Establishing a Financial Account using a Mobile Computing Device

• US 20130304644A1
• Filed: 05/09/2012
• Published: 11/14/2013
• Est. Priority Date: 05/09/2012
• Status: Active Grant

• Current Assignee: FMR LLC
• Original Assignee: FMR LLC
• Inventors: Kalinichenko, Boris Olegovich, Ferra, Joseph G.
• Granted Patent: US 8,738,527 B2
• Time in Patent Office: Days
• US Class Current: 705/42
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A financial account is established using a mobile computing device. A digital image of an applicant'"'"'s identification having text based components is captured. The digital image of the identification is processed to recognize at least a portion of the text based components. The portion of the text based components is used to complete an application for the financial account. The digital image of the identification is transmitted to a regulatory body. Verification of the identity of the applicant is received from the regulatory body. The financial account for the applicant is established.

Claims

1. A method of establishing a financial account using a mobile computing device, comprising:

capturing, by the mobile computing device, a digital image of an applicant'"'"'s identification having text based components;

processing, by the mobile computing device, the digital image of the identification to recognize at least a portion of the text based components;

using, by the mobile computing device, the portion of the text based components to complete an application for the financial account;

transmitting, by the mobile computing device, the digital image of the identification to a regulatory body;

receiving from the regulatory body, by the mobile computing device, verification of the identity of the applicant; and

establishing, by the mobile computing device, the financial account for the applicant.

2. The method of claim 1 further comprising:

capturing, by the mobile computing device, a second digital image of a payment instrument to access to funds for the financial account; and

transferring the funds to the financial account.

3. The method of claim 1 further comprising:

providing, by the mobile computing device, an interface for the applicant to access the financial account.

4. The method of claim 3 wherein the interface is on a display of the mobile computing device.

5. The method of claim 1 further comprising:

providing, by the mobile computing device, an interface for receipt of applicant information not contained by the identification;

receiving, by the mobile computing device, the applicant information; and

using, by the mobile computing device, the applicant information to complete the application for the financial account.

6. The method of claim 1 further comprising:

assigning an account number to the financial account.

7. The method of claim 1 further comprising:

capturing, by the mobile computing device, a third digital image of account augmentation information; and

applying the account augmentation information to the financial account.

8. The method of claim 1 further comprising:

providing an interface for the applicant to access the financial account on the applicant'"'"'s mobile device.

9. The method of claim 1 wherein the financial account is a brokerage account.

10. The method of claim 1 wherein the financial account is a retirement savings account.

11. The method of claim 1 wherein the applicant'"'"'s identification is a driver'"'"'s license and the regulatory body is a state-run department of motor vehicles.

12. The method of claim 1 further comprising:

capturing, by the mobile computing device, a fourth digital image of a promotional display for the financial account to initiate establishing the financial account.

13. The method of claim 1 further comprising:

receiving, by the mobile computing device, on a touch screen display or a keypad, an indicator to initiate establishing the financial account.

14. A computer program product, tangibly embodied in a machine readable storage device, for establishing a financial account using a mobile computing device, the computer program product including instructions being operable to cause a data processing apparatus to:

capture a digital image of an applicant'"'"'s identification having text based components;

process the digital image of the identification to recognize at least a portion of the text based components;

use the portion of the text based components to complete an application for the financial account;

transmit the digital image of the identification to a regulatory body;

receive from the regulatory body verification of the identity of the applicant; and

establish the financial account for the applicant.

15. The computer program product of claim 14 wherein the data processing apparatus further includes instructions being operable to cause the data processing apparatus to:

capture a second digital image of a payment instrument to initiate transfer of funds from a financial institution to the financial account.

16. The computer program product of claim 14 wherein the data processing apparatus further includes instructions being operable to cause the data processing apparatus to:

capture a third digital image of account augmentation information; and

apply the account augmentation information to the financial account.

17. The computer program product of claim 14 wherein the financial account is a brokerage account.

18. The computer program product of claim 14 wherein the financial account is a retirement savings account.

19. A system for establishing a financial account using a mobile computing device, the system comprising:

a financial account opening module configured to;

capture a digital image of an applicant'"'"'s identification having text based components;

process the digital image of the identification to recognize at least a portion of the text based components;

use the portion of the text based components to complete an application for the financial account;

transmit the digital image of the identification to a regulatory body;

receive from the regulatory body verification of the identity of the applicant; and

establish the financial account for the applicant.

20. The system of claim 19 wherein the financial account opening module is further configured to:

capture a second digital image of a payment instrument to initiate transfer of funds from a financial institution to the financial account.

21. The system of claim 19 wherein the financial account opening module is further configured to:

capture a third digital image of account augmentation information; and

apply the account augmentation information to the financial account.

22. The system of claim 19 wherein the financial account is a brokerage account.

23. The system of claim 19 wherein the financial account is a retirement savings account.