Financial Management System Simplifying Transaction Categorization
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Solution Overview
Problem
Conventional personal financial management systems are cumbersome and difficult to use, overwhelming users with numerous categories and complex transaction categorization processes, making it hard for individuals to effectively manage their finances.
Innovation Solution
A computer-implemented method and system that simplifies financial management by using no more than three budget categories, providing a user-friendly interface for users to categorize transactions, and allowing restricted access for multiple users, facilitating family banking and financial education.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If conventional financial management systems use numerous categories to categorize transactions, then transaction categorization precision is improved, but system complexity and ease of operation deteriorate
Solution Approach 1:
The patent segments the budget categories into three main categories: Needs, Wants, and Savings. This segmentation simplifies the categorization process while maintaining sufficient precision for effective financial management. Instead of requiring users to navigate through ten or more subcategories, the system divides transactions into these three broad buckets, making the system easier to operate while still providing meaningful categorization.
Solution Approach 2:
The patent extracts and removes unnecessary subcategories from conventional financial management systems. By taking out the complex hierarchy of multiple subcategories and retaining only the essential three main categories (Needs, Wants, Savings), the system eliminates the overwhelming number of categories that caused user confusion and difficulty in operation.
2Measurement precision
If conventional systems provide multiple budget categories for detailed tracking, then budget management precision is improved, but device complexity increases
Solution Approach 1:
The system segments the budget management structure into three simple, intuitive categories rather than using a complex multi-level hierarchy. This segmentation maintains the ability to track and manage budgets effectively while dramatically reducing the structural complexity of the system. The three categories (Needs, Wants, Savings) provide sufficient granularity for meaningful budget analysis without requiring complex navigation through numerous subcategories.
Solution Approach 2:
Instead of starting with a complex structure and attempting to simplify it, the patent inverts the approach by beginning with a simple three-category structure and building functionality around that simplicity. This inversion allows the system to achieve budget management precision through strategic simplicity rather than through complexity, making the overall device less complex while maintaining effective budget tracking.
3Measurement precision
If conventional systems require multiple steps and menus for transaction categorization, then categorization precision is improved, but ease of operation deteriorates
Solution Approach 1:
The system performs preliminary action by pre-defining the three main categories (Needs, Wants, Savings) before users need to categorize transactions. This preliminary structure is established in advance, allowing users to simply select from these pre-defined categories rather than navigating through multiple steps and menus. The preliminary categorization framework provides sufficient precision for effective budget management while dramatically simplifying the user interaction process.
Data Source
AI summary
A computer-implemented method includes providing first access rights to a bank account of a financial institution to a first user account of a first user and second access rights to the bank account to a second user account of a second user, the first access rights granting the first user account full access to the bank account, the second access rights granting the second user account restricted access to the bank account; authorizing the second user account to access the bank account; receiving, from the second user account, a user input comprising a selection of at least one of a first subcategory or a second subcategory of a plurality of budget categories based on data associated with at least one transaction; and displaying via a user interface and responsive to receiving the user input, a summary section of the selected first subcategory or second subcategory.