Secure Digital Safe Deposit Box for Financial Data Aggregation

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Solution Overview

Problem

Current systems lack a comprehensive and secure method to aggregate and utilize customers' financial and confidential information from both internal and third-party sources for personalized product targeting and decision-making, while ensuring data privacy and security.

Innovation Solution

A secure digital safe deposit box system that allows customers to grant permission for accessing and sharing their internal and third-party financial information, using encryption, anonymization, and authentication to facilitate secure data aggregation and decisioning, while providing benefits like reward points for data sharing.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Loss of information

If customer financial information from multiple third-party sources is aggregated, then a complete picture of customer financial situation is achieved, but data security and privacy risks increase

Engineering Contradiction:

Improvecompleteness of customer financial pictureVSAvoiddata security and privacy risks

Core Design Contradiction:

Loss of informationVSObject-affected harmful factors

Solution Approach 1:

The patent segments customer financial data into multiple isolated silos from different third-party sources, maintaining separate security contexts for each data source while enabling comprehensive analysis through controlled aggregation. Each data silo retains its original security boundaries, preventing a single point of failure while achieving complete customer financial picture.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The patent introduces a trusted intermediary platform that mediates between third-party data sources and the financial institution. This intermediary encrypts and secures data during transmission and aggregation, acting as a security buffer that enables complete data collection while mitigating direct security risks to the customer's financial information.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Adaptability or versatility

If comprehensive customer data is collected from internal and third-party sources, then personalized product targeting is enabled, but system complexity increases

Engineering Contradiction:

Improvepersonalized product targeting capabilityVSAvoiddata aggregation and management system complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The patent creates a universal data aggregation platform that handles multiple types of financial data from various third-party sources through standardized processes. This multi-functional system can ingest, secure, and analyze diverse data types (banking, investment, lending information) using common security protocols and analytical frameworks, reducing overall system complexity despite handling comprehensive customer data.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The patent transforms raw third-party data into standardized parameters and formats that can be uniformly processed and analyzed. By converting diverse data sources into consistent parameter sets (financial ratios, credit metrics, spending patterns), the system achieves personalized targeting capability while simplifying the complexity of managing heterogeneous data through parameter standardization.

Inventive Principle:

Principle #35Parameter changes

3Object-affected harmful factors

If customer permission is required for data access, then data privacy is protected, but access time and process duration increase

Engineering Contradiction:

Improvedata privacy protectionVSAvoiddata access permission process time

Core Design Contradiction:

Object-affected harmful factorsVSLoss of time

Solution Approach 1:

The patent implements preliminary permission mechanisms where customers provide broad data access authorization in advance, covering multiple third-party sources and purposes. This upfront permission setting eliminates the need for repeated consent requests during data aggregation, reducing access time while maintaining privacy protection through the initial customer-approved framework.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent establishes continuous data access permissions that remain active once granted, allowing ongoing aggregation of financial information without requiring repeated customer authorization. This continuous access model maintains privacy protection through the original permission grant while eliminating time delays associated with repeated consent requests, enabling real-time personalized product targeting.

Inventive Principle:

Principle #20Continuity of useful action

Data Source

PatentUS11847648B2Secure digital safe deposit boxes and methods of use

Publication Date: 2023.12.19 JPMORGAN CHASE BANK NA

AI summary

Systems and methods for secure digital safe deposit boxes are disclosed. In one embodiment, a method for using a secure digital safe deposit box may include: (1) receiving permission from a customer to access internal and third party financial or confidential information for the customer; (2) retrieving the internal financial or confidential information for the customer; (3) receiving account information accounts held with a third party that holds financial or confidential information; (4) jointly authenticating the customer with the third party; (5) receiving the third party financial or confidential information for the customer from the third party; (6) receiving permission to share at least some of the internal or third party financial or confidential information for the customer with an external party; and (7) sharing the internal or third party financial or confidential information for the customer with the external party in accordance with the permission.