at increasing the financial score to, or exceeding, the ideal financial score when a deviation is identified. These recommendations are generated based on a set of predefined rules specific to the user's profile. By addressing the discrepancies between the actual and ideal financial scores, the recommendations guide the user toward improving their financial standing and achieving optimal financial outcomes and emotional wellbeing.
[0091] FIG. 5 is a flowchart 500 illustrating a method for providing a financial plan to a user, according to another example embodiment. The method includes the following flow of steps.
[0092] At 502, a plurality of inputs related to a financial condition of a user are received from a user via a user interface or from a user data stored in a repository.
[0093] At 504, a profile of a user is identified based on the plurality of inputs, where the profile comprises a money sign, a generation profile and a life stage of the user.
[0094] At 506, an actual value for each financial metric is determined or derived by using predefined rules of the financial behaviour model and by providing one or more of the plurality of inputs to the financial behaviour model.
[0095] At 508, a financial score of the user is obtained by combining a plurality of actual values corresponding to the plurality of financial metrics.
[0096] At 510, an ideal financial score of the user is obtained by combining a plurality of ideal values, corresponding to the plurality of financial metrics defined for the generation profile and the life stage of the user.
[0097] At 512, the actual value of the each financial metric is compared with an ideal value of the each financial metric defined for the generation profile and the life stage of the user.
[0098] At 514, one or more implications based on a difference between the actual value and the ideal value of the each financial metric, difference between the financial score and the ideal score, and a weighted combination of the plurality of actual values of the financial metrics is derived.
[0099] At 516, a financial plan based on the one or more implications is provided to the user.
[00100] The disclosed method and system offer a multitude of advantages. The financial behaviour score represents a crucial component in the journey toward financial well-being. After gaining insights into personal finances and understanding individual circumstances, the financial behaviour score offers a comprehensive evaluation of how well a financial situation of the user aligns with personal factors that influence life of the user.
[00101] The key advantage of the financial behaviour score is its ability to provide deep, quantifiable insights into financial behaviour. It not only guides decision-making but also prioritizes impactful short-term actions to improve financial well-being. By generating a tailored financial wellness plan, it helps users stay on track toward their financial goals. Ultimately, the financial behaviour score empowers users to make informed and confident decisions, facilitating a successful journey toward financial freedom.
[00102] Further, the financial behaviour model is designed to offer a holistic view of an individual's financial habits and patterns by assessing how their financial decisions align with their personal circumstances. It goes beyond traditional financial metrics by focusing on behavioural aspects, helping individuals understand the "why" behind their financial choices. One of the primary benefits of the financial score is that it provides actionable insights into an individual's financial behaviour. These insights are quantified, making it easier to track progress and identify areas that need improvement. Instead of just offering general advice, the score pinpoints specific actions that can lead to short-term gains and long-term financial well-being.
[00103] For instance, if the financial behaviour score reveals that a person tends to overspend in certain categories, it could recommend practical steps to manage that spending. The financial behaviour score works by weighing various factors such as spending patterns, saving habits, debt management, and investment decisions, all in the context of the individual's personality, life stage, financial goals, and current economic environment. Additionally, the financial behaviour score helps in generating a personalized financial wellness plan. This plan isn’t a one-size-fits-all solution; it is tailored to the individual's unique financial situation. Whether it involves prioritizing debt repayment, increasing savings, or making smart investment choices, the plan helps users stay aligned with their long-term financial goals.
[00104] In essence, the financial behaviour model acts as a financial compass, guiding users on their path to financial freedom. By making data-driven, personalized recommendations, it empowers individuals to make confident decisions, avoid common financial pitfalls, and continuously improve their financial well-being. This proactive approach fosters better financial habits, leading to sustainable financial success over time.
[00105] FIG. 6 is a block diagram of an embodiment of a computing device 600 in which the modules of the system 600 of FIG. 6, described herein, are implemented. The modules of the system 600 described herein are implemented in computing devices. The computing device 600 includes one or more processors 602, one or more computer-readable RAMs 604 and one or more computer-readable ROMs 606 on one or more buses 608. Further, computing device 600 includes a tangible storage device 610 that may be used to execute operating systems 620 and the system 600. The various modules of the system 600 may be stored in tangible storage device 610. Both the operating system 620 and the system 100 are executed by processor 602 via one or more respective RAMs 604 (which typically include cache memory). The execution of the operating system 620 and/or the system 100 by the processor 602, configures the processor 602 as a special purpose processor configured to carry out the functionalities of the operation system 620 and/or the system 100 as described above.
[00106] Examples of storage devices 610 include semiconductor storage devices such as ROM, EPROM, flash memory or any other computer-readable tangible storage device that may store a computer program and digital information.
