Financial Product Recommendation System for Mortgage Decision Support
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Solution Overview
Problem
Consumers face complexity in making informed financial decisions due to the lack of accessible information for large financial transactions, such as home and automobile purchases, as relevant financial product information is not readily available in a single place, making it difficult to select appropriate products.
Innovation Solution
A system and method that includes a processing unit and system memory to receive customer inquiries, determine available financial products based on type, value, location, and credit score, and provide current pricing information, facilitating the selection of financial products for transactions like buying a property, refinancing a mortgage, or improving a property.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If consumers search for financial product information across multiple sources, then they can find more comprehensive information, but the complexity and time required to make informed decisions increases
Solution Approach 1:
The patent combines multiple sources of financial product information (product availability, pricing, fees, qualifications) into a single integrated system that consumers can access through one interface, eliminating the need to search multiple separate sources while maintaining information completeness
Solution Approach 2:
The patent introduces an intermediary system (financial product recommendation system) that acts as a mediator between consumers and multiple financial institutions, consolidating information from various lenders and presenting it in a unified, easy-to-compare format
2Reliability
If consumers gather complete financial product information from multiple sources, then they can make more informed decisions, but the time required to complete the process increases
Solution Approach 1:
The patent performs preliminary actions by pre-gathering and organizing financial product information from multiple sources before the consumer needs it, so that when consumers access the system, all relevant information is already consolidated and ready for immediate comparison and decision-making
Solution Approach 2:
The patent creates a universal system that simultaneously performs multiple functions: searching for products, comparing pricing, checking qualifications, and presenting options all in one platform, thereby reducing the time needed to complete what would otherwise require multiple separate processes
3Ease of operation
If financial product information is consolidated in a single system, then the ease of selection improves, but the system complexity increases
Solution Approach 1:
The patent uses an intermediary system that handles the complexity of integrating with multiple financial institutions and data sources in the background, while presenting a simplified, user-friendly interface to consumers, thereby isolating system complexity from the user experience
Data Source
AI summary
A system for generating rate and payment information for a customer receives an inquiry type from a customer relating to a loan or mortgage. The system also receives a value specific to the potential loan or mortgage. In combination with a product and policy database and a pricing/fee database, relevant financial products are determined and provided to the customer. The inquiry type can include buying a property, refinancing a mortgage, improving a property, and/or using funds from a property.