Loan Advisor API for Goal-Oriented Financial Product Scoring
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current automated systems for loan applications are inadequate in determining customer goals and objectives, failing to provide suitable loan offers and struggling to integrate with diverse financial institution systems, leading to inefficiencies and recruitment challenges in the lending process.
Innovation Solution
A system utilizing an application programming interface (API) that generates goal-oriented questions, collects customer inputs, and determines desirability scores for loan products across different devices and operating systems, providing tailored recommendations and explanations.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If automated systems are used for loan processing, then efficiency and scalability are improved, but the ability to understand customer goals and provide suitable loan offers deteriorates
Solution Approach 1:
The patent introduces an intermediary component (loan advisor system) that bridges automated processing and customer understanding. This intermediary collects customer goals and preferences, translates them into structured criteria, and guides the automated system to generate appropriate loan offers, thereby preserving customer understanding while maintaining automation efficiency
Solution Approach 2:
The system segments the loan processing workflow into distinct modules: customer interaction module for gathering goals, analysis module for processing preferences, and offer generation module for creating loan proposals. This segmentation allows each module to specialize in specific tasks, maintaining both automation efficiency and customer understanding
2Loss of information
If human loan officers are used to explain and market loans, then customer understanding and offer suitability are improved, but recruitment, training, and retention challenges increase
Solution Approach 1:
The system enables self-service automation where the loan advice system autonomously interacts with customers, collects their goals, analyzes their preferences, and generates offers without requiring human loan officers for these routine tasks. This reduces personnel management complexity while maintaining service quality
Solution Approach 2:
The patent replaces the mechanical system of human loan officers with an automated digital system that uses algorithms and machine learning to understand customer goals and generate offers. This substitution eliminates recruitment, training, and retention challenges while preserving the ability to understand customer needs
3Stability of the object's composition
If existing lender systems are maintained, then system stability is improved, but adaptability to new technologies and methods deteriorates
Solution Approach 1:
The patent implements a universal API layer that can interface with multiple different lender systems and technologies. This API serves multiple functions: it maintains stability by working with existing systems while simultaneously providing adaptability to integrate new technologies and methods, allowing the system to evolve without disrupting core operations
Data Source
AI summary
A system and method for evaluating and recommending financial products such as loans for a customer is disclosed. The system includes a question set manager generating a set of interfaces to display questions related to financial needs of the customer. A question set manager collects answers to the questions. Available financial programs each having a set of pricing parameters are stored. An analysis engine determines a desirability score for each of the financial programs determined by the collected answers to the displayed questions in relation to the pricing parameters. A recommendation engine outputs a ranking of financial products by the determined score.