Account Feature Sharing System for Household Benefit Extension
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Solution Overview
Problem
Conventional financial presentation devices assign account features based on the initial digits of the account number, limiting flexibility and customer segmentation, as features are not easily shareable across accounts, even among household members.
Innovation Solution
A system and method that allow account features to be shared across multiple accounts within a household by linking accounts based on common attributes, enabling the extension of benefits from one account to others without requiring physical sharing of account identification devices, and dynamically managing feature sets based on spending patterns and preferences.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If account features are assigned based on initial account number digits, then feature determination is simple and reliable, but feature sharing across multiple accounts is limited and inflexible
Solution Approach 1:
The system segments the feature determination process into multiple components: account number analysis, household identification, and feature eligibility determination. This allows the system to check multiple account numbers associated with a household and determine feature eligibility for each account independently, enabling flexible feature sharing while maintaining a structured determination process.
Solution Approach 2:
The feature determination system is designed to handle multiple functions: it can determine features based on the presenting account number alone, or based on any account number within the identified household. This multi-functionality allows the same system to serve both individual account-based feature assignment and household-based feature sharing without requiring separate systems.
2Adaptability or versatility
If features are assigned to card types based on BIN, then implementation is straightforward, but customer segmentation and personalization are limited
Solution Approach 1:
The system applies different feature determination rules to different accounts within the same household based on their individual account numbers and spending patterns. Instead of applying a uniform rule to all accounts, the system customizes feature eligibility for each account while still allowing sharing with other household members, enabling personalized service without complex manual processes.
Solution Approach 2:
The system automatically identifies household relationships and determines feature eligibility without requiring manual intervention. When a transaction is processed, the system automatically checks if the account holder has access to features through any household account, enabling seamless feature sharing without the customer needing to manually enroll or request features.
3Adaptability or versatility
If account features are determined by BIN only, then processing is fast and efficient, but flexibility in extending benefits to household members is reduced
Solution Approach 1:
The system pre-identifies household relationships and stores the associated account numbers in advance. When a transaction requires feature verification, the system can quickly retrieve the pre-stored household account information and check feature eligibility without performing complex real-time analysis, thus maintaining fast processing while enabling flexible benefit extension to household members.
Data Source
AI summary
Systems and methods are provided to facilitate the sharing of account features. In one aspect, a system includes a transaction handler to process transactions and a data warehouse to record the transactions and store account data identifying account features of separate accounts, such as a second account having a feature and a first account without this feature. Account holders of the first and second accounts are in a same household and thus, in accordance with a set of rules, eligible to share the account features. A portal is configured to receive a request identifying the first account and to determine whether a transaction initiated in the first account and qualified for a benefit of the account feature is entitled to the benefit; and if so, a notification engine is to transmit a notification message to an account holder of the first account.