Multi-Source Transaction Data Enrichment for Consistent Banking Displays
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Solution Overview
Problem
Existing online banking systems often display transactions with abbreviations and inconsistent data fields, making it difficult for customers to decipher and take actions related to transactions, and lack integration of data from multiple sources for enhanced clarity and insights.
Innovation Solution
A method and system for integrating transaction data from multiple sources, merging them into a combined database to resolve inconsistencies, adding supplemental data fields, and providing enhanced display features and interactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If transaction data is integrated from multiple external sources and merged into a combined database, then data consistency and clarity are improved, but system complexity and data processing requirements increase
Solution Approach 1:
The patent merges transaction data from multiple external sources (payment processors, financial institutions, merchants) into a single combined database. This consolidation allows the system to resolve inconsistencies in common data fields by comparing entries across sources and selecting the most informative data, while adding supplemental data fields from external sources to enrich the transaction information.
Solution Approach 2:
The patent introduces a data integration layer that acts as an intermediary between external data sources and the banking system. This layer resolves inconsistencies in common data fields, adds supplemental data fields, and provides a unified interface for accessing integrated transaction data, thereby managing system complexity while improving data consistency.
2Loss of information
If supplemental data fields are added from external sources, then transaction information completeness is improved, but data processing time and computational resources increase
Solution Approach 1:
The patent performs preliminary data integration and enrichment during off-peak hours or during transaction initialization. The system pre-processes transaction data from multiple sources, resolves inconsistencies, and adds supplemental data fields before the customer views the transaction information, thereby reducing perceived processing time while maintaining information completeness.
Solution Approach 2:
The patent adds supplemental data fields selectively based on the specific transaction type and customer needs. Rather than uniformly processing all transactions with the same level of detail, the system enhances data completeness locally where most beneficial, optimizing the balance between information completeness and processing resources.
3Loss of information
If data from multiple external sources is integrated, then customer insights and actionable information are improved, but data integration and conflict resolution complexity increase
Solution Approach 1:
The patent implements feedback mechanisms where the system continuously monitors data consistency across multiple external sources and automatically adjusts the data integration process. When inconsistencies are detected in common data fields, the system compares entries from all sources and selects the most informative data, providing feedback loops that improve customer insights while managing integration complexity through automated conflict resolution.
Data Source
AI summary
A method and system for transaction data integration and enrichment in an online banking system. A first external source of transaction data is merged with a bank's transaction data into a combined database wherein entries in common data fields are resolved, and additional data fields are provided for each transaction. A second external source of transaction data may also be merged with the combined database, providing another option for common data fields, and further additional data fields. Other external data sources may include data describing external accounts, where all of the accounts are loaded in an aggregated database. The combined database and the aggregated database are presented to the customer where the transaction data is consistent across all data sources, each transaction record includes supplemental data from the external sources, actionable links are provided to external systems, and financial insights are enhanced by the external account data.