Financial Transaction Data Profile Organization
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Solution Overview
Problem
Consumers face difficulties in tracking and managing financial transactions due to their varied scope, size, timing, and purpose, as existing financial data presentations are often disorganized and do not facilitate easy determination of payment schedules or spending trends.
Innovation Solution
A system and method for creating a financial transaction data profile by extracting and organizing transactional data from financial instruments, grouping it into categories based on user preferences, and presenting it in a user-friendly format, along with alert and product recommendation features.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If financial transaction data is presented in traditional bank statements, then the data is provided to users, but the data is not organized in a way that allows easy determination of payment schedules, spending trends, and transactional categories
Solution Approach 1:
The patent segments financial transaction data into distinct categories (e.g., payment schedules, spending trends, transactional categories) and presents them in separate organized sections within the financial application interface. This segmentation allows users to easily access and analyze specific aspects of their financial data without being overwhelmed by the complete unstructured dataset.
Solution Approach 2:
The patent transforms traditional two-dimensional bank statement data into a multi-dimensional presentation by adding organizational layers such as time-based grouping, category-based classification, and hierarchical structuring. This dimensional transformation enables users to view financial data from multiple perspectives simultaneously, improving their ability to determine payment schedules and identify spending trends.
2Adaptability or versatility
If financial transaction data is collected from multiple financial instruments, then comprehensive data coverage is achieved, but the complexity of organizing and managing the data increases
Solution Approach 1:
The patent implements a universal financial application platform that can handle multiple types of financial instruments (bank accounts, credit cards, investment accounts, etc.) through a single integrated system. This multi-functional approach allows comprehensive data collection from diverse sources while maintaining consistent organization and presentation methods, thereby reducing the perceived complexity for users.
Solution Approach 2:
The patent introduces an intermediary financial application that acts as a mediator between multiple financial instruments and the user. This intermediary layer automatically collects, standardizes, and organizes data from various sources using standardized protocols and interfaces, thereby simplifying the complexity of managing diverse financial data streams while maintaining comprehensive coverage.
3Ease of operation
If transactional data is extracted and organized into categories, then user-friendly presentation is achieved, but the processing time and computational resources increase
Solution Approach 1:
The patent implements preliminary action by pre-processing and pre-organizing financial transaction data as it is collected from various instruments. The system automatically categorizes transactions, identifies patterns, and structures data in advance before the user needs to view it. This preliminary organization reduces the processing time required at the moment of user interaction while maintaining comprehensive and user-friendly presentation.
Data Source
AI summary
Embodiments of the invention include a method of developing a financial transaction data profile. Financial instruments are received as images, where the financial instruments include transactional data. The transactional data is extracted from the financial instruments and uploaded to a computer. The transactional data is organized so that the transactional data is grouped into categories. The categories are stored for presentation to the user in a financial transaction profile.