Personal Financial Management Tool Transaction Image Integration

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Solution Overview

Problem

Existing personal financial management tools and software products fail to directly incorporate transaction images, such as check and deposit images, into their systems, leading to incomplete data and inability to accurately process transaction descriptions, and they lack real-time data processing and categorization capabilities.

Innovation Solution

The development of computer-implemented personal financial management tools and systems that receive and process financial transaction data, including images, to provide users with cleansed, categorized, and classified data in real-time, by pulling data from financial institutions, processing it, and sending it back for user integration and institutional use.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of information

If personal financial management tools retrieve transaction data from banking systems, then financial tracking capability is improved, but data completeness deteriorates because transaction images are not incorporated

Engineering Contradiction:

Improvetransaction information completenessVSAvoidsystem complexity

Core Design Contradiction:

Loss of informationVSDevice complexity

Solution Approach 1:

The patent merges transaction data retrieval and transaction image acquisition into a single integrated process. The system combines structured transaction data from banking systems with unstructured image data from mobile device cameras, creating a comprehensive transaction record that includes both numerical information and visual documentation of the transaction environment.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The patent introduces an intermediary processing layer that receives both transaction data and image data, then processes them together through machine learning models. This intermediary system correlates the structured financial data with unstructured image data to extract additional contextual information such as merchant identity, transaction location, and environment characteristics.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Measurement precision

If personal financial management tools process transaction descriptions, then transaction categorization is improved, but processing accuracy deteriorates due to lack of image-based context

Engineering Contradiction:

Improvetransaction description accuracyVSAvoiddata processing efficiency

Core Design Contradiction:

Measurement precisionVSProductivity

Solution Approach 1:

The patent performs preliminary processing of transaction images immediately upon capture, using machine learning models to extract merchant information, transaction type, and contextual data before the user even reviews the transaction. This preliminary action prepares structured data that can be quickly integrated with financial transaction records, eliminating the need for later manual analysis.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent replaces manual transaction description analysis with automated machine learning-based image recognition systems. The system uses computer vision algorithms to automatically extract and interpret information from transaction images, substituting human cognitive processing with automated optical and pattern recognition systems that operate at machine speed.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

3Ease of operation

If personal financial management tools provide real-time data processing, then user experience is improved, but system resource consumption increases

Engineering Contradiction:

Improveuser experienceVSAvoidsystem resource consumption

Core Design Contradiction:

Ease of operationVSUse of energy by moving object

Solution Approach 1:

The patent implements periodic processing where transaction images and data are analyzed at scheduled intervals rather than continuously. The system processes images in batches during low-activity periods and uses pre-extracted features during user interactions, providing real-time responsiveness without requiring constant computational resources. Machine learning models are trained periodically on aggregated data rather than continuously.

Inventive Principle:

Principle #19Periodic action

Data Source

PatentUS10510113B2Providing financial transaction data to a user

Publication Date: 2019.12.17 MX TECHNOLOGIES INC

AI summary

The disclosure extends to computer-implemented personal financial management tools, methods and systems for providing financial transaction data to a user in the form of transaction images, such as check images, deposit images, receipt images, and other transaction related images, which may be incorporated into the personal financial management tool. The disclosure also extends to computer-implemented personal financial management tools, methods and systems for receiving core data, which may include transaction data, from a financial or banking institution and processing the data by cleansing the data, automatically categorizing the data, classifying the data, and then sending that processed data back to the financial or banking institution. The disclosure also extends to receiving and sending such data to and from the financial or banking institution in real-time.