Account Feature Management via Centralized Data Service
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Solution Overview
Problem
Existing systems for managing account features associated with financial accounts lack flexibility in assigning and sharing enhancement features across different accounts, leading to inefficiencies in providing benefits to account holders.
Innovation Solution
A centralized data service identifies and manages account features at the account level, allowing for customized sets of features independent of account types, and enables feature sharing among financially connected accounts, with a portal providing access to account feature data via APIs and user-friendly interfaces for users to access and purchase features.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If account features are assigned based on card type and BIN, then the system complexity is reduced and assignment is simplified, but the flexibility and customization of features for individual accounts is limited
Solution Approach 1:
The patent segments account features into distinct categories (enhancement features, transaction features, account features) and associates them with specific account types rather than using rigid card type mappings. This allows flexible feature assignment at the account level while maintaining manageable organization through segmentation.
Solution Approach 2:
The system dynamically assigns features to accounts based on account type, holder characteristics, and spending patterns rather than static card type rules. Feature assignment can be modified over time based on account performance and customer needs, providing adaptability without requiring complete system redesign.
2Reliability
If enhancement features are provided to all account holders, then customer satisfaction is improved, but the cost and resource consumption increase
Solution Approach 1:
The patent applies different feature sets to different account types and account holders based on their specific characteristics and needs. Rather than uniform feature provision, the system tailors enhancement features to match individual account profiles, ensuring resources are allocated where most valuable.
Solution Approach 2:
The system adjusts feature availability based on changing parameters such as account age, spending thresholds, risk profile, and customer preferences. Features can be activated or deactivated dynamically based on these parameter changes, optimizing resource utilization while maintaining high customer satisfaction.
3Measurement precision
If feature assignment requires detailed account information, then feature accuracy and relevance are improved, but the time and effort required for data collection and verification increases
Solution Approach 1:
The system performs preliminary feature assignment based on account type and basic holder characteristics before requiring additional verification. This initial assignment provides immediate value while allowing for later refinement based on more detailed account data, reducing the time needed for complete feature determination.
Solution Approach 2:
The system automatically determines feature eligibility based on account characteristics and spending patterns without requiring manual verification or extensive data collection. Account holders can self-manage feature selections through user interfaces, reducing administrative time while maintaining high assignment accuracy.
Data Source
AI summary
A portal to provide user interfaces to users to access and/or purchase account features in connection with websites of issuers. The user interfaces have white label configurability that allows the issuers to customize the labeling of the user interfaces such that the user interfaces can be perceived as part of the websites of the issuers of the consumer accounts of the respective users. The user interfaces are configured to present, in a user friendly way, the account features currently in the consumer accounts, as well as optional account features that can be purchased at additional costs.