Mobile Device Account Setup Using ID Image Capture
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Solution Overview
Problem
The existing process of opening a financial account, such as a brokerage or retirement account, is time-consuming and often discourages customers from completing the process in face-to-face interactions like trade shows due to the requirement of filling out paperwork and manual submission.
Innovation Solution
A system and method using a mobile computing device to capture and process digital images of identification documents, complete account applications, transmit images to regulatory bodies for verification, and establish financial accounts, thereby streamlining the account opening process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional paperwork-based account opening process is used, then account security and regulatory compliance are maintained, but the process becomes time-consuming and discourages customers from completing it
Solution Approach 1:
The patent uses digital images (copies) of identification documents instead of requiring physical paperwork. The mobile device captures images of the customer's ID, and these digital copies are processed through OCR to extract information, eliminating the need for physical form filling while maintaining the same verification purpose
Solution Approach 2:
The patent replaces the mechanical process of manual paperwork handling with automated optical and digital processing. The mobile device's camera captures images, OCR software automatically extracts text information, and the system electronically transmits data to regulatory bodies, substituting manual mechanical operations with automated technological processes
2Reliability
If manual paperwork submission is required, then regulatory verification can be performed, but the process complexity and customer burden increase
Solution Approach 1:
The system enables self-service verification where the mobile device automatically captures ID images, performs OCR processing, extracts relevant information, and submits them to regulatory bodies without requiring manual intervention. The technology serves itself by automating the entire verification workflow
Solution Approach 2:
The patent introduces an intermediary OCR processing system that bridges between the captured ID image and the regulatory verification requirement. The OCR software acts as a mediator that automatically extracts and structures information from images, making it ready for regulatory review without manual data entry
3Reliability
If comprehensive identification verification is performed, then account security is ensured, but the processing time and system requirements increase
Solution Approach 1:
The patent performs preliminary OCR processing and information extraction directly on the mobile device before transmission. By pre-processing the ID images and extracting necessary information in advance, the system reduces the processing burden on regulatory bodies and accelerates the overall verification speed while maintaining comprehensive security checks
Applied Scientific Principles
This section explains which scientific principles are used to turn an abstract innovation direction into a practical engineering solution.
Function Achieved in This Case
This approach significantly reduces the time required to open a financial account, allowing for immediate account access and funding, even in environments like trade shows, by leveraging mobile technology for efficient data capture and verification.
Implementation Method 1
capturing, by the mobile computing device, a digital image of an applicant's identification
Implementation Method 2
processing, by the mobile computing device, the digital image of the identification to recognize at least a portion of the text based components
Data Source
AI summary
A financial account is established using a mobile computing device. A digital image of an applicant's identification having text based components is captured. The digital image of the identification is processed to recognize at least a portion of the text based components. The portion of the text based components is used to complete an application for the financial account. The digital image of the identification is transmitted to a regulatory body. Verification of the identity of the applicant is received from the regulatory body. The financial account for the applicant is established.