[00107] Computing devices also include an R/W drive or interface 614 to read from and write to one or more portable computer-readable tangible storage devices 628 such as a CD-ROM, DVD, memory stick or semiconductor storage device. Further, network adapters or interfaces 612 such as a TCP/IP adapter cards, wireless Wi-Fi interface cards, or 3G or 4G wireless interface cards or other wired or wireless communication links are also included in computing device.
[00108] In one example embodiment, the system 100 may be stored in tangible storage device 610 and may be downloaded from an external computer via a network (for example, the Internet, a local area network or other, wide area network) and network adapter or interface 612.
[00109] Computing device further includes device drivers 616 to interface with input and output devices. The input and output devices may include a computer display monitor 618, a keyboard 624, a keypad, a touch screen, a computer mouse 626, and/or some other suitable input device.
[00110] It will be understood by those within the art that, in general, terms used herein, are generally intended as “open” terms (e.g., the term “including” should be interpreted as “including but not limited to,” the term “having” should be interpreted as “having at least,” the term “includes” should be interpreted as “includes but is not limited to,” etc.). It will be further understood by those within the art that if a specific number of an introduced claim recitation is intended, such an intent will be explicitly recited in the claim, and in the absence of such recitation no such intent is present.
[00111] For example, as an aid to understanding, the following appended claims may contain usage of the introductory phrases "at least one" and "one or more" to introduce claim recitations. However, the use of such phrases should not be construed to imply that the introduction of a claim recitation by the indefinite articles "a" or "an" limits any particular claim containing such introduced claim recitation to embodiments containing only one such recitation, even when the same claim includes the introductory phrases "one or more" or "at least one" and indefinite articles such as "a" or "an" (e.g., “a” and/or “an” should be interpreted to mean “at least one” or “one or more”); the same holds true for the use of definite articles used to introduce claim recitations. In addition, even if a specific number of an introduced claim recitation is explicitly recited, those skilled in the art will recognize that such recitation should be interpreted to mean at least the recited number (e.g., the bare recitation of "two recitations," without other modifiers, means at least two recitations, or two or more recitations).
[00112] While only certain features of several embodiments have been illustrated, and described herein, many modifications and changes will occur to those skilled in the art. It is, therefore, to be understood that the appended claims are intended to cover all such modifications and changes as fall within the true spirit of inventive concepts.
[00113] The aforementioned description is merely illustrative in nature and is in no way intended to limit the disclosure, its application, or uses. The broad teachings of the disclosure may be implemented in a variety of forms. Therefore, while this disclosure includes particular examples, the true scope of the disclosure should not be so limited since other modifications will become apparent upon a study of the drawings, the specification. It should be understood that one or more steps within a method may be executed in a different order (or concurrently) without altering the principles of the present disclosure. Further, although each of the example embodiments is described above as having certain features, any one or more of those features described with respect to any example embodiment of the disclosure may be implemented in and/or combined with features of any of the other embodiments, even if that combination is not explicitly described. In other words, the described example embodiments are not mutually exclusive, and permutations of one or more example embodiments with one another remain within the scope of this disclosure.
[00114] The example embodiment or each example embodiment should not be understood as a limiting/restrictive of inventive concepts. Rather, numerous variations and modifications are possible in the context of the present disclosure, in particular those variants and combinations which may be inferred by the person skilled in the art with regard to achieving the object for example by combination or modification of individual features or elements or method steps that are described in connection with the general or specific part of the description and/or the drawings, and, by way of combinable features, lead to a new subject matter or to new method steps or sequences of method steps, including insofar as they concern production, testing and operating methods. Further, elements and/or features of different example embodiments may be combined with each other and/or substituted for each other within the scope of this disclosure.
[00115] Still further, any one of the above-described and other examples features of example embodiments may be embodied in the form of an apparatus, method, system, computer program, tangible computer readable medium and tangible computer program product. For example, the aforementioned methods may be embodied in the form of a system or device, including, but not limited to, any of the structures for performing the methodology illustrated in the drawings.
[00116] In this application, including the definitions below, the term ‘module’ or the term ‘controller’ may be replaced with the term ‘circuit.’ The term ‘module’ may refer to, be part of, or include processor hardware (shared, dedicated, or group) that executes code and memory hardware (shared, dedicated, or group) that stores code executed by the processor hardware.
[00117] The module may include one or more interface circuits. In some examples, the interface circuits may include wired or wireless interfaces that are connected to a local area network (LAN), the Internet, a wide area network (WAN), or combinations thereof. The functionality of any given module of the present disclosure may be distributed among multiple modules that are connected via interface circuits. For example, multiple modules may allow load balancing. In a further example, a server (also known as remote, or cloud) module may accomplish some functionality on behalf of a client module.
