Folded Account Application Package with Machine-Readable Identifier
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Solution Overview
Problem
Consumers find the paper-based application process for financial products confusing and intimidating, and applying at a point-of-sale terminal can be rushed, limiting their ability to contemplate offers at their own pace.
Innovation Solution
A tangible account application product with a machine-readable identifier and a terms sheet, allowing consumers to review information at their leisure and initiate an electronic application process at a point-of-sale terminal, including a package with a storage area for the terms sheet and a temporary card, promoting cross-promotion with retail merchandise and providing incentives.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If consumers apply for financial products at a point-of-sale terminal, then the application process is faster and less confusing, but consumers cannot contemplate offers at their own pace and feel immediate pressure
Solution Approach 1:
The application process is divided into two distinct phases: (1) Information presentation phase, where the application product is displayed in the retail environment allowing consumers to view terms at their own pace; and (2) Application completion phase, where consumers return to the point-of-sale terminal to finalize the application. This segmentation resolves the contradiction by separating the information review function from the transaction function.
Solution Approach 2:
The application product is prepared and displayed in advance in the retail environment, allowing consumers to review terms and conditions before the actual application transaction. This preliminary action enables consumers to contemplate offers at their own pace without time pressure, while still allowing quick completion at the point-of-sale terminal when they are ready.
2Ease of operation
If a paper-based application process is used, then consumers can review terms at their own pace, but the process becomes confusing and intimidating due to complex terminology and paperwork
Solution Approach 1:
The application product creates a simplified visual copy of the financial product terms and conditions, presenting them in an easily digestible format rather than requiring consumers to read complex legal documentation. This copying approach maintains the ability to review at own pace while reducing the intimidating complexity of traditional paper applications.
Solution Approach 2:
The application product serves as an intermediary between the complex financial product terms and the consumer. It translates and presents the information in a simplified, visually appealing format that is easier to understand, acting as a mediator that bridges the gap between complex terminology and consumer comprehension.
3Ease of operation
If traditional application products are used, then consumers can review information, but retailers lack data to optimize display placements and evaluate impact on sales
Solution Approach 1:
The system incorporates feedback mechanisms that track and record consumer interaction with the application product in the retail environment. By monitoring how consumers engage with the product (viewing duration, interaction patterns, completion rates), the system provides retailers with valuable data about display effectiveness, enabling optimization of placement strategies.
Solution Approach 2:
The application product serves multiple functions simultaneously: it presents product information, collects consumer data, and provides feedback to retailers. This multi-functionality ensures that retailers receive the necessary data to optimize displays and evaluate sales impact, while consumers still benefit from the ability to review information at their own pace.
Data Source
AI summary
An account application product includes a package, an account identifier and a terms sheet. The package includes a first panel extending from a free edge to a first fold line, a second panel extending away from the first fold line to a second fold line, and a third panel extending away from the second fold line. The first panel is folded back along the first fold line toward a first surface of the second panel to define a storage area between the first panel and the second panel. The third panel is folded forward along the second fold line toward a second surface of the second panel. The account identifier indicates an account associated with the account application product and is configured to be machine readable. The terms sheet is selectively stored in the storage area and includes printed terms for the account. Associated packages and method are also disclosed.