Method and system for offering financial products based on a customer's determined life status

• US 20030046208A1
• Filed: 06/18/2001
• Published: 03/06/2003
• Est. Priority Date: 06/18/2001
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Donohue, Brian, Paslaski, George W. Jr., Muthusubramanian, Sharada, Henneberger, John N., Mason, Frederick Joel Jr., Lubking, Colleen C.
• Granted Patent: US 8,108,275 B2
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system and method to provide financial products throughout the life of a customer. The present invention determines the life status of a customer. The life status is determined by analyzing the customer information from a variety of sources. This information is filtered or inputted into an algorithmic model to identify appropriate financial products to offer to the customer. In addition, the customer'"'"'s creditworthiness is used to determine or optimize the financial product offered to the customer.

Claims

1. A method for providing a financial product to a customer, said method comprising:

receiving customer information describing a life status for said customer;

determining a revised life status for said customer based on the received customer information; and

selecting, from a set of financial products, the financial product for the customer based on said life status.

2. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information from at least one source chosen from a purchase database, an application database, a call center database, an Internet database, and a public records database.

3. A method for providing a financial product to a customer according to claim 2, wherein determining the revised life status further comprises:

determining the revised life status of the customer based on the information received.

4. A method for providing a financial product to a customer according to claim 3, wherein selecting said financial product further comprises:

selecting said financial product based on said revised life status using at least one selection method chosen from a predetermined matrix and an algorithmic model.

5. A method for providing a financial product to a customer according to claim 4 further comprising:

determining the creditworthiness of the customer.

6. A method for providing a financial product to a customer according to claim 5, further comprising:

optimizing said financial product based on said creditworthiness.

7. A method for providing a financial product to a customer according to claim 6, further comprising:

offering said financial product to said customer.

8. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information from purchase database.

9. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information from an application database.

10. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information call center database.

11. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information from an Internet database.

12. A method for providing a financial product to a customer according to claim 1, wherein receiving customer information further comprises:

receiving information from a public records database.

13. A method for providing a financial product to a customer according to claim 1, wherein selecting said financial product further comprises:

determining the creditworthiness of said customer; and

selecting the financial product based on said revised life status and said credit worthiness.

14. A method for providing a financial product to a customer according to claim 1, further comprising:

periodically collect said customer information.

15. A method for providing a financial product to a customer according to claim 1, wherein selecting said financial product further comprises:

inputting customer information into a predetermined matrix to designate the financial product to be selected; and

offering said financial product to said customer.

16. A method for providing a financial product to a customer according to claim 1, wherein selecting said financial product further comprises:

inputting customer information into an algorithmic model to calculate which financial product is to be selected; and

offering said financial product to said customer.

17. A system for providing a financial product to a customer, said method comprising:

means for receiving customer information describing a life status for said customer;

means for determining a revised life status for said customer based on the received customer information; and

means for selecting, from a set of financial products, the financial product for the customer based on said life status.

18. A system for providing a financial product to a customer according to claim 17, wherein said means for receiving customer information further comprises:

receiving information from at least one source chosen from a purchase database, an application database, a call center database, an Internet database, and a public records database.

19. A system for providing a financial product to a customer according to claim 18, wherein said means for determining the revised life status further comprises:

determining the revised life status of the customer based on the information received.

20. A system for providing a financial product to a customer according to claim 19, wherein said means for selecting said financial product further comprises:

selecting said financial product based on said revised life status using at least one selection method chosen from a predetermined matrix and an algorithmic model.

21. A system for providing a financial product to a customer according to claim 20 further comprising:

means for determining the creditworthiness of the customer.

22. A system for providing a financial product to a customer according to claim 21, further comprising:

means for optimizing said financial product based on said creditworthiness.

23. A system for providing a financial product to a customer according to claim 22, further comprising:

means for offering said financial product to said customer.

24. A computer for providing a financial product to a customer, said computer comprising:

a memory having program instructions; and

a processor, responsive to the programming instructions, configured to;

receiving customer information describing a life status for said customer;

determining a revised life status for said customer based on the received customer information; and

selecting, from a set of financial products, the financial product for the customer based on said life status.

25. A computer for providing a financial product to a customer according to claim 24, wherein receiving customer information further comprises:

receiving information from at least one source chosen from a purchase database, an application database, a call center database, an Internet database, and a public records database.

26. A computer for providing a financial product to a customer according to claim 25, wherein determining the revised life status further comprises:

determining the revised life status of the customer based on the information received.

27. A computer for providing a financial product to a customer according to claim 26, wherein selecting said financial product further comprises:

selecting said financial product based on said revised life status using at least one selection method chosen from a predetermined matrix and an algorithmic model.

28. A computer for providing a financial product to a customer according to claim 27, wherein said processor is further configured to:

determining the creditworthiness of the customer.

29. A method for providing a financial product to a customer according to claim 28, wherein said processor is further configured to:

optimizing said financial product based on said creditworthiness.

30. A method for providing a financial product to a customer according to claim 29, wherein said processor is further configured to:

offering said financial product to said customer.