Automated Trigger System for Financial Risk Mitigation

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Solution Overview

Problem

Financial institutions face challenges in tracking customer account activities, maintaining data organization, and informing customers of opportunities and issues, leading to missed growth opportunities and weakened customer relationships.

Innovation Solution

A system utilizing a computer apparatus with a processor and memory, equipped with a trigger software module that receives account data, determines patterns, identifies relevant parameters, and forms triggers to enhance customer engagement, risk mitigation, and product offerings.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If financial institutions manually track and analyze customer account data, then customer service quality can be maintained through personal attention, but the institution cannot process large volumes of data efficiently and misses growth opportunities

Engineering Contradiction:

Improvedata processing efficiencyVSAvoidmissed customer opportunities

Core Design Contradiction:

ProductivityVSLoss of information

Solution Approach 1:

The patent replaces manual mechanical tracking and analysis of account data with an automated computer-based system that uses software modules to receive, store, analyze, and generate triggers from account data, enabling efficient processing of large volumes of data without losing customer opportunities

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system enables self-service by automatically monitoring account activities, detecting patterns, and generating triggers without requiring manual intervention, allowing the institution to process data at scale while maintaining personalized customer engagement through automated notifications

Inventive Principle:

Principle #25Self-service

2Reliability

If financial institutions invest resources in analyzing account data and notifying customers, then customer relationships can be strengthened, but the operational complexity and resource requirements increase

Engineering Contradiction:

Improvecustomer relationship strengthVSAvoidsystem operational complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The patent segments the complex task of customer relationship management into distinct functional modules: receiving account data, storing data, determining patterns, identifying parameters, and forming triggers. This modular approach reduces operational complexity by making each component manageable and independently maintainable

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system performs preliminary actions by pre-configuring trigger conditions and parameters based on account data patterns, so that when specific events occur, pre-determined actions can be automatically executed, reducing the complexity of real-time decision-making and resource allocation

Inventive Principle:

Principle #10Preliminary action

Data Source

PatentUS8688572B2Financial account related trigger feature for risk mitigation

Publication Date: 2014.04.01 BANK OF AMERICA CORP

AI summary

Systems and methods for producing and maintaining account related triggers are provided herein. The systems and methods may be utilized for risk mitigation. Account triggers may be executed to determine account activity indicative of a risk event. Once a risk event is identified, the financial institution may determine an appropriate action to mitigate foreseeable risk due to the risk event.