Brokerage Account Wizard Rules Engine Workflow Automation
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Solution Overview
Problem
Current new brokerage account creation processes are inefficient due to redundant activities, quality control issues, and customer satisfaction problems related to account opening cycle time, primarily caused by manual data intake and extensive paper handling, leading to documentation errors and delays.
Innovation Solution
An online web-based computerized system utilizing a new account wizard with a rules-based engine for data collection, combined with a workflow management component that automates data transfers, task assignments, and notifications, reducing manual errors and streamlining the account opening process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual data intake and paper handling are used for account creation, then flexibility in data collection is maintained, but account opening cycle time increases and data errors occur
Solution Approach 1:
The patent replaces manual paper-based data collection with an electronic wizard system that guides users through data entry steps. The mechanical process of physical document handling is substituted with automated electronic forms and data validation, reducing both time and errors while maintaining operational flexibility through adaptive form presentation.
Solution Approach 2:
The wizard system enables self-service account opening by guiding users through data collection automatically. The system adapts to user inputs and presents only relevant fields, eliminating the need for manual data gathering and reducing cycle time without requiring extensive staff intervention.
2Device complexity
If manual data intake is used, then system complexity is reduced, but data accuracy and quality control deteriorate
Solution Approach 1:
The patent incorporates real-time data validation feedback within the wizard system. As users enter data, the system immediately validates accuracy and provides feedback on errors or incomplete information, ensuring high data quality control without requiring complex manual verification processes.
Solution Approach 2:
The system performs preliminary data validation during the data collection phase itself, rather than during subsequent review. This preliminary action ensures data accuracy is built into the collection process, reducing errors before they can propagate through the system.
3Ease of manufacture
If manual processes are used for account creation, then implementation simplicity is maintained, but productivity and efficiency deteriorate
Solution Approach 1:
The patent segments the account creation process into discrete wizard steps, each handling a specific data collection task. This segmentation makes the complex process manageable and implementable while dramatically improving efficiency by eliminating redundant manual activities and streamlining the workflow.
4Reliability
If extensive paper handling is used, then data collection completeness is ensured, but time loss and communication errors increase
Solution Approach 1:
The patent uses electronic copies of data and documents throughout the account creation process, eliminating the need for physical paper handling. Digital copies maintain completeness through validation checks while reducing time loss by enabling immediate processing and communication without physical document transport.
Data Source
AI summary
A computerized system for creating a new brokerage account is disclosed. A new account wizard software component guides a user through a series of data collection procedures using a rules based engine to facilitate data collection processing according to a plurality of data collection rules that are stored in a database. A workflow management software component manages data transfers and delegates task assignments during creation of the new brokerage account. There is also an application programming interface layer software component for interfacing data transfers between the workflow management software component and external software components.