ECONOMIC INTELLIGENCE FORECAST

• US 20100274630A1
• Filed: 04/27/2009
• Published: 10/28/2010
• Est. Priority Date: 04/27/2009
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Lai, Aaron, Krein, Mark, Bendel, Tim, Ghosh, Debashis, Newman, Kurt, Joa, David
• Application Number:
  US12/430,514
• Publication Number:
  US 20100274630A1
• Time in Patent Office: Days
• US Class Current: 705/10
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Aspects of the invention provide for the use of transactional data in the forecasting of an index score, such as a financial index that predicts market conditions. Such forecasting may better prepare individuals and entities for depressed economic conditions. A comparison engine may be configured to compare the financial variable of the transactional data and the transactional data'"'"'s date against an index score of an index on a date to determine the correlation of at least a portion of transactions represented by the transactional data with the index score. A selection engine may be configured to select a portion of transactions that are more correlated to the index than other transactions. An index score may be forecasted with the selected transactions. Additional transactional data may be extracted from one or more physical documents, such as an invoice, a statement, and/or commercial paper.

Claims

1. A computer-implemented method of forecasting trends with a system having a processor and a memory, the method comprising:

quantifying transactional data stored in the memory-comprising a date and an identity variable selected from the group consisting of;

an entity, an economic sector, and combinations thereof, wherein the transactional data is quantified according to a financial variable selected from the group consisting of;

volume of transactions, the monetary amount of the transactions, and combinations thereof,

processing at least a subset of the transactional data with a comparison engine configured to compare the financial variable of at least a subset of the transactional data and the transactional data'"'"'s date against an index score of an index on a date to determine the correlation of at least a portion of transactions represented by the transactional data with the index score;

selecting with a selection engine a portion of transactions that are more correlated to the index than a second portion; and

forecasting with a forecast engine an index score of the index for a date in the future.

2. The method of claim 1, wherein the identity variable is indicative of an economic sector, the method further comprising:

identifying entities within an economic sector having a predefined quantity of transactions within a predefined time period, wherein transactions involving the entities that do not have the predefined quantity of transactions within the economic sector will not be processed by the comparison engine.

3. The method of claim 2, wherein the predefined quantity is an average of about 2,000 transactions per day for a 30 day period.

4. The method of claim 1, wherein the identity variable is indicative of an economic sector and the transactional data is associated with data indicative of an MCC code and the method further comprising:

determining a subset of the transactional data to be quantified based upon the MCC code.

5. The method of claim 1, further comprising:

determining that the identity variable is indicative of an entity;

analyzing the date of the transactional data of transactions involving the entity within a time frame; and

determining whether the quantity of transactions involving the entity exceeds a predefined numerical value;

excluding transactions involving the entity within the time frame if the quantity of the transactions is below the predefined numerical value.

6. The method of claim 1, further comprising:

extracting transactional data from a physical document; and

converting the extracted transactional data to a form substantially similar to the transactional data from the plurality of electronic transactions.

7. The method of claim 6, wherein the physical document is selected from the group consisting of:

an invoice, a statement, commercial paper, and combinations thereof.

8. The method of claim 1, wherein the financial variable comprises a monetary amount and if the monetary amount of the transaction is below a predetermined numerical value, the transactional data is not utilized to determine the correlation of at least a portion of transactions represented by the transactional data with the index score.

9. The method of claim 1, wherein the transactional data comprises a plurality of economic sectors and a plurality of entities.

10. The method of claim 1, wherein at least one economic sector includes a plurality of department stores and at least one entity is a grocery store.

11. An apparatus comprising:

a processor;

a tangible computer-readable medium comprising computer-executable instructions that when executed by the processor cause the apparatus to perform a method comprising;

receiving transactional data comprising a date and an identity variable selected from the group consisting of;

an entity, an economic sector, and combinations thereof, wherein the transactional data has been quantified according to a financial variable selected from the group consisting of;

volume of transactions, the monetary amount of the transactions, and combinations thereof,

a comparison engine configured to process at least a subset of the transactional data by comparing the financial variable of the transactional data and the transactional data'"'"'s date against an index score of an index on a date to determine the correlation of at least a portion of transactions represented by the transactional data with the index score;

a selection engine configured to select a portion of transactions that are more correlated to the index than a second portion; and

a forecast engine for forecasting an index score of the index for a date.

12. The apparatus of claim 11, wherein the computer-readable medium further comprises computer-readable instructions that when executed by a processor perform the method of:

extracting transactional data from a physical document; and

converting the extracted transactional data to a form substantially similar to the transactional data from a plurality of electronic transactions.

13. The apparatus of claim 12, wherein the physical document is selected from the group consisting of:

an invoice, a statement, commercial paper, and combinations thereof.

14. A computer-implemented method of forecasting trends with a system having a processor and a computer-readable medium comprising computer-executable instructions that when executed perform a method comprising:

quantifying transactional data representing transactions comprising a date and an identity variable, wherein the transactional data is quantified according to a financial variable;

processing at least a subset of the transactional data with a comparison engine configured to compare the financial variable of the transactional data and the transactional data'"'"'s date against an index score of an index on a date to determine the correlation of at least a portion of transactions represented by the transactional data with the index score;

selecting with a selection engine a portion of transactions that are more correlated to the index than a second portion, wherein the transactional data for at least one of the transaction comprises an entity and at least a second transaction comprises an economic sector; and

forecasting with a forecast engine an index score of the index for a date.

15. The method of claim 14, wherein the identity variable is indicative of an economic sector, the method further comprising:

identifying entities within an economic sector having an predefined quantity of transactions within a predefined time period, wherein transactions involving the entities who do not have the predefined quantity of transactions will not be processed by the comparison engine.

16. The method of claim 14, further comprising:

extracting transactional data from a physical document; and

converting the extracted transactional data to a form substantially similar to the transactional data from the plurality of electronic transactions.

17. The method of claim 16, wherein the physical document is selected from the group consisting of:

an invoice, a statement, commercial paper, and combinations thereof.

18. The method of claim 14, wherein the transactional data comprises a plurality of economic sectors and a plurality of entities.

19. The method of claim 14, wherein at least one economic sector includes a plurality of department stores and at least one entity is a grocery store.

20. The method of claim 14, wherein the transactional data selected with the selection engine comprises a plurality of economic sectors and a plurality of entities.