Account Aggregation via Email Transaction Parsing
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Solution Overview
Problem
Conventional methods for aggregating financial accounts require manual input of account information, leading to inefficiency, complexity, and potential inaccuracies, as users may forget to include new accounts or miss recent transactions, resulting in a less comprehensive financial management service.
Innovation Solution
A system and method where a server continuously monitors and automatically updates user financial accounts by querying transaction data from associated websites, using email credentials to identify new or unknown transactions, and alerting users to add or remove accounts as necessary, ensuring a holistic view of their financial portfolio.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual input of account information is required, then user control and accuracy of initial data are improved, but user burden and time consumption increase significantly
Solution Approach 1:
The system automatically performs account aggregation by monitoring user emails for transaction data without requiring manual input. The server extracts account information and transaction details from email content, automatically updates the user's financial portfolio, and maintains continuous monitoring. This self-service approach eliminates the time-consuming manual input process while maintaining data accuracy through automated email parsing and verification.
2Device complexity
If manual tracking of financial accounts is used, then simplicity of system design is maintained, but completeness of financial portfolio deteriorates
Solution Approach 1:
The system uses email accounts as an intermediary source to automatically capture transaction data from multiple financial accounts. The server monitors emails containing transaction information, extracts account details and transaction data, and automatically updates the user's financial portfolio. This intermediary approach comprehensively captures financial information without requiring direct integration with each financial institution, maintaining system simplicity while improving portfolio completeness.
3Reliability
If continuous monitoring of email accounts is implemented, then automatic detection of new accounts is improved, but system resource consumption increases
Solution Approach 1:
The server implements periodic monitoring of user email accounts at scheduled intervals rather than continuous real-time monitoring. The system checks for new emails containing transaction data at predetermined times, extracts relevant information, and updates the financial portfolio accordingly. This periodic approach ensures timely detection of new accounts and transactions while reducing server resource consumption compared to continuous monitoring.
Data Source
AI summary
Disclosed herein are embodiments of systems, methods, and products comprises an analytic server, which aggregates different accounts for a user. The analytic server queries data associated with the user. From the queried data, the analytic server determines the accounts and the account servers. From the account servers, the analytic server queries the transactions of the accounts. The analytic server generates an instance to aggregate the determined accounts and transactions. The analytic server further scans the user's email content to determine potentially unknown transactions. The analytic server compares the potentially unknown transaction from the email content with the transactions in the instance. If there is no match, the analytic server determines the account of the potentially unknown transaction from the email content is a new account that is not aggregated. The analytic server notifies the user regarding the new account and updates the instance to reflect the new account.