Universal Credit Application Interface for Streamlined Product Selection
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Solution Overview
Problem
Customers face inefficiencies in obtaining credit products due to the need to complete multiple applications for different financial products, often duplicating information already held by financial institutions, and lack visibility into available terms and conditions, leading to wasted time and effort.
Innovation Solution
A system that allows customers to submit a universal application for pre-approval of a suite of credit products, determining eligibility and displaying available products on a user interface for selection, with periodic updates and financial analysis options, enabling informed product choices and streamlined acquisition.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If customers complete separate applications for each credit product, then each application can be processed individually, but customers must duplicate information multiple times and complete multiple applications
Solution Approach 1:
The patent combines multiple separate credit product applications into a single consolidated application process. The system allows customers to apply for multiple credit products simultaneously through one application form, eliminating the need to complete separate applications for each product and reducing information duplication.
Solution Approach 2:
The patent creates a universal application form that serves multiple functions by allowing customers to apply for various types of credit products through a single interface. This multi-functional application can accommodate different credit product types while maintaining a unified submission and processing mechanism.
2Reliability
If customers provide all required information on each application form, then complete applications can be processed, but customers waste time providing duplicative information already possessed by the financial institution
Solution Approach 1:
The patent performs preliminary actions by having the financial institution pre-populate the application form with customer information already in their possession. Before the customer submits the application, the system automatically fills in known data such as personal information, account details, and credit history, so customers only need to review and confirm the pre-filled information rather than entering it manually.
3Productivity
If customers complete applications without previewing terms and conditions, then the application process can be completed quickly, but customers make decisions without informed understanding of available products
Solution Approach 1:
The patent allows customers to preview terms and conditions, interest rates, and product details before finalizing their application decisions. The system displays available credit products with their associated terms, rates, and conditions in advance, enabling customers to make informed decisions about which products to apply for before submitting the consolidated application.
4Adaptability or versatility
If financial institutions provide comprehensive credit product suites, then customers have access to multiple products, but customers cannot easily determine which products are available to them without completing full applications
Solution Approach 1:
The patent introduces an intermediary preview interface that sits between the comprehensive product suite and the customer. This intermediary layer allows customers to explore available credit products, view terms and conditions, and understand their eligibility options without being required to complete full applications. It acts as a mediator that provides product information and guidance before the actual application commitment.
Data Source
AI summary
A system is provided for facilitating acquisition of credit products by a customer from a financial institution. At least one computer memory stores customer data and instructions and at least one computer processor accesses the computer memory and executing the stored instructions for performing multiple steps. Steps include receiving over a network, from the customer, a universal application for pre-approval for a suite of credit products and processing the universal application by determining customer eligibility for the credit products. The steps further include selecting available credit products from the suite of credit products based on the customer eligibility and aggregating the available credit products on a user interface and displaying the user interface over a network accessible to a customer computing system, wherein the aggregated available credit products are displayed in a selectable format. The steps additionally include updating the stored customer data and the universal application periodically and updating the available credit products displayed on the user interface based an evaluation of the updated universal application. The steps further include triggering product acquisition upon receiving a selection from the customer an available product through the user interface.