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.