Seamless Event Transaction System with Automated Payment Triggering
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Solution Overview
Problem
Online transactions for users can be cumbersome, and marketing to potential customers by merchants is expensive and hard to implement, while financial institutions fail to leverage existing relationships between customers and merchants effectively.
Innovation Solution
A system that includes a processor executing computer-executable components for an event manager, evaluation manager, and authenticator to determine and verify user events and transactions, allowing for seamless execution of subsequent actions without user interaction, leveraging financial relationships to provide value-added services.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If users perform multiple online transactions manually, then transaction accuracy can be maintained through user review, but user convenience and time efficiency deteriorate
Solution Approach 1:
The system pre-configures transaction parameters, merchant preferences, and payment methods in advance. When a transaction trigger occurs (e.g., GPS location detection), the system automatically executes the transaction using pre-approved settings, eliminating the need for users to manually review each transaction detail while maintaining security through pre-established authorization limits.
Solution Approach 2:
The system enables automatic transaction execution where the user's device and profile serve themselves. The transaction system automatically detects triggers, selects appropriate merchants based on pre-configured preferences, processes payments using stored payment instruments, and reconciles transactions without requiring ongoing user intervention, thus improving convenience while managing time efficiently.
2Measurement precision
If merchants use targeted advertisements to reach potential customers, then marketing precision can be improved, but marketing costs and implementation complexity increase
Solution Approach 1:
The system continuously monitors transaction data, user behavior patterns, and merchant performance metrics. This feedback loop enables automatic adjustment of marketing strategies, merchant recommendations, and user notifications. The system learns from past transactions and interactions to refine targeting algorithms, improving precision while reducing the need for complex manual marketing configurations.
Solution Approach 2:
The transaction system serves multiple functions simultaneously: it processes payments, provides marketing notifications, recommends merchants, analyzes user behavior, and manages relationships between users and merchants. By consolidating these functions into a single platform, the system achieves precise marketing targeting without requiring separate complex marketing infrastructure, thus reducing implementation complexity while maintaining accuracy.
3Productivity
If financial institutions leverage existing customer-merchant relationships, then business value can be maximized, but system complexity and data processing requirements increase
Solution Approach 1:
The system merges transaction processing, relationship management, marketing notifications, and data analytics into a unified platform. By combining these previously separate functions into a single integrated system, the financial institution can leverage existing customer-merchant relationships to generate business value through cross-selling, targeted marketing, and improved service personalization, while the integration itself reduces the complexity that would arise from managing multiple separate systems.
Solution Approach 2:
The system pre-establishes relationship profiles, transaction patterns, and preference data during initial transactions and account setup. This preliminary data collection and structuring enables the system to automatically leverage existing relationships for future business opportunities, such as recommending relevant merchants or offering tailored financial products, thereby maximizing business value without requiring complex real-time analysis of relationship dynamics.
Data Source
AI summary
Value-added services that allow for a seamless integration of actions related to activities and/or events are provided. A determination is made that an event has started based on scheduled event data or historical information associated with a user. Profile data associated with the user is identified based on the start of the first event. The identity of the user is verified based on a mapping between the profile data and data related to the first event. Further, an activity related to a second event is triggered after completion of a transaction of the first event is completed. A suggested action may be activated based on the trigger event. The suggested action is based on historical information associated with the user and is not a component of the first event or the second event.