Financial Asset System Real-Time User Verification
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Solution Overview
Problem
Current financial institution verification processes are inadequate in determining a borrower's repayment capability, often relying on limited personal and banking information, which can lead to fabricated data and subsequent losses for institutions.
Innovation Solution
A computer-implemented method and system that collects and validates demographic, professional, and banking information, combined with real-time data from portable communication devices, including device characteristics, to create a user profile and verify the user's financial status, utilizing a signal generator circuitry to trigger camera captures for image mapping and secure financial asset transfer.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional background check methods are used with limited personal and banking information, then the verification process is simple and quick, but the reliability of identifying borrower repayment capability deteriorates
Solution Approach 1:
The verification process is divided into multiple independent modules: device information collection module, social relationship analysis module, financial status verification module, and identity verification module. Each module handles specific aspects of verification independently, improving overall reliability while maintaining manageable system complexity through modular design.
Solution Approach 2:
The system transitions from traditional single-dimension verification (personal information only) to multi-dimensional verification by incorporating device characteristics, social relationship data, real-time financial status, and behavioral patterns. This dimensional expansion significantly enhances verification reliability.
2Measurement precision
If comprehensive verification data is collected from multiple sources, then the accuracy of financial capability assessment is improved, but the time required for verification increases
Solution Approach 1:
Device information and basic profile data are collected and pre-processed during the application submission phase. Social relationship data is pre-analyzed from available digital footprints before the verification request is fully processed. This preliminary action reduces the time required for final verification while maintaining comprehensive assessment accuracy.
Solution Approach 2:
The system continuously monitors and updates user financial status, device information, and social relationship data in real-time or near-real-time. This continuous data collection and analysis ensures accurate financial capability assessment without requiring repeated full verification cycles, thereby reducing verification time while maintaining precision.
3Reliability
If real-time data collection and analysis is implemented, then fraudulent information detection is enhanced, but the system complexity and resource consumption increase
Solution Approach 1:
The system implements real-time verification selectively based on risk assessment. For low-risk applications with strong initial profiles, full real-time verification may be skipped or reduced. For higher-risk cases, comprehensive real-time data collection and analysis are activated. This partial application of real-time verification enhances fraud detection where needed while conserving system resources.
Solution Approach 2:
The system uses device characteristics and pre-collected social relationship data as intermediary indicators to assess verification risk before initiating resource-intensive real-time analysis. These intermediaries provide early risk signals that determine whether full real-time verification is necessary, reducing overall resource consumption while maintaining strong fraud detection capability.
Data Source
AI summary
The present disclosure provides a system and method for providing financial asset to a user in real time. The system receives and validates a first set of data, a second set of data and a third set of data associated with the user. Also, the system obtains a fourth set of data associated with a portable communication device. Further, the system creates a user profile of the user. Further, the system triggers a camera to capture the real-time image of the user based on the verification of the third set of data and the fourth set of data. The real-time image of the user is mapped with image of the user obtained from the user profile. In addition, the system collects one or more modes of transfer of financial asset from the user. The system credits financial asset to the user.