[00118] Further, at least one example embodiment relates to a non-transitory computer-readable storage medium comprising electronically readable control information (e.g., computer-readable instructions) stored thereon, configured such that when the storage medium is used in a controller of a magnetic resonance device, at least one example embodiment of the method is carried out.
[00119] Even further, any of the aforementioned methods may be embodied in the form of a program. The program may be stored on a non-transitory computer readable medium, such that when run on a computer device (e.g., a processor), cause the computer-device to perform any one of the aforementioned methods. Thus, the non-transitory, tangible computer readable medium is adapted to store information and is adapted to interact with a data processing facility or computer device to execute the program of any of the above-mentioned embodiments and/or to perform the method of any of the above-mentioned embodiments.
[00120] The computer readable medium or storage medium may be a built-in medium installed inside a computer device’s main body or a removable medium arranged so that it may be separated from the computer device’s main body. The term computer-readable medium, as used herein, does not encompass transitory electrical or electromagnetic signals propagating through a medium (such as on a carrier wave), the term computer-readable medium is therefore considered tangible and non-transitory. Non-limiting examples of the non-transitory computer-readable medium include, but are not limited to, rewriteable non-volatile memory devices (including, for example flash memory devices, erasable programmable read-only memory devices, or a mask read-only memory devices), volatile memory devices (including, for example static random access memory devices or a dynamic random access memory devices), magnetic storage media (including, for example an analog or digital magnetic tape or a hard disk drive), and optical storage media (including, for example a CD, a DVD, or a Blu-ray Disc). Examples of the media with a built-in rewriteable non-volatile memory, include but are not limited to memory cards, and media with a built-in ROM, including but not limited to ROM cassettes, etc. Furthermore, various information regarding stored images, for example, property information, may be stored in any other form, or it may be provided in other ways.
[00121] The term code, as used above, may include software, firmware, and/or microcode, and may refer to programs, routines, functions, classes, data structures, and/or objects. Shared processor hardware encompasses a single microprocessor that executes some or all code from multiple modules. Group processor hardware encompasses a microprocessor that, in combination with additional microprocessors, executes some or all code from one or more modules. References to multiple microprocessors encompass multiple microprocessors on discrete dies, multiple microprocessors on a single die, multiple cores of a single microprocessor, multiple threads of a single microprocessor, or a combination of the above.
[00122] Shared memory hardware encompasses a single memory device that stores some or all code from multiple modules. Group memory hardware encompasses a memory device that, in combination with other memory devices, stores some or all code from one or more modules.
[00123] The term memory hardware is a subset of the term computer-readable medium. The term computer-readable medium, as used herein, does not encompass transitory electrical or electromagnetic signals propagating through a medium (such as on a carrier wave), the term computer-readable medium is therefore considered tangible and non-transitory. Non-limiting examples of the non-transitory computer-readable medium include, but are not limited to, rewriteable non-volatile memory devices (including, for example flash memory devices, erasable programmable read-only memory devices, or a mask read-only memory devices), volatile memory devices (including, for example static random access memory devices or a dynamic random access memory devices), magnetic storage media (including, for example an analog or digital magnetic tape or a hard disk drive), and optical storage media (including, for example a CD, a DVD, or a Blu-ray Disc). Examples of the media with a built-in rewriteable non-volatile memory, include, but are not limited to memory cards, and media with a built-in ROM, including but not limited to ROM cassettes, etc. Furthermore, various information regarding stored images, for example, property information, may be stored in any other form, or it may be provided in other ways.
[00124] The apparatuses and methods described in this application may be partially or fully implemented by a special purpose computer created by configuring a general-purpose computer to execute one or more particular functions embodied in computer programs. The functional blocks and flowchart elements described above serve as software specifications, which may be translated into the computer programs by the routine work of a skilled technician or programmer.
[00125] The computer programs include processor-executable instructions that are stored on at least one non-transitory computer-readable medium. The computer programs may also include or rely on stored data. The computer programs may encompass a basic input/output system (BIOS) that interacts with hardware of the special purpose computer, device drivers that interact with particular devices of the special purpose computer, one or more operating systems, user applications, background services, background applications, etc.
[00126] The computer programs may include: (i) descriptive text to be parsed, such as HTML (hypertext markup language) or XML (extensible markup language), (ii) assembly code, (iii) object code generated from source code by a compiler, (iv) source code for execution by an interpreter, (v) source code for compilation and execution by a just-in-time compiler, etc. As examples only, source code may be written using syntax from languages including C, C++, C#, Objective C, Haskell, Go, SQL, R, Lisp, Java®, Fortran, Perl, Pascal, Curl, OCaml, Javascript®, HTML5, Ada, ASP (active server pages), PHP, Scala, Eiffel, Smalltalk, Erlang, Ruby, Flash®, Visual Basic®, Lua, and Python®.
 
