Payment Option Selection System with Financial Return Scoring
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Solution Overview
Problem
Users face difficulty in accurately selecting payment options that maximize rewards for transactions due to the complexity of various promotions associated with different payment methods, leading to suboptimal reward gains.
Innovation Solution
A system determines financial return scores for multiple payment options based on associated financial account information and transaction data, allowing for the selection of the payment option with the highest return score for each transaction.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If users manually evaluate multiple payment options and their associated promotions, then they can potentially maximize rewards, but the complexity and time required for selection increases significantly
Solution Approach 1:
The system automatically calculates financial return scores for multiple payment options by retrieving promotion data, transaction data, and account information, then presents the optimized selection to the user without requiring manual evaluation of complex promotion terms
Solution Approach 2:
The financial system acts as an intermediary between the user and multiple financial institutions, consolidating promotion information from various sources and processing it through a unified scoring mechanism to simplify the user's decision-making process
2Measurement precision
If users manually evaluate multiple payment options and their associated promotions, then they can potentially maximize rewards, but the time required for selection increases significantly
Solution Approach 1:
The system pre-loads and caches promotion data from multiple financial institutions before the user needs to make a selection, so that when a transaction is initiated, the financial return scores can be calculated and presented almost immediately without requiring real-time data gathering
Solution Approach 2:
The automated scoring system performs the time-consuming evaluation of multiple payment options and promotions in the background, delivering the optimized selection to the user ready for immediate use
3Ease of operation
If the system consolidates multiple payment options with different promotions into a single selection interface, then the ease of operation improves, but the device complexity increases
Solution Approach 1:
The financial system serves as an intermediary layer between the user's device and multiple financial institutions, handling the complexity of data retrieval, normalization, and scoring in the background while presenting a simple unified interface to the user
Solution Approach 2:
The system separates the complex backend processing (data retrieval from multiple institutions, promotion evaluation, score calculation) from the simple frontend interface (presenting ranked payment options), allowing each layer to be optimized independently
Data Source
AI summary
One or more computing devices, systems, and/or methods are provided. In an example, financial account information associated with a plurality of payment options may be determined. First financial account information of the financial account information is associated with a first payment option of the plurality of payment options. The first financial account information may be indicative of a first rewards profile associated with transactions performed using the first payment option. A request associated with a transaction may be received. A plurality of financial return scores associated with the plurality of payment options may be determined based upon the financial account information and transaction information associated with the transaction. A first financial return score of the plurality of financial return scores may be associated with the first payment option. The first payment option of the plurality of payment options may be selected for the transaction based upon the plurality of financial return scores.