Real-Time Financial Product Matching System
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Solution Overview
Problem
Customers lack the ability to compare and select the most beneficial financial products in real time, as conventional systems only pre-select customers for financial products without providing immediate comparisons, requiring manual comparison of offers from financial institutions.
Innovation Solution
A real-time financial product matching system that stores financial product data records and customer data records, allowing for instant comparison and presentation of matched products based on customer preferences and qualification criteria, enabling customers to select the most beneficial financial products during the application process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If conventional systems pre-select customers for financial products and send offers manually, then customers can receive personalized offers, but customers cannot compare offers in real time and must manually save and compare multiple offers
Solution Approach 1:
The patent introduces an intermediary system (offer comparison system) that acts as a mediator between financial institutions and customers. This system receives offers from multiple institutions, stores them centrally, and provides comparison capabilities through user interfaces, eliminating the need for customers to manually save and compare offers across different sources.
Solution Approach 2:
The patent combines multiple separate offers from different financial institutions into a single unified comparison interface. By merging the offers, comparison criteria, and selection functionality into one system, customers can view and compare all relevant offers simultaneously without needing to visit multiple sources or manually organize information.
2Loss of information
If customers manually compare offers by saving them from different financial institutions, then customers can identify beneficial offers, but the process is time-consuming and complex
Solution Approach 1:
The system performs preliminary actions by pre-collecting, storing, and organizing offer information from multiple financial institutions before customers need to compare them. Offers are captured and maintained in the system's database with all relevant details (terms, conditions, features) already structured and ready for comparison, eliminating the need for customers to manually gather information.
Solution Approach 2:
The intermediary system serves as a central repository that collects complete offer information from various financial institutions and makes it uniformly accessible to customers. This mediator ensures that all offer details are preserved and standardized in one location, allowing customers to access comprehensive information without visiting multiple sources.
3Adaptability or versatility
If conventional systems send offers to prequalified customers individually, then each customer receives relevant offers, but customers lack immediate access to multiple offers for comparison
Solution Approach 1:
The patent adds a new dimension to the offer delivery system by transitioning from one-dimensional individual offer delivery to multi-dimensional simultaneous presentation. Instead of delivering offers sequentially to individual customers, the system presents multiple personalized offers simultaneously across multiple dimensions (different institutions, different product types, different terms) within a single comparison interface.
Solution Approach 2:
The system performs multiple functions simultaneously: it personalizes offers for each customer based on their profile, collects offers from multiple financial institutions, stores them centrally, and provides comparison capabilities all through a single unified platform. This multi-functional approach maintains personalization while enabling efficient comparison.
Data Source
AI summary
A system and method for providing real time financial product matching is disclosed. In one embodiment, the real time financial product matching system may store one or more financial product data records. Each financial product data record may be associated with a financial product. The real time financial product matching system may receive a customer data record associated with a customer, the customer data record including a customer preference related to financial products. The real time financial product matching system may then match the customer with one or more financial products in real time by comparing the customer data record to the one or more financial product data records. And, the real time financial product matching system may present the matched one or more financial products to the customer in real time.