This invention broadly relates to the field of financial services, and particularly to a system and a method for analysing financial data and generating dynamic reports based on the analysis using computers, hand-held devices, and servers.

BACKGROUND ART OF THE INVENTION

Traditionally, financial plans were solely determined by basic financial factors, such as, an individual's assets, income, expenses, liabilities, and savings. Contrarily, in digital age, financial planning is based on a plethora of factors including the basic financial factors and secondary factors, such as, savings accounts, checking accounts, fixed deposits (FDs), mutual funds, bonds, equities, credit card accounts, mortgage accounts, home equity loans, overdraft protection, and other types of loans. As a result, calculations involved in financial planning have become increasingly complex and taxing.

Hence, computers and hand-held devices are being increasingly used for performing the financial planning. For instance, account holders can check balances in their bank accounts, credit card statements, and pending loan installments using their mobile phones. Further, the account holders can also transfer funds from an account in one bank to an account in another bank.

Current instruments of financial planning are focused on certain financial product like loans, insurances or bank investment schemes. However, there exist multiple factors that may affect the financial planning, including changes in income or expenditure of the individual, fluctuations in inflation rate, applicable tax rates, market performance, and changes in personal lifestyle, such as, a vacation or purchase of a new apartment.

Further, financial health of the individual varies as values of his/her assets, liabilities, investments vary. The values of assets and investments, in turn, vary based on the market performance. Therefore, these values must be taken into consideration while determining the financial health of the individual.

However, the current instruments of financial planning do not consider these factors while calculating the loan instalments, the insurance premium, or the amount of investment, and instead focus only on a single factor. Therefore, the financial health of the individual remains unaccounted for.

Therefore, there is a need for an integrated financial data analysis system that analyses all financial factors related to an individual, takes into account the future financial situation of the individual and determines an integrated financial plan for the individual.

SUMMARY OF THE INVENTION

The objective of the present invention is to analyse financial data and generate dynamic reports based on the analysis. Accordingly, the present invention provides a financial data analysis system including a portable handheld electronic device and a remote or standalone server in communication with the portable handheld electronic device. Here, the portable handheld electronic device may include a cellular phone, a laptop, a tablet, a portable digital assistant (PDA), etc but is not limited to the embodiments mentioned herein.

In an embodiment of the present invention, the portable handheld electronic device includes a memory and a processor. The portable handheld electronic device receives input financial data from a user of the portable handheld electronic device and stores the input financial data in the memory. The input financial data includes information of at least one of loans, assets, income, expenditure, and current financial parameters. The processor processes the input financial data to generate intermediate data. The portable handheld electronic device transmits the intermediate data to the remote server or standalone server. The remote server or standalone server receives the intermediate data and processes the intermediate data to generate result data. The result data includes information of at least one of an income statement, a loan repayment schedule, an investment plan, asset valuation, and estimated financial parameters. The remote server or standalone server transmits the result data to the portable handheld electronic device. The portable handheld electronic device receives the result data and displays the result data to the user as a dynamic report.

The remote server further generates a financial plan for the user of the portable handheld electronic device based on the current and estimated financial parameters. Therefore, the financial data analysis system overcomes the drawbacks of the conventional financial data analysis systems by analysing all the financial parameters corresponding to the user and taking into account the future financial parameters.

BRIEF DESCRIPTION OF THE DRAWINGS

Reference will be made to embodiments of the invention, examples of which may be illustrated in the accompanying figures. These figures are intended to be illustrative, not limiting. Although the invention is generally described in the context of these embodiments, it should be understood that it is not intended to limit the scope of the invention to these particular embodiments:

Figure 1 shows a structural diagram of a financial data analysis system in accordance with an embodiment of the present invention; and

Figure 2 shows a flow chart illustrating a method for performing financial data analysis in accordance with an embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

Although specific terms are used in the following description for the sake of clarity, these terms are intended to refer only to the particular structure of the invention selected for illustration in the drawings, and are not intended to define or limit the scope of the invention. References in the specification to "one embodiment" or "an embodiment" member that a particular feature, structure, characteristics, or function described in connection with the embodiment is included in at least one embodiment of the invention. The appearances of the phrase "in one embodiment" in various places in the specification are not necessarily all referring to the same embodiment.

In general, present invention provides a financial data analysis system including a portable handheld electronic device and a remote server or standalone server in communication with the portable handheld electronic device. The portable handheld electronic device includes a memory and a processor. The portable handheld electronic device receives input financial data from a user and stores the input financial data in the memory. The input financial data includes information of at least one of loans, assets, income, expenditure, and current financial parameters. The processor processes the input financial data to generate intermediate data. The portable handheld electronic device transmits the intermediate data to the remote server or standalone server.

