MONITORING RETAIL TRANSACTIONS ASSOCIATED WITH A FINANCIAL INSTITUTION-BASED MERCHANT OFFER PROGRAM AND DETERMINING SAVINGS METRICS

• US 20140358682A1
• Filed: 08/14/2014
• Published: 12/04/2014
• Est. Priority Date: 01/29/2010
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Blackhurst, Jason P., Upton, Michael W.
• Application Number:
  US14/460,104
• Publication Number:
  US 20140358682A1
• Time in Patent Office: Days
• US Class Current: 705/14.53
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/0255 based on user history

Abstract

Embodiments of the invention provide for monitoring transactions and providing related savings metrics in association with a financial institution-based merchant offer program. Since the transaction monitoring occurs at the financial institution level, the savings metrics may include savings amounts lost by conducting a transaction absent a merchant offer when an applicable merchant offer was available.

Claims

1. A system for providing savings monitoring in a financial institution-based merchant-offer program, the system comprising:

a memory device with non-transitory computer-readable program code stored thereon;

a communication device;

a processing device operatively coupled to the memory device and the communication device, wherein the processing device is configured to execute the computer-readable program code to;

monitor one or more financial institution accounts held by a financial institution customer to identify (1) one or more first transactions conducted by the customer with a plurality of different merchants over a predetermined time period, wherein the first transactions are identified based on customer acceptance of customer-specific first-merchant-offers associated with the financial institution-based merchant-offer program, which were offered to the customer based on customer-specific information and (2) one or more second transactions, wherein one or more customer-specific second merchant-offers associated with the financial institution-based merchant-offer program were available concurrent with the second transaction, wherein the customer-specific second merchant-offers were associated with an item in the second merchant transactions and wherein the customer-specific second merchant-offers were not applied by the financial institution customer in the second transactions;

identify a transaction price for the item in the second merchant transaction;

identify a merchant offer price for the item in the second merchant transaction, wherein the merchant offer price is a price of the item with the customer-specific second merchant-offer applied;

determine a lost savings amount associated with the second merchant transaction, wherein the lost savings amount is a savings that could have been realized from acceptance of the customer-specific second merchant-offers, wherein the lost savings amount is a difference between the transaction price and the merchant offer price for the item of the second merchant transaction; and

provide the lost savings amount to the financial institution customer.

2. The system of claim 1 further comprising determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a predetermined period of time.

3. The system of claim 1 further comprising determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a life of the financial institution-based merchant-offer program.

4. The system of claim 1 further comprising providing the lost savings metric for a predetermined time period and for the life of the financial institution-based merchant-offer program to the financial institution customer.

5. The system of claim 1, wherein determining the lost savings amount associated with the second merchant transaction is further configured to be a per transaction lost savings amount.

6. The system of claim 1, wherein providing the lost savings amount to the financial institution customer further comprises providing the lost savings amount to the financial institution customer via a financial institution-based merchant offer program user interface application.

7. The system of claim 1, wherein providing the lost savings amount to the financial institution customer further comprises providing the lost savings amount to the financial institution customer via a financial institution statement.

8. The system of claim 1, wherein determining the lost savings amount associated with the second merchant transaction further comprises determining a percentage difference between the transaction price and the merchant offer price for the item of the second merchant transaction.

9. A computer program product for providing savings monitoring in a financial institution-based merchant-offer program, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured for monitoring one or more financial institution accounts held by a financial institution customer to identify (1) one or more first transactions conducted by the customer with a plurality of different merchants over a predetermined time period, wherein the first transactions are identified based on customer acceptance of customer-specific first-merchant-offers associated with the financial institution-based merchant-offer program, which were offered to the customer based on customer-specific information and (2) one or more second transactions, wherein one or more customer-specific second merchant-offers associated with the financial institution-based merchant-offer program were available concurrent with the second transaction, wherein the customer-specific second merchant-offers were associated with an item in the second merchant transactions and wherein the customer-specific second merchant-offers were not applied by the financial institution customer in the second transactions;

an executable portion configured for identifying a transaction price for the item in the second merchant transaction;

an executable portion configured for identifying a merchant offer price for the item in the second merchant transaction, wherein the merchant offer price is a price of the item with the customer-specific second merchant-offer applied;

an executable portion configured for determining a lost savings amount associated with the second merchant transaction, wherein the lost savings amount is a savings that could have been realized from acceptance of the customer-specific second merchant-offers, wherein the lost savings amount is a difference between the transaction price and the merchant offer price for the item of the second merchant transaction; and

an executable portion configured for providing the lost savings amount to the financial institution customer.

10. The computer program product of claim 9 further comprising an executable portion configured for determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a predetermined period of time.

11. The computer program product of claim 9 further comprising an executable portion configured for determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a life of the financial institution-based merchant-offer program.

12. The computer program product of claim 9 further comprising an executable portion configured for providing the lost savings metric for a predetermined time period and for the life of the financial institution-based merchant-offer program to the financial institution customer.

13. The computer program product of claim 9, wherein determining the lost savings amount associated with the second merchant transaction is further configured to be a per transaction lost savings amount.

14. The computer program product of claim 9, wherein providing the lost savings amount to the financial institution customer further comprises providing the lost savings amount to the financial institution customer via a financial institution-based merchant offer program user interface application.

15. The computer program product of claim 9, wherein providing the lost savings amount to the financial institution customer further comprises providing the lost savings amount to the financial institution customer via a financial institution statement.

16. The computer program product of claim 9, wherein determining the lost savings amount associated with the second merchant transaction further comprises determining a percentage difference between the transaction price and the merchant offer price for the item of the second merchant transaction.

17. A computer-implemented method for providing savings monitoring in a financial institution-based merchant-offer program, the method comprising:

providing a computing system comprising a computer processing device and a non-transitory computer readable medium, where the computer readable medium comprises configured computer program instruction code, such that when said instruction code is operated by said computer processing device, said computer processing device performs the following operations;

monitoring one or more financial institution accounts held by a financial institution customer to identify (1) one or more first transactions conducted by the customer with a plurality of different merchants over a predetermined time period, wherein the first transactions are identified based on customer acceptance of customer-specific first-merchant-offers associated with the financial institution-based merchant-offer program, which were offered to the customer based on customer-specific information and (2) one or more second transactions, wherein one or more customer-specific second merchant-offers associated with the financial institution-based merchant-offer program were available concurrent with the second transaction, wherein the customer-specific second merchant-offers were associated with an item in the second merchant transactions and wherein the customer-specific second merchant-offers were not applied by the financial institution customer in the second transactions;

identifying a transaction price for the item in the second merchant transaction;

identifying a merchant offer price for the item in the second merchant transaction, wherein the merchant offer price is a price of the item with the customer-specific second merchant-offer applied;

determining a lost savings amount associated with the second merchant transaction, wherein the lost savings amount is a savings that could have been realized from acceptance of the customer-specific second merchant-offers, wherein the lost savings amount is a difference between the transaction price and the merchant offer price for the item of the second merchant transaction; and

providing the lost savings amount to the financial institution customer.

18. The computer-implemented method of claim 17 further comprising determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a predetermined period of time.

19. The computer-implemented method of claim 17 further comprising determining a lost savings metric associated with the second merchant transaction, wherein determining the lost savings metrics comprises determining a total lost savings amount for the second merchant transactions, wherein the second merchant transactions occur over a life of the financial institution-based merchant-offer program.

20. The computer-implemented method of claim 17, wherein determining the lost savings amount associated with the second merchant transaction further comprises determining a percentage difference between the transaction price and the merchant offer price for the item of the second merchant transaction.