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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

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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

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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.

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