Analyzing Patterns within Transaction Data

• US 20110082718A1
• Filed: 10/06/2009
• Published: 04/07/2011
• Est. Priority Date: 10/06/2009
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Joa, David, Gummuluri, Sreedevi, Madaan, Shiba, Ghosh, Debashis, Banerjee, Sudeshna
• Application Number:
  US12/574,418
• Publication Number:
  US 20110082718A1
• Time in Patent Office: Days
• US Class Current: 705/7.29
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/4016 involving fraud or risk level assessment in transaction processing
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A transaction data analyzer associated with a financial entity discovers patterns and/or sequences in consumer transaction data. The analyzer may provide businesses with feedback on spatiotemporal patterns in consumer spending habits. In certain embodiments, the transaction analyzer discovers the frequency of a sequence of purchases made at a first merchant immediately followed by purchases made at a second merchant. In another embodiment, the transaction analyzer discovers trends in consumer purchases made during the weekday versus those that are made during the weekend. The results of the analysis may be used in a variety of ways, including, but not limited to, risk mitigation, merchant/consumer prospecting, and targeted promotions.

Claims

1. A computer-assisted method comprising:

(i) accessing a memory device to obtain a first transaction data set detailing purchases made by a consumer at a first merchant;

(ii) extracting, by a processor, the first transaction data set;

(iii) accessing the memory device to obtain a second transaction data set detailing purchases made by the consumer within a maximum time of the purchases made in the first transaction data set at a second merchant;

(iv) extracting, by the processor, the second transaction data set;

(v) calculating a frequency with which the purchases in the first transaction data set are made within the maximum time of the purchases made in the second transaction data set by the consumer;

(vi) generating an output with an indicator of the frequency with which the purchases in the first transaction data set are made within the maximum time of the purchases made in the second transaction data set by the consumer.

2. The method of claim 1 further comprising repeating steps (i) to (vi) for each consumer at the first merchant.

3. The method of claim 1 wherein the second transaction data set further details purchases made by the consumer at the second merchant within a maximum distance of the purchases made in the first transaction data set.

4. The method of claim 1 further comprising using the output for a reason chosen from the group consisting of:

mitigating risk associated with the first and second merchants, prospecting for new merchants, and generating targeted promotions to consumers.

5. The method of claim 1 wherein the output is grouped to reflect changes in a usual frequency with which the purchases in the first transaction data set are made within the maximum time of the purchases made in the second transaction data set by the consumer.

6. A computer-readable storage medium having computer-executable program instructions stored thereon that when executed by a processor, cause the processor to perform steps comprising:

(i) accessing a memory device to obtain a first transaction data set detailing purchases made by a consumer at a first merchant;

(ii) extracting, by the processor, the first transaction data set;

(iii) accessing the memory device to obtain a second transaction data set detailing purchases made by the consumer within a maximum distance of the purchases made in the first transaction data set at a second merchant;

(iv) extracting, by the processor, the second transaction data set;

(v) calculating a frequency with which the purchases in the first transaction data set are made within the maximum distance of the purchases made in the second transaction data set by the consumer;

(vi) generating an output with an indicator of the frequency with which the purchases in the first transaction data set are made within the maximum distance of the purchases made in the second data set by the consumer.

7. The computer-readable storage medium of claim 6, wherein the computer-executable instructions further perform:

repeating steps (i) to (vi) for each consumer at the first merchant.

8. The computer-readable storage medium of claim 6, wherein the maximum distance is hard-wired into a memory of the processor.

9. The computer-readable storage medium of claim 6, wherein the maximum distance is provided by a user.

10. The computer-readable storage medium of claim 6, wherein information regarding the first merchant, the second merchant, and the maximum distance is provided by a user.

11. The computer-readable storage medium of claim 6 wherein the second transaction data set further details purchases made by the consumer at the second merchant within a maximum time of the purchases made in the first transaction data set.

12. An apparatus comprising:

(i) a user interface for allowing a user to provide inputs;

(ii) a core transaction analyzer comprising a processor for analyzing spatiotemporal trends in consumer transaction data, the analysis chosen from the group consisting of;

understanding a frequency of weekend versus weekday purchases at a merchant, understanding a frequency of sequences of purchases made at merchants located within a specified distance of one another, and understanding a frequency of sequences of purchases made within a specified time of one another at merchants located within a specified distance of one another; and

(iii) an output module for grouping results of the analysis.

13. The apparatus of claim 12, wherein the processor is configured such that the specified time is hard-wired into a memory of the processor.

14. The apparatus of claim 12, wherein the processor is configured such that the specified time is to be provided by a user.

15. The apparatus of claim 12, wherein the processor is configured such that information regarding a first merchant, a second merchant, the specified time, and a date range of transactions to be accessed is provided by a user.

16. The apparatus of claim 12, wherein the core transaction analyzer is configured to analyze the consumer transaction data in real time as the consumer transaction data is updated.

17. The apparatus of claim 12, wherein the output module groups results for a reason chosen from the group consisting of:

mitigating risk associated with a first and second merchant, prospecting for new merchants, and generating targeted promotions to consumers.

18. The apparatus of claim 12, wherein the output is grouped to reflect changes in a usual frequency with which the purchases in a first transaction data set at a first merchant are made within a maximum time of the purchases made in a second transaction data set at a second merchant by the consumer.

19. A computer-assisted method comprising:

(i) accessing a memory device to obtain a first transaction data set detailing purchases made by a consumer at a first merchant during weekdays;

(ii) extracting, by a processor, the first transaction data set;

(iii) accessing a memory device to obtain a second transaction data set detailing purchases made by the consumer at the first merchant during weekends;

(iv) extracting, by the processor, the second transaction data set; and

(v) generating an output with an indicator of the purchases made during the weekdays and an indicator of the purchases made during the weekends at the first merchant.

20. The method of claim 19, wherein the second transaction data set further details purchases not made by the consumer at a second merchant.