Dynamic Pre-Approval System for Vehicle Loans

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Solution Overview

Problem

Existing systems for pre-approval of vehicle loans often rely on incomplete customer and vehicle information, leading to delayed or inaccurate pre-approval processes due to the need for re-entry of data and lack of dynamic updates.

Innovation Solution

A system utilizing machine learning models and graphical user interfaces (GUIs) that dynamically generates and updates pre-approval rates and confidence scores in real-time as more information is inputted, prompting users for additional data to enhance accuracy.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Speed

If traditional pre-approval systems use incomplete customer and vehicle information, then the initial pre-approval process can start quickly, but the pre-approval accuracy and reliability are delayed or inaccurate requiring re-entry of data

Engineering Contradiction:

Improveinitial pre-approval processing speedVSAvoidpre-approval accuracy

Core Design Contradiction:

SpeedVSMeasurement precision

Solution Approach 1:

The system dynamically updates pre-approval rates and confidence scores in real-time as additional customer and vehicle information becomes available. The pre-approval interface continuously refreshes with updated information without requiring the process to restart, transforming a static pre-approval system into a dynamic one that adapts as data quality improves.

Inventive Principle:

Principle #15Dynamics

Solution Approach 2:

The system performs preliminary pre-approval processing with the information initially available, providing an early indication of pre-approval status. This preliminary action allows the process to start quickly while subsequent updates refine the accuracy without requiring complete information upfront.

Inventive Principle:

Principle #10Preliminary action

2Measurement precision

If the system requests additional information to improve pre-approval accuracy, then the measurement precision improves, but the time required for data collection and processing increases

Engineering Contradiction:

Improvepre-approval accuracyVSAvoiddata collection time

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The pre-approval process continues uninterrupted as additional information is provided. Instead of pausing to collect more data or restart the process, the system maintains continuous processing, updating results in real-time as new information becomes available, eliminating idle time in the data collection process.

Inventive Principle:

Principle #20Continuity of useful action

Solution Approach 2:

The system provides continuous feedback to users about pre-approval confidence scores and requested additional information. This feedback mechanism guides users on what information would improve accuracy while showing the current status, enabling informed decisions about providing additional data without unnecessary delays.

Inventive Principle:

Principle #23Feedback

3Loss of information

If the system dynamically updates pre-approval rates as information is inputted, then the information completeness and accuracy improve, but the computational processing requirements increase

Engineering Contradiction:

Improveinformation completenessVSAvoidcomputational processing requirements

Core Design Contradiction:

Loss of informationVSDevice complexity

Solution Approach 1:

The pre-approval calculation process is segmented into discrete steps corresponding to different information completeness levels. The system calculates pre-approval rates at multiple stages (initial incomplete data, intermediate data, complete data) rather than performing one complex calculation, reducing the computational burden at each stage while maintaining information completeness.

Inventive Principle:

Principle #1Segmentation

4Productivity

If the system provides real-time pre-approval updates, then the productivity and user experience improve, but the system complexity and development requirements increase

Engineering Contradiction:

Improvepre-approval processing efficiencyVSAvoidsystem development complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The pre-approval system is designed to handle multiple information completeness levels and update scenarios through a single unified interface. The same interface manages initial pre-approval requests, intermediate updates, and final approvals, eliminating the need for separate systems for each stage and reducing overall development complexity despite enhanced functionality.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS20240202816A1Systems and methods for dynamically generating pre-approval data

Publication Date: 2024.06.20 CAPITAL ONE SERVICES LLC

AI summary

Disclosed embodiments may include a method for dynamically generating preapproval data. The method may include receiving first identity information, generating a pre-approval rate and a confidence score based on the first identity information, generating a graphical user interface (GUI) comprising the pre-approval rate, the confidence score, and a request for additional information, transmitting the GUI to a user device for display, receiving additional information, generating an updated pre-approval rate and an updated confidence score based on the first identity information and the additional information, generating an updated GUI comprising the updated pre-approval rate and the updated confidence score, and transmitting the updated GUI to the user device for display in place of the GUI