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A Financial VSA Bot that Monitors family member life event changes and recommends financial management actions based on AI.

The VSA Bot reminds busy baby boomers to manage their finances and wealth by integrate social listening and personal financial services.

Photo of Bo Li

Written by

Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

When a life event occurs, people often focus on celebration or mourning. It's also a crazy time where most tasks fall on the 50 and older as they are financially capable and still physically capable as well. For busy baby boomers who have parents to take care of, children and grandchildren to support, my idea will remind them to take financial management action whenever a family life event occurs. For example, remind them to review and update their will when there is a new family member.

When a life event occurs, people often focus on celebration or mourning. It's also a crazy time where most tasks fall on the 50 and older as they are financially capable and still physically capable as well. For busy baby boomers who have parents to take care of, children and grandchildren to support, my idea a Financial VSA bot will remind them to take financial management action whenever a family life event occurs. For example, remind them to review and update their will when there is a new family member, or remind them to send money for a friend's birthday.

The solution has 2 parts:

A. Financial Institutions Configuration:  allows the financial institution to configure and setup the recommendation flow which defines which event to "listen", what's the recommendation, and a landing page that direct user to the financial institutions consumer app.  For example, listen for upcoming birthday, recommend sending money and upon user action redirect to Send Money page.  In phase 2, we can introduce machine learning and AI to auto recommending based on user data.   

B. VSA Bot: provides the user an easy setup of whose social event to watch for,  single sign-on to participating financial apps, notification method, and view family/friends events, get financial management recommendation and "Call to Action" buttons.

The solution also give financial institution an easy "Add-on" that will maximize their app's user adoption and create new clients and opportunities.  The financial institutions like MasterCard could also choose to implement this idea in their consumer app, linking to social accounts and make their apps smart.  As the idea progresses, MasterCard may take the next stage of the idea to add the capability to their Card Issues to add other payment methods, such as gift cards and travel points for gifting. 

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

Poll 50+ people for qualitative data around their financial habits based on family events. Part of the analysis would be to poll them about how often they would use this tool. Additionally, ask if they’d take action on recommendations and research based on: # of family life event occurred in the last year # of financial management actions taken

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

1. Provide insights from financial institutions on their appetite on use this type of tools to drive their user adoption, acquisition and retention. 2. Provide guidance on partnership with financial institution for partnership and piloting. 3. Provide technical guidance on security and compliances requirements.

Tell us about your work experience:

20+ years of Information Management experience focused on business applications (CRM, ERP, HR, Payroll). Extensive experience in Product Management, Information Technology Analysis, Project Management, Business Systems Implementation and Integration, IT operation and process.

Please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!

This idea emerged from

  • An Individual

How would you describe this idea while in an elevator with someone?

The solution is an add-on to existing consumer targeted financial application. With user's authorization, the add-on pulls the user's social application's family and friends life and life changing events, make recommendations and provide user "call to action" capability to take action, such as send money to your uncle on his upcoming birthday.

How might your idea be transferable to a large number of people?

Credit Unions and MasterCard card issuers can try out and leverage the idea, connect to social platforms such as Facebook and try out people's interests and concerns on connect banking apps with social app (one way data integration Social -> Bank) and leverage social data for personal finance management.

How do you plan to measure the impact of your idea?

Impact of the idea would be measured by the following: 1. # of users authorize/permit their financial apps to access their social data via the platform/connector/add-on 2. # of financial institution build in social listening capabilities and leverage the configuration feature to setup recommendation and call to action landing page

What are your immediate next steps after the challenge?

1. Develop a working prototype using Mastercard’s API 2. Use the completed prototype to seek and find a financial institution for sponsorship/partnership.
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Attachments (2)

FinWiz.pptx

For consumers aged 50+: Monitor Social events from family members and alert user to take action on financial matters => Better Financial Management For financial institutions: Provide capabilities to configure Life Event based Recommendations => UserAdoption and New Opportunities

22 comments

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Photo of OpenIDEO
Team

Welcome to the Refinement phase Bo! We've added new Refinement questions to your original submission that we'd love for you to answer. Please check out the Refinement Phase Toolkit for instructions on how to answer the new questions and other recommendations we encourage all idea teams to consider in the upcoming weeks.

Refinement Phase Toolkit: http://ideo.pn/2du9sf7

Lastly, here's a useful tip: When you update the content of your post, it'd be helpful to indicate this in your idea title by adding an extension. For example, you can add the extension " - Update: Experience Maps 12/21" to you idea title. This will be a good way to keep people informed about how your idea is progressing!

Photo of Sarah Lee
Team

Hi, is it possible for me to have access to edit? Or is this something that Bo would have to do? I am working with Bo to finish our entry during the refinement process. Thank you!

Photo of Kate Rushton
Team

Hi Sarah,

Sorry I have only just picked up on this post. Unfortunately, only Bo's account can be used to amend the idea. However, you could share login details or amend offline and have Bo upload the amendments.

Photo of Abdulaziz Mohamud
Team

Very interesting concept! Using technology to personalise users experiences using information that is regularly updated online will allow for the system to seem less robotic and will allow a sense of rapport to be established. However it would be interesting to see what users would think about their personal data and that of close relations to be monitored.

Photo of Bo Li
Team

Thanks Abdulaziz! Yes, privacy issues definitely need to be addressed. It's one thing to have applications like OPENIDEO pull our user info upon register and use it as a starting point to build our profile. However it's another thing to have the app keeps pulling information from Facebook. From technology feasibility perspective, Facebook has "event" API for applications to pull user data with user's approval, therefore I think the technology on security and authorization is mature enough at the moment for this idea.

Photo of Kate Rushton
Team

Hi Bo, interesting post!

