Secure Loan Dataset Platform for Retirement Plan Default Detection
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Solution Overview
Problem
Current systems for managing retirement plan loans face inefficiencies due to incompatible data formats across different computing systems, leading to delayed and inaccurate identification of loan defaults and recoupment challenges, as well as a lack of user-friendly real-time data on potential financial losses.
Innovation Solution
A server-based system that communicates with multiple computing environments to create uniform, data-format-agnostic datasets, monitors employment status changes, and generates transactions, while also providing a platform for participants to view real-time data and simulated scenarios, enabling efficient loan management and compliance with fiduciary duties.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If manual verification systems are used to identify loan defaults, then human reviewers can determine employment status changes, but the process becomes tedious, time-consuming, and results in delayed and inaccurate results
Solution Approach 1:
The patent replaces manual verification systems with automated computer-implemented systems that use web crawling, natural language processing, and machine learning algorithms to monitor employment status changes and identify loan defaults. This substitution eliminates human reviewers from the process, achieving both higher accuracy through consistent algorithmic application and faster processing through automated data collection and analysis.
Solution Approach 2:
The system enables self-service by allowing the automated platform to independently collect, analyze, and act on employment status data without human intervention. The system automatically crawls online resources, processes information, identifies defaults, and initiates recoupment procedures, making the entire verification process autonomous and eliminating dependency on human reviewers.
2Adaptability or versatility
If different computing systems use different data formats and ecosystems, then each system can maintain its own standards, but data transfer between systems becomes incompatible and inefficient
Solution Approach 1:
The patent introduces a standardized data exchange platform that acts as an intermediary between different computing systems. This platform uses uniform data formats and standardized protocols to translate and transfer loan dataset information between employers, recordkeepers, financial institutions, and insurance companies, eliminating compatibility issues while maintaining the autonomy of each participating system.
Solution Approach 2:
The system implements a universal data format that can be used across all computing systems involved in the loan repayment process. This single standardized format serves multiple functions: data collection, storage, transfer, and analysis, replacing the need for system-specific formats and reducing the complexity of inter-system communication.
3Speed
If real-time monitoring of employment status changes is implemented, then loan defaults can be identified promptly, but the system requires continuous data collection and processing resources
Solution Approach 1:
The patent implements periodic monitoring of employment status changes through scheduled web crawling and data collection cycles. Instead of continuous real-time monitoring, the system checks for employment status changes at predetermined intervals, which reduces computational resource requirements while still enabling timely identification of defaults when they occur.
Solution Approach 2:
The system performs preliminary data collection by pre-collecting and storing employment status information before loan defaults occur. By maintaining a baseline of employment data and comparing it against updated information during monitoring cycles, the system can quickly identify changes without requiring intensive real-time analysis, thus reducing ongoing computational resources.
Data Source
AI summary
Embodiments herein recite a method including in response to receiving an indication of a first electronic communication session with a user computing device, retrieving, by a server, an identifier of a user operating the user computing device; retrieving, by the server, a secure loan dataset for the user, the secure loan dataset comprising at least a triggering employment status attribute that causes execution of a transaction associated with the secure loan dataset; executing, by the server using at least one of the attribute or data associated with the secure loan dataset, a computer model to determine a digital product attribute for the user; and routing, by the server, the first electronic communication session to an agent thereby establishing a second electronic communication session between the user computing device and an agent computing device operated by the agent.