Matrix Code Deciphering for Financing Application Automation
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Solution Overview
Problem
Consumers face challenges in accessing convenient and cost-effective financing options for high-value purchases, as they often lack awareness of available financing options and experience difficulties in obtaining the necessary information for loan or credit applications.
Innovation Solution
A computing system equipped with an image sensor that detects and deciphers matrix codes on scannable objects, allowing users to scan products and services, which then populates a digital data submission form with embedded variables, facilitating the selection of available financing options and generating interactive elements for user interfaces.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If consumers manually gather and input product information for financing applications, then the application process can be completed, but the process becomes time-consuming and complex
Solution Approach 1:
The system performs preliminary actions by automatically capturing product information through image scanning before the consumer needs to submit the financing application. The matrix code contains pre-encoded product data that is decoded and stored in advance, eliminating the need for manual data gathering and input during the application process.
Solution Approach 2:
The patent replaces the mechanical manual data input process with an automated optical system. An image sensor captures the matrix code, which is then decoded by a processor to extract product information. This substitution of manual typing with automated optical recognition significantly reduces time and effort required for data entry.
2Loss of information
If consumers seek financing information for high-value purchases, then they can access potential funding options, but they face difficulty in obtaining accurate product and retailer information
Solution Approach 1:
The system creates an accurate digital copy of product information by encoding it within the matrix code displayed on or associated with the physical product. When consumers scan the matrix code, they receive an exact replica of the product details, retailer information, and financing data, ensuring accuracy without manual transcription or verification.
Solution Approach 2:
The matrix code serves as an intermediary that bridges the gap between the physical product and the digital financing application. It encapsulates all necessary product and retailer information in a scannable format, acting as a mediator that transfers accurate data from the product to the consumer's device, eliminating information retrieval difficulties.
3Ease of operation
If traditional financing application processes are used, then consumers can apply for loans, but the process lacks convenience and accessibility
Solution Approach 1:
The system enables self-service by allowing consumers to autonomously scan product matrix codes and automatically populate financing application forms with the extracted information. The process requires minimal consumer intervention beyond initiating the scan, making the application process convenient and accessible without needing assistance from loan officers or complex manual procedures.
Data Source
AI summary
Systems and methods detect presence of a scannable object comprising readable matrix code within an image captured by an optical instrument, the detecting comprising defining a bounding region encompassing the scannable object. Pattern recognition is contemporaneously performed on the readable matrix code of the scannable object to decipher the readable matrix code and identify data modules embedded within the scannable object, where the data modules include encoded data comprising embedded variable(s). Encoded data are transmitted to an external server to initiate server operation(s) comprising data processing to, at least in part, select, based on analyzing the one or more embedded variables, an item determined to be available to the user from one or more selectable items potentially available to the user, and generate element data comprising an interactive element associated with the selected item. The element data is received and a representation of the interactive element is digitally displayed.