Dynamic Account Selection for Credit Card Systems
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Solution Overview
Problem
Traditional credit card systems have static benefits and programs that cannot be modified, leading to a need for multiple card products as customer needs and goals change, resulting in inefficiencies and increased costs due to separate accounts with distinct benefits and terms.
Innovation Solution
A single card product that links multiple customized accounts through a set of rules, allowing for shared funding sources and dynamic account selection based on customer behavior, transaction factors, and defined conditions, enabling flexible management of accounts and payments.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If traditional credit card systems use static benefits and programs, then the system structure remains simple, but customer needs cannot be adapted to changing requirements
Solution Approach 1:
The patent implements dynamic account selection by allowing customers to define rules that determine which account is invoked for transactions based on changing conditions. The system can dynamically adjust account assignments, limits, and benefits according to customer behavior patterns and preferences, transforming static card systems into adaptive platforms.
Solution Approach 2:
The patent segments the credit card system into multiple independent accounts with distinct benefits and terms, each of which can be selectively invoked. This segmentation allows the system to offer diverse account types (e.g., cash rewards, travel rewards, cash back) within a single card framework, enabling customization without requiring separate physical cards.
2Adaptability or versatility
If customers have multiple separate credit cards to meet different needs, then each account can be optimized for specific purposes, but the number of accounts and management complexity increases
Solution Approach 1:
The patent creates a universal card system where a single card can access multiple accounts with different benefits and terms. The card acts as a multi-functional access mechanism that can invoke any of the customer's accounts based on predefined rules, eliminating the need for multiple separate cards while maintaining account-specific optimization.
Solution Approach 2:
The patent introduces a rules-based intermediary layer between the card and the accounts. This intermediary system automatically determines which account should be invoked for a given transaction based on customer-defined rules, simplifying the user experience by abstracting away the complexity of managing multiple accounts while preserving customization capabilities.
3Reliability
If traditional systems maintain separate accounts with distinct benefits, then each account operates independently, but costs increase due to redundancy and inefficiency
Solution Approach 1:
The patent merges multiple separate accounts into a unified card system that maintains logical independence through rule-based selection. By consolidating account management under a single card infrastructure while preserving distinct account benefits and terms, the system reduces redundancy in physical card issuance, processing systems, and customer service operations.
Data Source
AI summary
According to one embodiment, the present invention relates to a method and a system for implementing a card product or access mechanism with multiple relationships with an issuing entity (e.g., bank, etc.) where each relationship may be defined by one or more sets of rules that are customized for a particular customer. A computer implemented method and system for implementing a mechanism with multiple customized relationships may involve identifying one or more customized rules for an access mechanism associated with a customer; establishing a plurality of accounts for the customer wherein the plurality of accounts comprise different accounts with different account characteristics; and invoking one of the plurality of accounts for a transaction through the access mechanism, based at least in part on the one or more customized rules; wherein the plurality of accounts share at least one funding account.