Automated Credit Account Activation System

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Solution Overview

Problem

The existing credit account issuance process is time-consuming, preventing immediate use and missed opportunities for cross-selling goods and services to applicants.

Innovation Solution

A system and method that allows for immediate determination and provision of an immediately usable general use credit account to applicants through a computer network, using a request collection engine, applicant database, and processing engine to assess eligibility and provide credit account information.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of time

If traditional credit account issuance process is used, then credit risk assessment and account activation are ensured, but the time required between credit request and account issuance is excessive

Engineering Contradiction:

Improvetime gap between credit request and account issuanceVSAvoidcredit risk assessment reliability

Core Design Contradiction:

Loss of timeVSReliability

Solution Approach 1:

The system performs preliminary credit assessments and pre-approvals before the actual credit request is finalized. By pre-establishing credit evaluation frameworks and conducting initial risk assessments in advance, the system can rapidly activate credit accounts when requests are submitted, eliminating the traditional lengthy processing time while maintaining assessment reliability through pre-validated criteria

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent replaces manual, sequential credit assessment processes with automated electronic systems that use algorithms and data processing to evaluate credit risk. This substitution of mechanical human review with automated computational systems enables instant credit decisions and account activation, dramatically reducing the time gap while maintaining consistent and reliable risk assessment through standardized automated criteria

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

2Productivity

If traditional credit account issuance process is used, then thorough credit evaluation is performed, but opportunities for cross-selling goods and services are lost

Engineering Contradiction:

Improvecross-selling opportunity utilizationVSAvoidtime delay in account activation

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The system performs preliminary identification of cross-selling opportunities during the pre-approval phase, before the customer finalizes their credit request. By analyzing customer data and purchase patterns in advance, the system can immediately present relevant products and services when the credit account is activated, capturing cross-selling opportunities that would otherwise be lost during the traditional lengthy processing period

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent maintains continuous engagement with the customer throughout the credit application and activation process. Rather than allowing the process to pause or complete and then separately initiating cross-selling efforts, the system continuously presents relevant offers and maintains active communication, ensuring that cross-selling opportunities are pursued without interruption from the initial credit request through account activation and beyond

Inventive Principle:

Principle #20Continuity of useful action

Data Source

PatentUS8150762B1System and method for providing credit

Publication Date: 2012.04.03 UNITED SERVICES AUTOMOBILE ASSOCIATION (USAA)

AI summary

Disclosed are systems and methods for providing credit. The systems and methods receive a credit request from a applicant, determine immediately whether or not credit will be provided to the applicant and, if so, provide an immediately usable general use credit account to the applicant.