, C , C , C , Claims:We Claim:
1. A computer-implemented method for providing a financial plan to a user, the method comprising:

receiving, by one or more processors, a plurality of inputs related to a financial condition of the user;

identifying, by the one or more processors, a profile of the user based on the plurality of inputs, wherein the profile comprises a money sign, a generation profile and a life stage of the user;

applying, by the one or more processors, a financial behaviour model to the profile of the user and the plurality of inputs to obtain a financial score; and

providing, by the one or more processors, the financial plan to the user based on the profile of the user, and a comparison of the financial score with an ideal financial score, wherein the ideal financial score is recommended by the financial behaviour model based on the profile of the user.

2. The method of claim 1, wherein each of the plurality of inputs comprise at least one of personal identification data, personal data, a lifestyle plan, a total income, a plurality of expenses, financial portfolio data, emergency funds, a life event, and a life interest of the user.

3. The method of claim 2, wherein the money sign is derived from one or more of the plurality of inputs and is indicative of a psychological profile, a financial behaviour, a financial attitude and a personality of the user.

4. The method of claim 2, wherein the generation profile is a financial category identified for the user based on financial data derived from the plurality of inputs, wherein the financial data comprises a total income, a net worth, a state of residence, a per-captia income of the state of residence, a number of dependents, a number of earning members in a family and a ratio of household expenses to the total income of the user, a percentage of safe deposits, a percentage of mainstream instruments, and a percentage of alternative investments.

5. The method of claim 1, wherein the life stage of the user is one of a building phase, a growth phase, a sustainability phase, a pre-retirement phase and a retirement phase; and wherein the life stage is identified from data derived from the plurality of inputs, wherein the data comprises a current age of the user, a retirement age, a work profile of the user, and a stage of development in professional growth.

6. The method of claim 2, wherein the lifestyle plan of the user comprises one or more desires, objectives, and requirements of the user.

7. The method of claim 1, wherein receiving the plurality of inputs further comprises receiving via a user interface the plurality of inputs, wherein the plurality of inputs is received in response to one or more questions posed to the user or from user data stored in a repository.

8. The method of claim 1, wherein the financial behaviour model comprises a matrix of a plurality of financial metrics, and a plurality of generation profiles for each life stage, wherein a generation profile for a life stage is mapped to a weighted combination of the plurality of financial metrics and wherein each financial metric is mapped to an ideal value; and wherein the weighted combination, the ideal value, a minimum threshold, and a maximum threshold of the each financial metric is based on the money sign, the generation profile, the life stage and one or more macroeconomic factors, and wherein the weighted combination, the ideal value, the minimum threshold and maximum threshold of the each financial metric is updated based on a change in the one or more macroeconomic factors.

9. The method of claim 7, wherein the financial behaviour model further comprises a set of predefined rules for each profile of the user, wherein the set of predefined rules comprise:
a set of combinations of the plurality of financial metrics and ideal values of each financial metric in each combination for obtaining the ideal financial score;
a set of implications of a value of a financial metric in a combination; and
recommendations of one or more financial products for each combination of a plurality of actual values corresponding to the plurality of the financial metrics for the each profile, to obtain an ideal financial score.

10. The method of claim 7, wherein applying the financial behaviour model to the profile of the user, further comprises:
determining an actual value for each financial metric from the plurality of inputs by using predefined rules of the financial behaviour model; and
obtaining the financial score by combining a plurality of actual values corresponding to the plurality of financial metrics.

11. The method of claim 9, wherein providing the financial plan to the user further comprises:
obtaining the ideal financial score for the user by combining a plurality of ideal values corresponding to the plurality of financial metrics defined for the generation profile and the life stage of the user;
comparing the actual value of the each financial metric with an ideal value of the each financial metric defined for the generation profile and the life stage identified for the user;
deriving one or more implications based on a difference between the actual value and the ideal value of the each financial metric, a weighted combination of the plurality of actual values, a money sign and a difference between the financial score and the ideal financial score; and
using the one or more implications for providing the financial plan.

