System and method for assessing and managing financial transactions

Abstract

A method and system is provided which can analyze customer data, including information about current products and agreements of the customer. The customer data can be used to predict various unknown parameters, including product usage data. The customer data and predicted data can be used to generate various alert conditions. For example, an alert can be generated when a product's predicted usage data for a future time indicates that usage terms of a related agreement will be exceeded. Also for example, an alert can be generated when a replacement product or agreement can be provided to a customer at an attractive price. An interactive deal sheet for an alert can be generated. The interactive deal sheet can allow a user to view various replacement products and agreements, and to perform additional calculations and comparisons based on inputted parameters.

Description

REFERENCE TO RELATED APPLICATION[0001]The present application claims priority to U.S. Provisional Patent Application No. 61 / 406,474, filed 25 Oct. 2010 and titled “SYSTEM AND METHOD FOR ASSESSING AND MANAGING FINANCIAL TRANSACTIONS,” which is hereby incorporated, in its entirety, by reference.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]Embodiments of the systems and methods described herein relate to identifying opportunities for customers or prospective customers to obtain favorable contract or warranty terms.[0004]2. Description of the Related Art[0005]Financial Agreements[0006]Rather than paying cash for a product, a person may enter a financial agreement (e.g., a purchase agreement, a lease agreement, deferred or balloon payment agreement, or the like) in which the person makes a series of payments for a specified term. Often, these payments are periodic, such as weekly, monthly, quarterly, yearly, or the like. For example, if a person purchases an automobile...

AI Technical Summary

Benefits of technology

[0021]Some embodiments of the system and method described herein systematically generate and send alerts to dealers or customers when customers are eligible to enter new financial arrangements under terms favorable to the customer. Some embodiments systematically generate and send alerts to dealers or customers when customers have warranties nearing time based or use based expiration. Some embodiments perform either or both of these functions for non-customers who own products or warranties that the dealer transacts in. Advantageously, the knowledge that embodiments of the system and method make available to dealers can significantly increase the dealers' sales.

Problems solved by technology

Thus, a customer may possess an ‘accidental damage’ warranty with a term of five years and a ‘manufacturing defect’ warranty with a term of ninety days.

If a warranty expires, then not only is the customer left without the protection of that warranty, but the customer may no longer be eligible for certain types of secondary warranties, such as factory extended warranties.

In some cases the dealer may not have immediate access to the warranty information.

This process is still time consuming, error prone, and labor intensive: for example, it requires collating and reviewing the necessary information.

If one of the terms is usage related, giving the customer a timely phone call to replace their soon-to-expire primary warranty is more challenging.

A similar scenario might arise with a printer or copier whose warranty terms include a maximum number of copies or prints—an attempt to remind customer about the upcoming date-based expiration of the warranty may be frustrated because the usage based term has already taken effect.

These “Conquests™” or “conversions” represent a gain for the seller and a loss for the competition.

However, a dealer will typically not have the information used in applying those techniques, because the individuals are not their customers.

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