Automated Fund Transfer via Icon Selection
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Low personal savings rates in the United States due to inconvenience and lack of interest in transferring funds from checking to savings or investment accounts, as customers often find it uncomfortable to remove funds from their checking accounts.
Innovation Solution
Systems and methods that allow seamless transfer of funds from a funding account to a receiving account through a user-selectable icon during electronic banking sessions, enabling configuration of transfer amounts and settings, with options for automatic transfers to savings, investment, or retirement accounts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If customers manually transfer funds from checking to savings accounts, then savings can be accumulated, but the process is inconvenient and time-consuming
Solution Approach 1:
The system performs preliminary configuration by allowing customers to set up transfer parameters (amounts, frequencies, destination accounts) in advance. Once configured, the system automatically executes transfers without requiring customer action at transfer time, thus resolving the contradiction between ease of operation and time loss.
Solution Approach 2:
The system enables self-service by automating the fund transfer process. The banking system itself performs the transfers based on pre-configured instructions, eliminating the need for customers to manually initiate each transfer while still allowing them to control the parameters. This resolves the contradiction by making the system serve itself rather than requiring continuous customer intervention.
2Productivity
If customers transfer large amounts to savings accounts, then savings goals can be achieved faster, but customers feel uncomfortable removing funds from checking accounts
Solution Approach 1:
The system applies partial action by allowing customers to transfer only the specific amount needed to meet savings goals without removing excess funds from checking accounts. Customers can configure transfer amounts that are comfortable for them while still achieving savings objectives, resolving the contradiction between productivity and ease of operation.
Solution Approach 2:
The system enables parameter changes by allowing customers to adjust transfer amounts, frequencies, and destination accounts based on their comfort level and changing financial situations. This flexibility allows customers to optimize savings accumulation while maintaining comfort with checking account balances.
3Reliability
If automatic transfer systems are implemented, then savings consistency improves, but system complexity increases
Solution Approach 1:
The system achieves reliability through preliminary configuration where customers set up transfer parameters once. The system then automatically executes transfers consistently based on these pre-configured instructions, ensuring savings consistency without requiring complex ongoing management or intervention.
Solution Approach 2:
The automatic transfer system serves itself by executing transfers based on pre-configured rules without requiring complex external management. The banking system's existing infrastructure handles the automation, minimizing additional complexity while maintaining high reliability through systematic automated execution.
Data Source
AI summary
A computer assisted method for facilitating transfers between financial accounts. The method includes accepting a funds transfer request via the selection of an icon, by a user, wherein the icon represents a designated transfer of a predetermined amount of funds between a funding account and at least one receiving account. The method further includes transferring the amount of funds from the funding account to the at least one receiving account.