12. The method of claim 8, wherein the financial plan comprises one or more recommendations to increase the financial score to or beyond the ideal financial score, when the financial score deviates from the ideal financial score, and wherein the one or more recommendations is based on a set of predefined rules associated with the profile of the user.

13. A system for providing a financial plan to a user, the system comprising:
an input module configured to:
receive a plurality of inputs related to a financial condition of the user;
a user profile module configured to:
identify a profile of the user based on the plurality of inputs, wherein the profile comprises a money sign, a generation profile and a life stage of the user; and
a financial behaviour model comprising a matrix of a plurality of financial metrics, and a plurality of generation profiles for each life stage, wherein a generation profile for a life stage is mapped to a unique weighted combination of the plurality of financial metrics, and wherein each financial metric for the generation profile for the life stage is assigned an ideal value; and wherein the financial behaviour model is configured to:
determine a financial score of the user based on the profile of the user, and the plurality of inputs;
recommend an ideal financial score for the user based on the profile of the user; and
provide the financial plan to the user based on the profile of the user, and a comparison of the financial score with an ideal financial score.
14. The system of claim 12, wherein each of the plurality of inputs comprise at least one of personal identification data, personal data, a lifestyle plan, a total income, a plurality of expenses, financial portfolio data, emergency funds, a life event, and a life interest of the user.

15. The system of claim 13, wherein the money sign is derived from one or more of the plurality of inputs and is indicative of a psychological profile, a financial behaviour, a financial attitude and a personality of the user.

16. The system of claim 13, wherein the generation profile is a financial category identified for the user based on financial data derived from the plurality of inputs, wherein the financial data comprises a total income, a net worth, a state of residence, a per-captia income of the state of residence, a number of dependents, a number of earning members in a family and a ratio of household expenses to the total income of the user, a percentage of safe deposits, a percentage of mainstream instruments, and a percentage of alternative investments.

17. The system of claim 13, wherein the life stage of the user is one of a building phase, a growth phase, a sustainability phase, a pre-retirement phase and a retirement phase; and wherein the life stage is identified from data derived from the plurality of inputs, wherein the data comprises a current age of the user, a retirement age, a work profile of the user, and a stage of development in professional growth.

18. The system of claim 12, wherein the input module is further configured to:

receive the plurality of inputs from one or more of:
the user via a user interface in response to one or more questions posed to the user; and
user data stored in a repository.

19. The system of claim 12, wherein the financial behaviour model, is further configured to:
update a unique weighted combination of the plurality of financial metrics, an ideal value for the each financial metric, a minimum threshold and a maximum threshold of the each financial metric of each generation profile for each life stage, when a predefined change in one or more macroeconomic factors is detected, wherein the weighted combination, the ideal value, the minimum threshold and the maximum threshold for the each financial metric is based on the money sign, the generation profile the life stage of the user and the one or more macroeconomic factors.

20. The system of claim 18, wherein the financial behaviour model further comprises a set of predefined rules for each profile of the user, wherein the set of predefined rules comprise:
a set of combinations of the plurality of financial metrics and ideal values of each financial metric in each combination for obtaining the ideal financial score;
a set of implications of a value of a financial metric in a combination; and
recommendations of one or more financial products for each combination of a plurality of actual values corresponding to the plurality of the financial metrics for the each profile, to obtain an ideal financial score.

21. The system of claim 18, wherein the financial behaviour model is further configured to:
determine an actual value for each financial metric of the financial behaviour model based on the plurality of inputs; and
obtain the financial score by combining a plurality of actual values corresponding to the plurality of financial metrics.

22. The system of claim 20, wherein the financial behaviour model is further configured to:
obtain an ideal financial score for the user by combining a plurality of ideal values corresponding to the plurality of financial metrics defined for the generation profile and the life stage of the user;
compare the actual value of the each financial metric with an ideal value of the each financial metric defined within the generation profile and the life stage identified for the user;
derive a first set of implications based on a difference between the actual value and the ideal value of the each financial metric;
derive a second set of implications based on a weighted combination of the plurality of actual values, and a difference between the financial score and the ideal financial score; and
provide the financial plan comprising one or more recommendations of financial products to increase the financial score to or beyond the ideal financial score or to maintain the financial score within an optimum range, based on the first set and the second set of implications.