Transaction Forecast Timeline for Visualizing Pending Balance Changes
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Bank clients face difficulties in predicting future account balances due to challenges in visualizing pending transactions and their impact on account status, leading to potential overdrafts and other unforeseen fees, as static transaction tables fail to provide dynamic insights.
Innovation Solution
A method and system for generating transaction forecasts using a forecast transaction template that predicts recurring charges, detects triggering events, and constructs a timeline with animation features to visualize transaction events, including pending and posted charges, to provide a clear understanding of future account balances and fees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If static transaction tables are used to display account information, then the system is simple and easy to implement, but clients cannot visualize future account balances and pending transactions effectively
Solution Approach 1:
The patent transforms static transaction tables into dynamic visual forecasts that animate pending transactions and balance changes over time. The system uses animated graphics to show how balances will change throughout the statement cycle, making future account states visible and understandable to clients.
Solution Approach 2:
The patent introduces a forecast engine as an intermediary between the transaction data and the client interface. This engine processes account data, predicts future balances, and generates visual forecasts, acting as a mediator that transforms raw data into meaningful visualizations without requiring direct complex client-side processing.
2Ease of operation
If detailed transaction information is provided to help clients understand account balances, then client understanding improves, but the interface becomes more complex and difficult to operate
Solution Approach 1:
The patent applies different visual qualities to different parts of the transaction forecast. Pending transactions are shown with distinct visual indicators (e.g., different colors, icons, or animations) compared to posted transactions, allowing clients to quickly understand account status without being overwhelmed by uniform detailed information.
Solution Approach 2:
The patent segments transaction information into meaningful groups and time periods, displaying pending transactions separately from posted transactions and organizing them chronologically. This segmentation helps clients process information in manageable chunks rather than presenting all details simultaneously.
Data Source
AI summary
A method for generating a transaction forecast is provided. The method includes accessing a forecast transaction template that defines forecast animation features of the transaction forecast. The method further includes predicting a set of recurring and expected charges at a client account and detecting a triggering event of transactions at the client account, wherein the triggering event is defined in the forecast transaction template. Additionally, the method includes identifying at least one additional transaction event relevant to the transaction forecast. Further, the method includes constructing a timeline of the set of expected charges, the at least one additional transaction event, and the triggering event and generating the transaction forecast including an animation of the additional transaction events, the set of expected charges, and the triggering event in the timeline.