VIRTUAL SOCIAL BANKING NETWORKS BY PLATFORM UTILIZING GENERATIVE ARTIFICIAL INTELLIGENCE AND BLOCKCHAIN TECHNOLOGY

Smart overview of the Invention

The patent application introduces a system that integrates generative artificial intelligence and blockchain technology to create virtual social banking networks. This system facilitates financial transactions and goal planning across multiple financial institutions by normalizing data from these entities. Users can view consolidated financial data as a single account, enhancing their ability to manage and share financial goals within a community setting.

Technological Context

With the rise of internet and social media platforms, users increasingly conduct activities online, including financial transactions. The banking industry is shifting towards digital platforms as physical branches decline. This trend necessitates systems that allow users to extend social media’s communal aspects to financial planning and transactions, thus bridging the gap between social interaction and financial management.

System Components

The system comprises several key components: a bank core adapter engine, a ledger manager, and a virtual banking community wallet (VBCW). The bank core adapter engine retrieves and normalizes data from various bank cores, while the ledger manager creates a unified ledger for users to view their financial data as a single account. This setup enables seamless financial interactions among users from different institutions.

Functionality

The system operates through a multi-layered architecture that includes financial institutions, an adapter/ledger layer, and data analytics. It integrates data from banks like national banks and digital credit unions, adapting this data into a common format via the VBCW. Users can access their consolidated accounts using mobile applications or through their respective banks’ client applications, facilitating shared financial goals.

Community Integration

The community adapter engine within the VBCW identifies user communities based on shared interests and institutional affiliations. It aggregates these communities to support collaborative financial goals across different institutions. This feature allows users to map shared savings projects or goals, fostering a sense of community within the digital banking environment.