Automated Verification Service for Financial Application Data
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Solution Overview
Problem
Existing application services burden applicants with the task of gathering and verifying multiple types of documentation for various applications, and reviewers face challenges in verifying the authenticity and accuracy of the provided information.
Innovation Solution
A verification service that allows applicants to provide and access information directly or via third-party services, enabling entities to request specific information types, and utilizing a scoring system based on verified information to automate application approval decisions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If applicants manually gather and provide documentation for each application, then reviewers can access information, but the process becomes burdensome and time-consuming for applicants
Solution Approach 1:
The system performs preliminary actions by automatically gathering applicant information from third-party services before the application review process begins. The verification service pre-collects data from credit bureaus, employment verification services, and other external sources, so that when an application is submitted, the information is already available for immediate review without requiring applicants to manually gather documentation.
Solution Approach 2:
The patent introduces a verification service as an intermediary between applicants, reviewers, and third-party information sources. This intermediary automatically requests, collects, and verifies information from external services on behalf of both applicants and reviewers, eliminating the need for applicants to manually gather documents while ensuring reviewers receive authenticated information.
2Productivity
If reviewers manually review application information, then decisions can be made, but the process requires hours of formatting, description, calculations, and analysis
Solution Approach 1:
The verification service performs self-service by automatically collecting, verifying, and formatting information from third-party sources without requiring manual intervention from reviewers. The system autonomously requests data from credit bureaus, employment services, and other external sources, then processes and presents the information in a standardized format ready for review decisions.
Solution Approach 2:
The patent replaces the mechanical manual review process with an automated electronic verification system. Instead of reviewers manually gathering, formatting, and analyzing documentation, the system uses electronic interfaces to automatically retrieve data from third-party services, perform verification calculations, and generate standardized reports, thereby eliminating hours of manual work.
3Reliability
If applicants provide documentation, then reviewers receive information, but reviewers cannot verify whether the information is valid, up to date, or authentic
Solution Approach 1:
The verification service acts as a trusted intermediary that establishes authenticated communication channels between reviewers and third-party information sources. The system uses secure interfaces to directly verify information with credit bureaus, employment services, and other external sources, providing reviewers with confidence that the data is authentic and current without requiring complex verification procedures.
Solution Approach 2:
The system implements feedback mechanisms where information is automatically verified against third-party sources and the verification status is fed back to reviewers. The verification service continuously updates information and provides feedback on its validity, ensuring reviewers receive current and authenticated data while maintaining a manageable system through automated verification loops.
Data Source
AI summary
An example method includes receiving an application, sending a prompt to an applicant to authorize access to financial information by an open banking system, and receiving the financial information associated with the applicant, the financial information including at least income information associated with the applicant. The method also includes determining an income score associated with the applicant based at least in part on the financial information, determining a threshold income score, and determining that the income score is equal to or greater than the threshold income score. The method further includes sending, to a reviewer, a recommendation to approve the application based at least in part on determining that the income score is equal to or greater than the threshold income score.