It really ties in with Life can be a pickle for the sandwich generation. and the changing and conflicting demand on this generation.
How would you incentivise people to update their social media accounts? How would you assure people who may have concerns around cyber security?

Is there any chance you could find an image to go along with your post? Images help grab attention and tell a story. You should be able to use the Edit Contribution button on the top of your post and follow the instructions to add images from there. Looking forward to seeing more of your inspiring insights on OpenIDEO.

Photo of Bo Li
Team

Kate,

Yes I just checked out the article and it ties together. I just added several key wireframes to the idea and please let me know if it helps illustrate the solution. I think more and more innovations are going to leverage the social posting of life events and provide value to the user community and in turn drive people to make updates on their social accounts to take advantage of the digital value chain. Also, in this age of change and transformation, people become more and more adopted to use mobile to manage their financials, view and manage bank accounts, executing stock trades, as long as the app partners with the right financial companies, people would be more adopted to leverage mobile apps.

Photo of Natalie LeRoy
Team

Hi Bo, love this point of people tying together social events with financial reminders through AI. Makes perfect sense, like the link between dates being set up in messages and then instated as calendar events. If AI is able to synthesize how small social details impact financial futures it can significantly reduce the cognitive load of older generations balancing multiple platforms for managing tasks on their devices. Great work!

Photo of Bo Li
Team

Natalie, sorry I just saw your post - still getting used to the platform. Thank you so much for the comment!

Photo of Stacy
Team

Hi Bo,
Your wireframe design is terrific - clean, easy to read.
Where are you pulling the social / life event data from? For example, the birth of the grandchild?
Have you already addressed the cyber-security issue of having beneficiary and other sensitive information accessible on a phone?
Would appreciate your team's thoughts on New Chapter. Please take a look. Thanks, Stacy

Photo of Bo Li
Team

Most social media sites provide APIs to pull authorized data such as Friends profile info such as birth days. You have brought up a very important topic - cyber-security. As we develop the solution, we need to build tight authentication methods such as identity verification using progressive indicative data only the user has access to before showing the complete info. Also the notification alerts should only show non-sensitive data, for example only say the first name of the relative and their birthday (without the year) like Facebook text reminders. The additional feature of our alerts will take the user to the Action link - such as login to bank site and upon success login, show send money link.

Photo of Stacy
Team

Hi Bo, so happy to be of help. The use of mobile alerts is one of the features of my desktop financial life decision service for CU members. Linking to a desktop may obviate many of cyber-security and client information protection issues. As well, in working in financial firms around the world the importance of protection of client information, the archiving of communications (email, text and social media) for regulatory compliance is a critical issues. Think HIPPA for financial services. Look forward to your feedback on New Chapter. Best, Stacy

Photo of Bo Li
Team

Stacy, mind to send the link to the new Chapter? I am still new to the site. Thanks

Photo of Kate Rushton
Team

Hi Bo!

I think Stacy meant to link to her idea which she has updated - Take the guesswork out of achieving financial dreams with interactive decision tool&execution[update:user journey,persona, opportunity 1/11] 

Photo of Kate Rushton
Team

Hi Bo!

Thank you for adding the wireframes. It really helps to picture the user journey.

Have you seen these articles? I thought I should highlight them just in case you hadn't seen them:

http://www.needtagger.com/life-events-social-media-reaching-customers-when-they-need-you-the-most/
http://www.marketingprofs.com/charts/2015/28629/what-people-say-on-social-media-during-big-life-events

It would be interesting to find a 50 to 65-year-old and ask them about their social media use and their decedents in terms of the sites they use, how often their update life events etc.

Photo of Bo Li
Team

Thanks Kate. I did some research and found out that more and more 50 to 65 year olds are sticking with Facebook while some of the younger generation started to move to other social media apps such as snapchat. Regardless, social media usage are growing overall while users migrate to various newer/better sites. The solution would need to keep up with the latest and continue refine.

Photo of Jack Boyle
Team

Hi Bo!

Be sure to include the capability for the user to add financial institution information and include it as part of the alert. That way the user is not only reminded about what needs to be done, but also how to do it: website address, agent name, account number, branch location, other notes, etc. I'd be more likely to address it immediately if I didn't have to go someplace else to remember how to do it. Good luck!

Photo of Bo Li
Team

Jack Boyle Hi Jack,

Thank you so much for the input - yes getting the "how" is very important and more importantly make it easy. I will take your input to the refinement!

Photo of Kate Rushton
Team

Hi Bo and team!

I hope you had a good start to the year.

Have you thought about how you could get feedback on your idea? A good example is from the beneficiary feedback video - https://www.youtube.com/watch?v=mumEiw9I-Y8 - for the Markit Opportunity idea in a past challenge - https://challenges.openideo.com/challenge/agricultural-innovation/improve/markit-opportunities-for-smallholder-farmers

A good example of user feedback testing is from a finalist from our previous challenge on food waste - Cobuy - Group buying software that helps people buy good food at good prices, together. This is a link to the idea - https://challenges.openideo.com/challenge/food-waste/top-ideas/cobuy-group-buying-software-that-helps-people-buy-good-food-at-good-prices-together and a link to the feedback from users - https://docs.google.com/spreadsheets/d/15FI9_uWUMsfppnoDHw0PRutAx53zVLOIjr6wmQExxIU/edit#gid=0

Photo of Kate Rushton
Team

Hi Bo!

I look forward to seeing how this idea develops in the refinement phase.

Photo of Bo Li
Team

Kate, thank you so much for the feedback and suggestions. I will work with my team to refine it and thanks in advance for your support!

Photo of Bo Li
Team

Love to hear everyone's feedback - especially suggestions and concerns so we can refine the idea.