Assisted Credit Application Auto-Integration into Digital Wallets
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Solution Overview
Problem
Current credit application processes often result in initial transaction availability but not future transaction readiness, and they pose contingent liability on merchants, lacking seamless integration of payment credentials into digital wallets.
Innovation Solution
A system and method for assisted channel credit application completion that automatically integrates payment credentials into digital wallets upon approval, using a communications module, hardware processors, and secure communication channels to transmit payment information for immediate use in transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If credit application is approved through traditional channels, then credit account is created, but payment credentials are not automatically integrated into digital wallets requiring manual setup
Solution Approach 1:
The system performs preliminary action by automatically transmitting payment credential information from the credit granting system to the digital wallet system immediately upon credit account creation. This preliminary automatic integration eliminates the need for manual wallet setup by the customer after credit approval, directly resolving the contradiction between ease of operation and time loss.
2Productivity
If credit card is issued for single use, then initial transaction is enabled, but future transactions require additional setup steps
Solution Approach 1:
The system implements continuity of useful action by establishing an automatic, ongoing mechanism where payment credential information is continuously available in the digital wallet system once initially transmitted. This ensures that future transactions can proceed without additional setup steps, maintaining continuous transaction readiness and eliminating repeated setup time requirements.
3Ease of operation
If manual integration of payment information is required, then security can be maintained, but user convenience is reduced
Solution Approach 1:
The system introduces an intermediary automated transmission mechanism between the credit granting system and the digital wallet system. This intermediary process securely handles the payment credential information transfer using established secure communication protocols, thereby maintaining security while eliminating manual intervention and significantly improving user convenience.
Data Source
AI summary
The present disclosure involves systems, software, and computer-implemented methods for providing assisted channel credit application completion for customers, where approval of the credit application results in an automatic integration of payment credentials into a corresponding digital wallet. One example method includes receiving, via an assisted channel user terminal, a request to apply for a new credit account for a customer. Input into a digital credit application is input by an employee or teller on behalf of the customer. A credit adjudication process is performed on the application, and, in response to approval, a new credit account associated with the customer and corresponding payment information is created. A system to which the set of payment information is to be provided is identified, and the set of payment information associated with the new credit account is transmitted to those systems to be automatically integrated into those systems' digital wallets.