The remote server or standalone server receives the intermediate data and processes the intermediate data to generate result data. The result data includes information of at least one of an income statement, a loan repayment schedule, an investment plan, an asset valuation, and estimated financial parameters. The remote server or standalone server transmits the result data to the portable handheld electronic device. The portable handheld electronic device receives the result data and displays the result data to the user. The remote server or standalone server further generates a financial plan for the user of the portable handheld electronic device based on the current and estimated financial parameters. Here, the portable handheld electronic device may include a cellular phone, a laptop, a tablet, a portable digital assistant (PDA), etc but is not limited to the embodiments mentioned herein.

Referring now to Figure 1, a financial data analysis system (100) is shown in accordance with an embodiment of the present invention. The financial data analysis system (100) includes a portable handheld electronic device (102) in communication with a remote or standalone server (104). The portable handheld electronic device (102) includes a processor (106) and a memory (108). The memory (108) stores a set of instructions (110).

Examples of the portable handheld electronic device (102) include smart-phones, laptops, Personal Digital Assistants (PDAs), and personal computers. The portable handheld electronic device (102) stores a set of instructions (110) that when executed by the processor (106) causes the processor (106) to establish a communication session with the remote or standalone server (104) and to perform financial data analysis.

In an embodiment, the remote or standalone server (104) includes multiple executable components P1-P18 (112) and the executable components PI - P18 (112) are executed at the remote or standalone server (104). In another embodiment, the executable components PI - P18 (112) are included in the set of instructions (110) and are executed by the processor (106) of the portable handheld electronic device (102). Referring now to Figure 2, a flowchart illustrating a method for performing financial data analysis is illustrated in accordance with an embodiment of the present invention.

Component PI of the flowchart indicates a home budget set by a user of the portable handheld electronic device (102). The component PI maintains monthly recurring expenses. The user may input multiple monthly expenses as a part of the home budget.

Examples of home budget include, but are not limited to, housing expenses, transportation expenses, expenses for child care and education, monthly insurance premiums, food costs, health & personal care expenses, entertainment costs, lifestyle expenses, taxes, savings or investments, gifts and donations, legal expenses, servants' and staff's payments, and so on. Further, the user may add multiple user defined expenses as a part of the home budget.

Component P2 of the flowchart indicates regular income accounts set by the user. The component P2 maintains monthly recurring income sources. The user may input multiple income accounts as a part of the monthly recurring income sources. Component P19 is an additional source of income through asset (e.g. leased land, property, etc.).

Examples of regular income accounts include, but are not limited to, family or individual income, income from investments (for e.g. Fixed deposits) and Asset income from the component P19. Further, the user may add multiple customised income accounts.

Component P3 of the flowchart indicates professional fees. The user may input the professional fees received by him/her after delivering services to his/her clients.

Component P4 of the flowchart indicates "what-if analysis". The component P4 enables the user to input predicted expenses or predicted income in future. The component P4 maintains a list of the predicted income and the predicted expenses. The user may also enter a date at which the predicted income or the predicted expenses would occur. Alternatively, the user may input current income and expenses and the component P4 predicts the income or the expenses for a later time period based on the current income and expenses. The user has the ability to overwrite the predicted income and expenses. Further, the component P4 may simulate and predict impact of unforeseen circumstances, such as unforeseen expenses or financial loss. The component P4 also allows the user to enter future expenses, if any.

Component P5 of the flowchart indicates income increment and inflation index. The component P5 allows the user to input yearly income increment and the inflation index. Alternatively, a predefined inflation index may be downloaded from the remote or standalone server (104) by the portable handheld electronic device (102). The component P5 predicts income increment for subsequent years based on the current income and the current income increment index. The user has the ability to overwrite the predicted income values. Further, the component P5 predicts inflation rate for subsequent years based on the current inflation rate.

Component P6 of the flowchart indicates projected monthly expense statement. The component P6 receives the data about the home budget from the component PI, the income increment inflation index from the component P5, and net loan liability from the component PI 6. The component P6 determines the monthly net expenses for the user based on the received data. The component P6 presents a monthly expense report that includes total fixed expenses, variable expenses, and net loan EMI. The total fixed expenses are calculated by addition of the fixed expenses for a year and the variable expenses are predicted by the component P4 using "what-if analysis".

Component P7 indicates projected monthly income statement. The component P7 receives data about regular income accounts from the component P2, the income increment inflation index from the component P5, the professional fees from the component P3, and prediction data from the component P4. The component P7 determines projected monthly income statement based on the received data.

