FinTech - Using Financial Data to Detect Dementia

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  1. #1

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    FinTech - Using Financial Data to Detect Dementia

    Now here's something I feel could be turned into a brilliant Fintech app for families with older people.

    Certainly could be something that needs to be researched longer term.

    One of the earliest signs of cognitive impairment, including dementia, is the inability to manage personal finances. Problems with balancing a checkbook, reading a credit statement or paying a bill are all associated with cognitive problems. So is suddenly erratic behavior like instructing your broker to put all of your money into one stock.

    Researchers are now looking into how such problems can be detected. Lauren Hersch Nicholas, a professor at Johns Hopkins, and Joanne Hsu, a senior economist with the Federal Reserve, are analyzing consumer and health data. On the financial side, they are looking at credit scores, balances, past due bills and the opening of new accounts, among other data. On the medical side, they are looking at both Medicare indicators of dementia and other chronic/acute conditions as well as cognitive status scores from the Health and Retirement Study (HRS).
    Imagine if your eHealth records were merged with your financial records - under appropriate supervision, to create financial health score.

    By the way, I seriously recommend AAII to those of you who are looking at getting "FIREd"

    https://www.aaii.com/journal/article...?a=daily012119

  2. #2

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    I like the idea but I would be worried that hackers would specifically target people using the software because they could easily monitor and front run the dementia diagnostic and then target the potential victim.


  3. #3

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    Who needs hackers when you have bank sales guys... I