Payment Alert Infrastructure for Consumer Transaction Advice
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Solution Overview
Problem
Consumers face challenges in obtaining timely and relevant information or advice regarding payment transactions, particularly when using mobile devices, as existing systems lack efficient mechanisms for generating and delivering alerts and additional information based on consumer preferences.
Innovation Solution
A system and method that utilize a payment processing network with an alert infrastructure to generate and deliver transaction-related alerts and information to consumers, allowing them to request further advice or information through mobile devices, using data mining techniques and user-predefined preferences to provide relevant data.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If a consumer requests additional information or advice regarding a payment transaction, then the consumer obtains relevant information, but the response time increases and the system complexity increases
Solution Approach 1:
The system pre-processes and stores transaction information, consumer preferences, and potential advice responses in advance. When a consumer requests information, the system can quickly retrieve pre-prepared responses rather than generating them in real-time, significantly reducing response time while maintaining information relevance.
Solution Approach 2:
The system implements feedback mechanisms where consumer requests for information are tracked and analyzed. This feedback loop allows the system to learn from previous interactions and optimize future responses, improving both response time and information relevance through iterative improvement.
2Reliability
If the system provides detailed transaction information and advice, then consumer satisfaction improves, but the system complexity and data processing requirements increase
Solution Approach 1:
The system divides complex transaction information into segmented categories (e.g., transaction details, merchant information, product information, advice recommendations). This segmentation allows the system to manage complexity by handling information in manageable chunks and presenting it in an organized manner, improving consumer satisfaction without overwhelming system complexity.
Solution Approach 2:
The system applies local quality by tailoring information and advice to specific consumer needs and preferences rather than providing generic information. By analyzing individual consumer profiles and transaction contexts, the system delivers personalized responses that enhance satisfaction while managing complexity through targeted processing rather than comprehensive processing of all possible scenarios.
3Loss of information
If the system delivers personalized alerts and information based on consumer preferences, then information relevance improves, but the data processing and system configuration requirements increase
Solution Approach 1:
The system performs preliminary actions by pre-configuring consumer preferences, alert conditions, and information delivery parameters before transactions occur. This setup allows the system to efficiently process and deliver personalized information during transactions without requiring complex real-time analysis, improving both relevance and processing efficiency.
Solution Approach 2:
The system utilizes parameter changes by dynamically adjusting information delivery parameters based on consumer preferences and transaction characteristics. By modifying parameters such as alert timing, information format, and delivery channel based on pre-set consumer profiles, the system achieves high information relevance with efficient data processing.
Data Source
AI summary
Systems, apparatuses, and methods for providing a consumer with an alert or other information regarding a payment transaction. When a consumer conducts a payment transaction, an alert may be sent to a device to enable the consumer to view the alert. The contents of the alert, the triggers for sending the alert, or the delivery channel for the alert may be determined by a set of preferences that the consumer set when registering for the alert service. In response to the alert, the consumer may send an SMS or other message that requests “help”, “advice”, “need information”, etc. In some embodiments, the consumer may select or activate a user interface element that enables them to obtain advice or information regarding the transaction. In some embodiments, a consumer request for help, advice, or more information may be generated by the consumer during or after a payment transaction. In response to the request for help, advice, or information, the invention may provide the consumer with a menu or list of topics of information that is available regarding the transaction.