Capturable Code for Mobile Credit Application Automation
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Solution Overview
Problem
The process of applying for a credit account is often abandoned due to the need to manually input extensive information, leading to high rates of abandonment and clerical errors, particularly when using short codes for text messages.
Innovation Solution
A method utilizing capturable codes on mobile devices to automatically generate and format text messages, pre-populating application forms with user and device information, reducing the need for manual input and minimizing errors by using NFC, camera, or microphone interactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If manual input methods are used for credit application, then information accuracy can be maintained, but the abandonment rate increases and productivity decreases
Solution Approach 1:
The system performs preliminary actions by automatically retrieving and pre-populating customer information from existing accounts, credit bureaus, or other data sources before the customer completes the application. This reduces manual input requirements while maintaining accuracy through automated data retrieval and validation processes.
Solution Approach 2:
The system enables self-service by allowing customers to review and confirm pre-populated information, make necessary corrections, and complete applications with minimal manual input. The automated system handles data collection and validation, while the customer verifies accuracy, creating a collaborative approach that maintains reliability while improving productivity.
2Loss of information
If extensive manual input is required, then data completeness can be ensured, but the complexity of operation increases
Solution Approach 1:
The system performs preliminary data collection and validation by automatically retrieving information from multiple sources before the customer interacts with the application form. This ensures data completeness is addressed upfront, reducing the manual input effort required while maintaining thorough data collection.
Solution Approach 2:
The system employs multi-functional capabilities to retrieve data from various sources (existing accounts, credit bureaus, public records) and automatically populate multiple fields across different application sections. This universal approach ensures data completeness while minimizing the specific manual input efforts required from customers.
3Productivity
If automated information retrieval is used, then productivity increases, but the device complexity increases
Solution Approach 1:
The system uses intermediary components such as API gateways, data retrieval services, and integration layers that mediate between the application interface and complex backend data sources. These intermediaries handle the complexity of automated information retrieval transparently, allowing productivity benefits to be realized without exposing the underlying system complexity to users.
Solution Approach 2:
The system creates simplified copies or representations of complex data structures and processes. Instead of directly interacting with complex backend systems, the application uses standardized data models, cached information, and pre-processed datasets that replicate the essential functionality while reducing operational complexity.
Data Source
AI summary
A capturable code for automatically formatting and addressing a text message to apply for an offer is disclosed. The method interacting with, via a mobile device of a user, a capturable code and automatically generating a text message on the mobile device in response to the interaction. The automatic generation automatically provides an address for the text message, and automatically formats the text message. Providing, at the mobile device and into the text message, at least one device identifier (ID) for the mobile device and a user identifier (ID). Sending, via the mobile device, the text message to the address. Receiving, at the mobile device, a prepopulated form, which is prefilled with user specific information. Verifying, at the mobile device, the user specific information. Receiving, at the mobile device and upon a credit approval, a new credit account in a ready-to-use format.