Dynamic Transaction Prioritization for Personalized Financial Rewards
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Solution Overview
Problem
Current reward systems lack the ability to dynamically identify and prioritize customer transactions for rewards, failing to randomly or selectively offer rewards to customers based on transaction data, limiting personalized incentives and customer engagement.
Innovation Solution
A system and method that prioritize customer transactions using various schemes (date, time, amount, merchant, etc.) and select transactions or customers for rewards through algorithms, allowing for real-time notifications and customer choice, enabling personalized reward offerings.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional reward systems are used, then customers receive generic rewards, but the system lacks the ability to dynamically identify and prioritize specific transactions for rewards
Solution Approach 1:
The system pre-establishes multiple ordering schemes (date, time, amount, merchant, category) that define priority rules for transactions before rewards are distributed. These schemes are configured in advance and stored in the database, enabling the system to automatically prioritize transactions without real-time complex decision-making
Solution Approach 2:
The system dynamically selects which ordering scheme to apply based on the specific reward program parameters and transaction characteristics. The ordering scheme itself can be changed or adjusted without system reconfiguration, allowing flexible adaptation to different promotional scenarios while maintaining operational simplicity
2Ease of operation
If random reward selection is implemented, then customer engagement increases, but the system cannot selectively prioritize transactions based on multiple criteria
Solution Approach 1:
The system segments transactions into different priority levels by applying multiple ordering schemes (date, time, amount, merchant, category) to create distinct groups. Each scheme represents a different segmentation criterion, allowing the system to selectively prioritize transactions based on specific business objectives while maintaining simple random selection within each segment
Solution Approach 2:
The ordering scheme database serves multiple functions: it defines transaction priority, enables selective filtering, and supports different reward distribution strategies. The same infrastructure handles both simple random rewards and complex prioritized rewards, eliminating the need for separate systems
3Adaptability or versatility
If multiple ordering schemes are stored in the database, then the system can flexibly prioritize transactions, but data management complexity increases
Solution Approach 1:
Instead of storing complex prioritization logic and multiple copies of transaction data, the system stores simplified ordering scheme definitions (metadata) that reference existing transaction records. Each ordering scheme is a lightweight configuration set pointing to transaction fields, dramatically reducing data storage requirements while maintaining flexibility
Data Source
AI summary
A system and method for offering rewards. The method comprising the steps of: receiving a plurality transaction occurrences from a plurality of merchants relating to at least one account; ordering the plurality of transaction occurrences based on an ordering scheme; selecting a winning transaction from the plurality of transaction occurrences based on a reward selection scheme; and rewarding at least one reward to a user associated with the winning transaction.