Customer Identification via Payment Routing Data Analysis
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Solution Overview
Problem
Existing methods for increasing a business's customer base, such as cold calling, are often ineffective, necessitating a more efficient approach to identify potential customers for marketing goods or services.
Innovation Solution
A computer-based method that leverages existing customer data to identify potential customers by analyzing financial relationships, geographic proximity, and transaction data to compile targeted marketing lists.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If cold calling is used to identify potential customers, then the business can contact persons with no pre-existing relationship, but the method does not achieve much increase in customer base
Solution Approach 1:
The system performs preliminary analysis of payment transactions and customer data before marketing activities. By identifying potential customers through analysis of checks paid to the business and their routing numbers, the system prepares a targeted list in advance, making the subsequent marketing effort more effective than cold calling.
Solution Approach 2:
The system uses payment transaction data and routing numbers as an intermediary to connect the business with potential customers. Instead of directly contacting random persons (cold calling), the system uses the payment processing infrastructure to identify and filter potential customers, acting as a mediator that pre-qualifies leads.
2Measurement precision
If a comprehensive approach is used to analyze payment information and customer data, then the accuracy of identifying potential customers is improved, but the complexity of the system increases
Solution Approach 1:
The system uses a multi-functional approach where the same data processing infrastructure handles multiple tasks: collecting payment information, analyzing routing numbers, identifying customer patterns, and generating marketing lists. This universal system performs diverse functions that would otherwise require separate complex systems.
Solution Approach 2:
The system automatically analyzes payment transactions and identifies potential customers without requiring manual intervention. The data processing occurs self-service style through automated analysis of routing numbers and payment patterns, reducing the need for manual data processing while maintaining high accuracy.
Data Source
AI summary
Aspects of this disclosure relate to a computer configured to identify potential customers which may include a processor and memory storing computer executable instructions that, when executed, cause the computer to perform a method for identifying potential customers for a first bank, by electronically receiving data regarding the first bank, electronically receiving data regarding a second bank. Further, based on the electronically received data the method may further include identifying locations of the first bank, identifying locations of the second bank, comparing the locations of the first bank with the locations of the second bank, determining locations of the second bank that are within a predetermined distance of at least one location of the first bank, determining an amount of funds in a set of deposit accounts in each location of the second bank, and determining if the amount of funds in each location of the second bank is more than a predetermined amount.