Banking Extension in Messaging Apps for Cross-Party Transactions
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Solution Overview
Problem
Existing systems require bank customers to switch between different mobile applications to execute financial transactions or share banking information, leading to inconvenient and unnecessary mobile phone usage, especially when interacting with non-bank customers.
Innovation Solution
The implementation of a Specific Bank extension application that allows bank customers to access and engage in financial dealings within a mobile phone messaging application, integrating services from the Specific Bank primary application and providing a graphical user interface for options like making payments, sending offers, and sharing banking information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If bank customers use a separate bank-specific mobile application to execute financial transactions, then transaction security and functionality are maintained, but user convenience and operational efficiency deteriorate due to requiring users to switch between multiple applications
Solution Approach 1:
The patent merges the bank-specific application functionality with the existing messaging application by installing a bank application on the messaging application's server. This allows users to execute financial transactions and access banking services directly within the messaging interface, eliminating the need to switch between separate bank-specific mobile applications and reducing operational complexity
Solution Approach 2:
The messaging application is transformed into a multi-functional platform that combines both messaging capabilities and banking services. By integrating the bank application on the messaging server, the system provides universal access to financial transactions, account management, and information sharing within a single application interface, serving multiple purposes without requiring separate dedicated applications
2Reliability
If bank customers download and set up a separate bank application to interact with non-bank customers, then access to banking services is ensured, but time consumption and operational complexity increase
Solution Approach 1:
The bank application is pre-installed on the messaging application's server in advance, so that when a user sends a message to a non-bank customer, the banking functionality is already available. This eliminates the need for users to download, install, and set up a separate bank application at the moment of interaction, saving significant time while ensuring reliable access to banking services
Solution Approach 2:
The messaging application serves as an intermediary platform that hosts the bank application on its server. This intermediary approach allows non-bank customers to access banking services through the messaging interface without needing to download or set up separate bank applications, reducing time consumption while maintaining service reliability
3Ease of operation
If bank customers use text messages to communicate banking information, then communication simplicity is maintained, but transaction execution capability is lost
Solution Approach 1:
The patent combines the simplicity of text message communication with the functionality of banking transactions by integrating the bank application on the messaging server. Users can send text messages as usual, but the system also enables direct transaction execution, account access, and financial operations within the same messaging interface, maintaining communication simplicity while adding transaction capability
Solution Approach 2:
The messaging application becomes a universal platform that handles both simple text communication and complex banking transactions. By hosting the bank application on the messaging server, the system allows users to switch between messaging and financial operations seamlessly within the same interface, providing adaptability for different user needs while maintaining the simplicity of the messaging platform
Data Source
AI summary
Provided is a system and method whereby a bank customer can engage a remote second party in a financial deal which is specific to a specific bank, all within the operational framework of an existing mobile phone messaging application which is other than the Specific Bank app. In certain circumstances, an embodiment of the present system and method entails two related elements: (i) having installed on the bank customer's mobile phone a Specific Bank mobile application which the bank customer normally uses for direct financial dealings with Specific Bank; and also (ii) having a Specific Bank extension application, installed on the mobile phone. The Specific Bank extension application (hereinafter, “extension app”) enables the provision of Specific Bank mobile application services from within the messaging application, so that the bank customer can engage in financial dealings with the second party via the messaging application.