Component P8 indicates checking of text messages related to the user's bank accounts. When the portable handheld electronic device (102) receives any text messages related to his/her bank account, the component P8 calculates the cash in-hand and the account balance based on the checked text messages. Further, the user may manually add or change the data extracted from the text messages. The text messages may be related to credit card statements, transaction alerts, or credit/debit messages related to the user's bank accounts.

Component P9 indicates monthly opening or closing balance. The component P9 calculates the net opening balance based on the monthly expenses. The component P9 reads the context of the text messages and determines the opening or the closing monthly balance. The component P6 also receives and stores a list of assets belonging to the family of the user, including, asset ID, asset type, asset name, asset value and liquidity period. The component P6 further assigns an asset code and determines monthly revenue generated by the assets.

Component P10 indicates Pre-EMI loan schedule. The component P10 calculates the monthly loan interest for the future. The component P10 considers two options for the loan schedule: "only interest payment" and "no interest payment". In the only interest payment option, a monthly statement is generated for payment of interest for a specified time period. After the specified time period is over, the loan repayment statement only considers the amount of the loan. In the no interest period option, a monthly statement is generated that excludes the interest component of the loan for a specified time period. After the specified time period is over, the loan repayment statement includes both, the interest as well as the amount of the loan. The component P10 receives information regarding loan commencement date, property value, sanctioned amount, rate of interest. The component P10 also receives information regarding the loan disbursement schedule and generates a pre EMI loan schedule accordingly. Component Pl l indicates the loan schedule. The user inputs sanctioned loan amount and outstanding loan amount into the portable handheld electronic device (102). The component Pl l calculates loan repayment schedule based on the sanctioned loan amount and the outstanding loan amount. The user may create multiple types of loans, including, home loan, commercial loan, vehicle loan, car loan, and personal loan. The user may enter details such as, loan commencement date, sanctioned amount, rate of interest, outstanding amount, and loan tenure.

Component P12 indicates monthly cash inflow and outflow statements. The component P12 receives the data about the opening balance from the component P9, projected monthly income statement from the component P7, and monthly expense statement from the component P6 and generates the monthly cash inflow and outflow statement based on the received data. The component P12 also determines monthly excess or shortage of cash. The excess amount is input to the component P4 for determining any future cash shortage. This process is an iterative process and it determines possible cash shortages in the future. The excess amount is then input to the component P14 for loan repayment analysis and to the component PI 5 for allocating funds for an investment plan.

Component PI 3 indicates allocation of repayment amount for loans. The component P13 receives excess amount from the component P12 for repayment of the loan and assigns the repayment amount to a loan ID.

Component P14 indicates loan repayment analysis. The component P14 receives the repayment amount from the component PI 3 and generates a repayment schedule as per the monthly repayment of the user's loan accounts. The component P14 calculates net repayment, net loan interest, net loan principal, and net loan payment.

Component PI 5 indicates allocation of funds to an investment plan. Based on the details of the loans entered by the user, the component PI 5 determines an investment plan catering to the user's need.

Component P16 indicates net loan liability. The component P16 receives data regarding pre-EMI loan schedule from the components P10 and Pl l. The component PI 6 also calculates monthly net EMI by adding all the applicable EMIs.

Component P17 indicates predicted or actual asset valuation. The component P17 determines valuation of assets at the time of investment, current valuation of assets, and future valuation of the assets. The component P17 receives information regarding the commencement of the asset, the original valuation, the current valuation, the future valuation, the current return on investment, and predicts the future return on investment.

Component PI 8 indicates insurance coverage analysis. The component PI 8 calculates on financial planning due to disability or death of the user's family members and calculates required insurance coverage for protection of the user's family members. The portable handheld electronic device (102) further stores corresponding user profile associated therein, including information such as, name, contact number, address, and profession of the user.

In operation, the portable handheld electronic device (102) receives the input financial data from the user and stores the input financial data in the memory (108). The input financial data includes information of the current financial parameters. The processor (106) processes the input financial data to generate intermediate data. The portable handheld electronic device (102) transmits the intermediate data to the remote or standalone server (104). The remote or standalone server (104) receives the intermediate data and processes the intermediate data to generate result data. The result data includes the estimated financial parameters. The remote or standalone server (104) transmits the result data to the portable handheld electronic device (102). The portable handheld electronic device (102) receives the result data and displays the result data to the user in form of a dynamic report. The remote or standalone server (104) further generates a financial plan for the user of the portable handheld electronic device (102) based on the current and estimated financial parameters.

Hence, the financial data analysis system (100) analyses all the financial parameters corresponding to the user and takes into account the future financial parameters, thereby overcoming the drawbacks of the conventional financial data analysis system. It will be apparent to one of the ordinary skill in the art that many modifications, improvements and sub-combinations of the various embodiments, adaptations and variations can be made to the invention without departing from the scope thereof as claimed in the following claims.