Financial Transaction Favorites via Pattern Monitoring

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Solution Overview

Problem

Conventional online banking systems lack the ability to track customer behavior across multiple financial accounts, leading to inefficiencies as customers must repeatedly input details for frequently performed transactions, wasting time and degrading the user experience.

Innovation Solution

An online banking system that monitors financial transactions across multiple accounts, applies metrics to identify frequently performed transactions, and suggests these transactions to the customer, automatically populating necessary fields for quick execution.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Productivity

If conventional online banking systems require customers to repeatedly input details for frequently performed transactions, then transaction accuracy is maintained, but customer time and operational efficiency are reduced

Engineering Contradiction:

Improvetransaction completion speedVSAvoidtime spent on repetitive transaction input

Core Design Contradiction:

ProductivityVSLoss of time

Solution Approach 1:

The system performs preliminary actions by monitoring and analyzing customer transaction patterns in advance, identifying frequently performed transactions and pre-configuring them for quick execution. This allows the system to prepare transaction templates before the customer needs to initiate them, eliminating repetitive manual input while maintaining accuracy through pre-validated transaction parameters.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The system enables self-service by automatically detecting and suggesting frequently performed transactions without requiring manual customer input. The system monitors transaction patterns, identifies favorites autonomously, and presents them for quick execution, allowing customers to benefit from automated analysis and configuration of their own transaction preferences.

Inventive Principle:

Principle #25Self-service

2Adaptability or versatility

If the system monitors and analyzes all financial transactions across multiple accounts, then personalized transaction suggestions are improved, but system complexity and data processing requirements increase

Engineering Contradiction:

Improvepersonalization capabilityVSAvoidsystem architecture complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system applies a universal monitoring and analysis framework that works across multiple account types and transaction categories. Rather than implementing separate analysis systems for different accounts, a single multi-functional system monitors all transactions, identifies patterns, and generates personalized suggestions, reducing overall system complexity while maintaining comprehensive personalization capability.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS10552902B1Behavior based determination of financial transaction favorites

Publication Date: 2020.02.04 WELLS FARGO BANK NA

AI summary

Techniques are described for monitoring a plurality of financial transactions of a customer performed across a plurality of financial accounts. The techniques may include determining a subset of the plurality of financial transactions based on a first metric applied to the plurality of financial transactions. The techniques may further include identifying a suggested financial transaction based on a second metric applied to the subset of the plurality of financial transactions. The techniques may further include presenting the suggested financial transaction to the customer via a user interface associated with at least one of the plurality of financial accounts.