Automated Trigger System for Financial Account Ratio Monitoring
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Solution Overview
Problem
Financial institutions face challenges in tracking customer account activities, leading to missed opportunities for customer engagement and relationship strengthening due to lack of timely notifications and data analysis capabilities.
Innovation Solution
A system utilizing a computer apparatus with a processor and memory, equipped with a trigger software module that receives account data, determines patterns of activity, and forms triggers to monitor account ratios and notify customers of potential offers and account status, enhancing customer relationships and retention.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If financial institutions manually track and analyze customer account data, then they can identify customer needs and opportunities, but they lack the resources and capacity to process large volumes of data timely
Solution Approach 1:
The patent replaces manual mechanical tracking and analysis methods with an automated computer-based system that uses software modules to receive, store, and analyze account data. The system automatically determines patterns of account activity and generates triggers without human intervention, resolving the contradiction between information completeness and analysis capacity.
Solution Approach 2:
The system enables self-service by automatically monitoring account data, identifying patterns, and generating notifications without requiring financial institution employees to manually process each account. The automated trigger generation system serves itself by continuously analyzing data and producing actionable insights independently.
2Reliability
If financial institutions implement comprehensive account monitoring, then they can provide timely notifications and strengthen customer relationships, but the system complexity and resource requirements increase
Solution Approach 1:
The monitoring system is segmented into distinct functional modules: a data reception module for receiving account data, a storage module for storing data, a pattern determination module for analyzing activity patterns, and a trigger generation module for creating notifications. This modular segmentation reduces overall system complexity while maintaining comprehensive monitoring capabilities.
Solution Approach 2:
The system employs universal parameters that can apply across multiple account types and scenarios. The pattern determination and trigger generation mechanisms are designed to work with various account configurations without requiring separate systems, reducing complexity while maintaining reliability across diverse customer relationships.
3Loss of time
If financial institutions analyze account data in real-time, then they can identify opportunities and notify customers timely, but the processing time and computational resources increase
Solution Approach 1:
The system performs preliminary actions by continuously receiving and storing account data in readiness, and by pre-establishing the framework for pattern recognition. When account activity occurs, the system can quickly match it against stored patterns and generate triggers immediately, reducing notification delay while optimizing energy usage through efficient pattern matching rather than continuous full-scale analysis.
Data Source
AI summary
Systems and methods for producing and maintaining account related triggers are provided herein. The systems and methods may be utilized for monitoring of one or more accounts of a financial institution. Triggers may be executed to monitor financial account ratios. Offers may be triggered based on the account ratios or changes in the account ratios.