Context-Based Event Detection for Triggered Financial Offerings

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Solution Overview

Problem

Individuals often face financial stress and uncertainty when dealing with unexpected or anticipated events, lacking immediate access to emergency funds or financing options, which complicates meeting financial obligations and can be stressful.

Innovation Solution

A system and method for context-based event detection and determination that automatically identifies personal events, such as births, weddings, or car accidents, to trigger relevant financial or non-financial product and service offerings, using monitored sensor data and predictive modeling to provide timely assistance.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of time

If traditional financing applications are used, then financing can be obtained, but the process is complex and time-consuming involving multiple steps of shopping, applying and qualifying

Engineering Contradiction:

Improvetime to obtain financingVSAvoidcomplexity of financing process

Core Design Contradiction:

Loss of timeVSEase of operation

Solution Approach 1:

The system performs preliminary actions by continuously monitoring client data, sensor data, and event information in advance. When a personal event is detected, the system has already prepared and pre-qualified financing offers, eliminating the need for clients to go through the traditional multi-step application process at the moment of need.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system enables self-service by automatically detecting personal events, evaluating client eligibility, and presenting tailored financing offers without requiring clients to actively shop or apply. The system serves itself by using its own monitoring and analysis capabilities to identify opportunities and execute the offering process autonomously.

Inventive Principle:

Principle #25Self-service

2Reliability

If emergency funds are accessed through traditional means, then financial obligations can be met, but the process creates additional stress and requires immediate client action

Engineering Contradiction:

Improveability to meet financial obligationsVSAvoidfinancial stress and anxiety

Core Design Contradiction:

ReliabilityVSObject-affected harmful factors

Solution Approach 1:

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system acts as an intermediary between clients and financing needs by automatically detecting events, assessing requirements, and presenting appropriate offers. This intermediary role removes the burden from clients to navigate complex financial systems during stressful times, while still providing reliable access to needed funds.

Inventive Principle:

Principle #24Intermediary (Mediator)

3Adaptability or versatility

If generic financing offers are provided, then clients can access funds, but the offers do not address specific cash flow needs or timing requirements

Engineering Contradiction:

Improvetailoring of product offeringsVSAvoidunderstanding of client context and needs

Core Design Contradiction:

Adaptability or versatilityVSLoss of information

Solution Approach 1:

The system applies local quality by customizing financing offers to each client's specific situation, event type, and cash flow needs. Rather than providing generic offers, the system tailors product features, amounts, and timing to match the local conditions of each client's personal event and financial context.

Inventive Principle:

Principle #3Local quality

Solution Approach 2:

The system uses feedback from continuous monitoring of client data, sensor data, and event information to understand client needs and context. This feedback loop enables the system to adapt offers in real-time based on actual client situations, improving both adaptability and understanding of client requirements.

Inventive Principle:

Principle #23Feedback

Data Source

PatentUS10600119B2Systems and methods for context-based event triggered product and/or service offerings

Publication Date: 2020.03.24 THE TORONTO DOMINION BANK

AI summary

The disclosed embodiments include methods and systems for providing context-based event determination and/or context-based event triggered product and/or service offerings. A system may automatically detect that a client has experienced, directly or indirectly, a personal event, (e.g. a birth, a wedding engagement, a death, a car accident) and use such context to trigger the offering of a product and/or service. Product and/or service data is maintained for respective products and/or services available to clients as is events data associating respective products and/or services to particular personal event scenarios. An offering of at least one product and/or service to provide the client may be determined following the receipt of a personal event scenario experienced by the client. Operations may be performed to communicate to another computer system across a network to provide to the client the offering of the at least one product and/or service.