Automated Document Enrollment System for Financial Institutions
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Financial institution customers often face inconvenience when enrolling in new products or services due to unclear document requirements, leading to multiple visits and inefficiencies as financial advisors may not have access to updated manuals, causing delays and frustration.
Innovation Solution
A system and method using computing devices to determine required documents for product or service enrollment, generating status identifiers for missing documents, and enabling agents to send or receive documents electronically, with notifications and automated processes to streamline the enrollment process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If financial advisors refer to manuals to identify required documents, then document requirements can be identified, but the process becomes time-consuming and inefficient
Solution Approach 1:
The patent replaces the manual reference system with an automated computing device system that electronically stores document requirements and automatically determines required documents for enrollment, eliminating the need for advisors to manually consult physical or digital manuals
Solution Approach 2:
The system enables self-service by automatically determining document requirements based on enrollment requests, allowing the system to identify and track required documents without human intervention in the information retrieval process
2Reliability
If customers must return multiple times to provide missing documents, then complete enrollment can be achieved, but customer convenience deteriorates
Solution Approach 1:
The system implements feedback by generating notifications to customers about missing documents and providing status updates on their enrollment progress, enabling customers to understand what documents are needed and take action without repeatedly visiting the institution
Solution Approach 2:
The computing device system acts as an intermediary between customers and the enrollment process, automatically tracking document status, managing file storage, and coordinating between customers, advisors, and institutional systems to ensure complete enrollment
3Loss of information
If manual document tracking is used, then document status can be monitored, but the complexity of the process increases
Solution Approach 1:
The computing device system performs multiple functions including storing document requirements, determining required documents for different products and services, tracking customer document status, generating notifications, and managing file storage, consolidating what would otherwise require multiple separate manual processes
Data Source
AI summary
A customer may desire to enroll in a transaction, such as a product or a service, offered, managed, and/or owned by an institution, such as a financial institution. The customer may attempt to directly enroll in the product or service or may enroll in the product or service through an agent of the institution. The customer and/or agent may select the product or service (e.g., via a workstation or other device), and a computing device may determine which documents the product or service uses, which documents the customer has on file already, and/or which documents the customer is missing. The computing device may cause the customer and/or agent to be notified of the missing documents. When the customer and/or agent provides all of the documents for the product or service (or an exception applies to one or more missing documents), the computing system may enroll the customer in the selected product or service.