Consolidated Financial Account Communication System
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Solution Overview
Problem
Financial account communications from institutions to customers are often generic and result in confusion and unnecessary expense, as each account held by a customer receives separate communications, leading to a need for improved consumer control over these communications.
Innovation Solution
Implementing a system that allows consumers to create and apply communication rules to account groups or individual accounts, enabling consolidation of information, selection of specific messages, and customization of communications, including the use of thresholds and canned messages, to provide comprehensive and cohesive account status updates while reducing unnecessary communications and costs.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If separate communications are sent for each account held by a customer, then complete account information is provided to the customer, but customer confusion increases and communication costs increase
Solution Approach 1:
The patent merges multiple separate account communications into a single consolidated communication that aggregates information from multiple accounts. The system combines account statements, balances, and transactions from different accounts into one unified document, reducing the number of separate communications sent to customers while maintaining complete account information.
Solution Approach 2:
The communication system provides universal templates that can handle multiple account types and scenarios. A single communication framework serves multiple functions by adapting to different account configurations, customer preferences, and information requirements, allowing one communication to replace many specialized ones.
2Loss of information
If separate communications are sent for each account held by a customer, then complete account information is provided to the customer, but communication expenses increase
Solution Approach 1:
The system merges multiple account communications into one consolidated communication, reducing postage, printing, and distribution costs. By combining multiple separate communications into a single document, the bank significantly reduces communication expenses while maintaining complete account information.
Solution Approach 2:
The system identifies and discards redundant communication elements that appear in multiple separate communications, such as repeated bank branding, standard disclaimers, and formatting elements. These discarded elements are recovered and used efficiently in the consolidated communication, reducing overall communication costs.
3Ease of manufacture
If communications are formatted to meet the needs of a generalized portion of the bank's customer base, then standardization is achieved, but customer-specific communication needs are not met
Solution Approach 1:
The communication system is dynamic and adaptable, allowing the same standardized template to be customized for individual customers. The system dynamically adjusts communication content, frequency, and format based on customer preferences, account types, and specific needs, while maintaining standardized processing and formatting.
Solution Approach 2:
The system applies local quality by allowing specific portions of the communication to be customized for individual customers while maintaining standardized overall structure. Different sections of the communication can be tailored to specific customer needs, account types, or communication preferences, while the framework remains consistent and standardized.
4Ease of operation
If communication rules are made customizable by consumers, then communication control and satisfaction improve, but system complexity increases
Solution Approach 1:
The system performs preliminary action by pre-configuring communication rules and templates before customers need them. Standard communication preferences, account groupings, and message templates are prepared in advance, allowing customers to make simple selections rather than configuring complex communication parameters from scratch.
Solution Approach 2:
The system enables self-service by allowing customers to automatically manage their own communication preferences, account groupings, and message customizations without requiring complex system configuration. Customers can independently adjust their communication settings through user-friendly interfaces, reducing the perceived complexity for end users.
Data Source
AI summary
Systems and methods for directing communications related to financial accounts. Some embodiments include systems that access account information maintained in relation to an account group. One or more communication rules are received from a user, applied to the account information, and communications are formed based on the application of the communication rules. Various methods provide for receiving communication rules, and applying the communication rules to account information to provide one or more communication outputs.