AI-Powered Banking Payment Selection From User Transaction Patterns
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Solution Overview
Problem
Traditional payment systems lack flexibility and adaptability to user preferences, transaction contexts, and evolving security threats, leading to inefficiencies and vulnerabilities in financial management, with users burdened by multiple passwords and manual selection of payment methods.
Innovation Solution
An AI-powered digital banking application that integrates diverse financial instruments within a unified platform, using AI algorithms to optimize transactions and provide personalized, secure, and efficient financial management, enabling voice-based payments and dynamic rule-setting.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional payment systems use static, linear processes with predefined methods, then system simplicity is maintained, but flexibility and adaptability to user preferences and transaction contexts deteriorate
Solution Approach 1:
The patent implements dynamic payment method selection where the system automatically chooses among multiple payment instruments based on real-time analysis of user preferences, transaction context, and predefined rules. This transforms the static, linear payment process into a dynamic, adaptive system that responds to varying conditions without requiring manual user intervention for each transaction.
Solution Approach 2:
The system performs self-service by autonomously selecting payment methods and managing transaction execution without requiring users to manually choose payment instruments. The AI engine automatically analyzes transaction parameters, applies user-defined rules, and executes payments, freeing users from the burden of remembering multiple passwords and managing payment method selections.
2Ease of operation
If users manually manage multiple payment instruments and authentication credentials, then control over payment methods is maintained, but ease of operation and user convenience deteriorate
Solution Approach 1:
The system autonomously manages multiple payment instruments by automatically selecting the appropriate payment method for each transaction based on user preferences and transaction context. Users define high-level preferences once, and the system handles the complex task of selecting among multiple payment instruments, authentication methods, and transaction parameters without requiring manual intervention for each payment.
Solution Approach 2:
The patent creates a universal payment platform that integrates multiple payment instruments (bank accounts, credit cards, digital wallets) and authentication methods into a single system. This multi-functional platform handles diverse payment scenarios through a unified interface, eliminating the need for users to manually manage separate applications and credentials for different payment methods.
3Reliability
If conventional systems use basic fraud detection algorithms, then implementation simplicity is maintained, but security effectiveness and real-time risk assessment capability deteriorate
Solution Approach 1:
The system implements continuous feedback loops where transaction data is analyzed in real-time, security risks are assessed, and payment decisions are adjusted based on outcomes. The AI engine learns from transaction patterns, fraud attempts, and user behaviors to continuously improve security effectiveness. This feedback mechanism enables adaptive security that responds to evolving threats while maintaining automated operation.
4Ease of operation
If users juggle multiple applications with different authentication methods and interfaces, then access to various payment services is maintained, but ease of operation and payment experience coherence deteriorate
Solution Approach 1:
The patent merges multiple payment services, authentication methods, and transaction management functions into a single unified application. This consolidated platform provides a coherent user experience by integrating diverse payment instruments and security protocols into one interface, eliminating the need for users to switch between multiple applications while maintaining access to comprehensive payment services.
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
The solution provides a seamless, secure, and efficient payment experience by automatically selecting the most suitable payment instrument based on user-defined rules, reducing errors and enhancing security through multi-factor authentication.
Implementation Method 1
A significant benefit of embodiments of the present disclosure is the introduction of a proximity payment system that leverages voice modulation recognition to enable customers to make payments through voice commands
Data Source
AI summary
Provided is a method for implementation of an application running on a computer having a processor and a memory or a cloud infrastructure, receiving a request from a user, via a gateway manager, to initiate a future payment transaction in accordance with a selected one of a plurality of payment transaction types. The method also includes comparing, via an allocation engine, the requested future payment transaction with patterns derived from an analysis of stored previous payment transactions associated with the user, wherein the patterns represent an association of each of the payment transaction types with one of a plurality of different types of vendors from the stored previous payment transactions. A payment transaction type is automatically selected for the future payment transactions based on the comparison.