Digital Pass Referral System for Transaction Account Acquisition
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Solution Overview
Problem
Traditional member acquisition methods for transaction accounts are cumbersome, requiring existing members to have a transaction account and share extensive information, which can deter new members from applying and complicate the application process.
Innovation Solution
A system that generates a digital pass for existing transaction account users, allowing them to share it with prospective users via a selectable link or scanable indicator, streamlining the application process by capturing minimal personally identifying information and providing rewards in real-time, while integrating with credit rating agencies for eligibility verification.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional member acquisition methods are used where existing members provide transaction accounts or identifying information to potential new members, then referral tracking is enabled, but the application process becomes cumbersome and requires extensive personally identifying information
Solution Approach 1:
The patent segments the application process into distinct phases: (1) existing member generates and shares a digital pass with pre-configured referral information, (2) prospective member scans the digital pass to automatically populate application fields, and (3) system processes the application with pre-validated referral data. This segmentation eliminates the need for manual entry of extensive personally identifying information while maintaining reliable referral tracking through the digital pass mechanism.
Solution Approach 2:
The patent creates a digital pass that serves as a copy or representation of the existing member's referral information. This digital pass contains encoded identifying information that automatically populates the application form, replacing the need for manual entry of extensive personal information while maintaining accurate referral attribution.
2Reliability
If existing members must have a transaction account on hand to refer potential new members, then referral identification is enabled, but potential new members may fail to apply or must retain existing member information until application is provided
Solution Approach 1:
The system performs preliminary actions by pre-configuring the digital pass with all necessary referral information before the referral moment. The existing member's identifying information is encoded in advance within the digital pass, eliminating the need for prospective members to retain or manually record this information. The application can be immediately completed upon scanning the digital pass, preventing application delays.
Solution Approach 2:
The digital pass serves as an intermediary that carries the existing member's referral information from the existing member to the prospective member without requiring the prospective member to manually handle or retain this sensitive information. The pass acts as a secure bridge that automatically transmits the necessary identifying information to complete the referral process.
3Measurement precision
If extensive personally identifying information is required in the application process, then identity verification is improved, but the application process becomes more cumbersome and application completion rates decrease
Solution Approach 1:
The digital pass contains a copy of the existing member's verified identifying information, which is automatically transferred to the application form. This eliminates the need for prospective members to manually enter extensive personally identifying information while maintaining accurate identity verification through the pre-validated data in the digital pass.
Solution Approach 2:
The system performs self-service by automatically populating application fields with data from the scanned digital pass. The prospective member simply needs to scan the pass, and the system automatically fills in the referral information and validates it against existing records, eliminating manual entry of extensive personal information while maintaining verification accuracy.
Data Source
AI summary
The systems, methods, and computer readable mediums described herein provide a secure method for a transaction account issuer to issue a digital pass to an existing transaction account holder (e.g., an existing user) that may be shared and/or provided to a prospective transaction account holder (e.g., a new user). The digital pass may be sharable from an existing user's user device to a new user's user device. The systems, methods, and computer readable mediums described herein may also employ an adaptive web design solution to increase application completion rates by capturing minimal viable information from a prospective member.