USE OF E-RECEIPTS TO DETERMINE TOTAL COST OF OWNERSHIP

• US 20150032581A1
• Filed: 07/26/2013
• Published: 01/29/2015
• Est. Priority Date: 07/26/2013
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Blackhurst, Jason P., Calman, Matthew A., Dintenfass, Katherine, Hanson, Carrie A., Bondesen, Laura C.
• Application Number:
  US13/952,049
• Publication Number:
  US 20150032581A1
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Embodiments of the invention are directed to a system, method, or computer program product for utilizing e-receipt data and other electronic communication data between a merchant and customer regarding a transaction to provide misappropriation protection based on address and/or merchant store information associated with the e-receipt or other e-communication. In one embodiment, a system is configured to: determine a purchase price paid for the product and costs associated with the product based on purchase transaction data; and determine an estimated total cost of ownership of the product based on the purchase price of the product and the costs associated with the product.

Claims

1. A system for determining a total cost of ownership of a product, the system comprising:

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

a communication device; and

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;

identify an electronic communication between a customer and a merchant, wherein the electronic communication is an electronic receipt and comprises purchase transaction data associated with a purchase of the product made by the customer from the merchant, and wherein the purchase transaction data is product level data corresponding to the product;

extract the purchase transaction data from the electronic communication between the customer and the merchant;

convert the purchase transaction data into a structured format so that the purchase transaction data is compatible with an online banking application accessible by the customer;

integrate the purchase transaction data with data on the online banking application, thereby enabling the customer to access the purchase transaction data;

determine a purchase price paid for the product and costs associated with the product based at least partially on the purchase transaction data; and

determine an estimated total cost of ownership of the product based at least partially on the purchase price of the product and the costs associated with the product.

2. The system of claim 1, wherein the costs associated with the product include a range of costs and expenses that are directly and/or indirectly incurred based on an ownership or utilization of the product.

3. The system of claim 1, wherein the processing device is further configured to:

periodically and/or continuously aggregate costs associated with the product.

4. The system of claim 3, wherein the processing device is further configured to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a notification comprising the determined rating of performance.

5. The system of claim 3, wherein the processing device is further configured to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a recommendation for improving the determined rating of performance or a recommendation for reducing the aggregated costs associated with the product.

6. The system of claim 1, wherein the processing device is further configured to:

determine a projected total cost of ownership of the product based at least partially on a recommendation for reducing the cost of ownership of the product and market data associated with the product; and

present to a user of the product a comparison, wherein the comparison compares the projected total cost of ownership of the product to the estimated total cost of ownership of the product.

7. The system of claim 1, wherein the processing device is further configured to generate a profile for the product based at least partially on information related to the total cost of ownership of the product.

8. A computer-implemented method for determining a total cost of ownership of a product, the computer-implemented method comprising:

using a computer processor comprising computer program code instructions stored in a non-transitory computer readable medium, wherein said computer program code instructions are structured to cause said computer processor to;

identify an electronic communication between a customer and a merchant, wherein the electronic communication is an electronic receipt and comprises purchase transaction data associated with a purchase of the product made by the customer from the merchant, and wherein the purchase transaction data is product level data corresponding to the product;

extract the purchase transaction data from the electronic communication between the customer and the merchant;

convert the purchase transaction data into a structured format so that the purchase transaction data is compatible with an online banking application accessible by the customer;

integrate the purchase transaction data with data on the online banking application, thereby enabling the customer to access the purchase transaction data;

determine a purchase price paid for the product and costs associated with the product based at least partially on the purchase transaction data; and

determine an estimated total cost of ownership of the product based at least partially on the purchase price of the product and the costs associated with the product.

9. The computer-implemented method of claim 8, wherein the costs associated with the product include a range of costs and expenses that are directly and/or indirectly incurred based on an ownership or utilization of the product.

10. The computer-implemented method of claim 8, wherein the non-transitory computer-readable medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

periodically and/or continuously aggregate costs associated with the product.

11. The computer-implemented method of claim 9, wherein the non-transitory computer-readable medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a recommendation for improving the determined rating of performance or a recommendation for reducing the aggregated costs associated with the product.

12. The computer-implemented method of claim 11, wherein the non-transitory computer-readable medium further comprises executable instructions that when executed by the at least one processing device causes the computer to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a notification comprising the determined rating of performance.

13. The computer-implemented method of claim 11, wherein the non-transitory computer-readable medium further comprises executable instructions that when executed by the at least one processing device causes the computer to:

determine a projected total cost of ownership of the product based at least partially on a recommendation for reducing the cost of ownership of the product and market data associated with the product; and

present to a user of the product a comparison, wherein the comparison compares the projected total cost of ownership of the product to the estimated total cost of ownership of the product.

14. The computer-implemented method of claim 8, wherein the processing device is further configured to generate a profile for the product based at least partially on information related to the total cost of ownership of the product.

15. A computer program product for determining a total cost of ownership of a product, the computer program product comprising a non-transitory computer-readable storage medium having computer-readable program code stored thereon, such that when the computer-readable code is executed by a computer processor it causes the computer to:

identify an electronic communication between a customer and a merchant, wherein the electronic communication is an electronic receipt and comprises purchase transaction data associated with a purchase of the product made by the customer from the merchant, and wherein the purchase transaction data is product level data corresponding to the product;

extract the purchase transaction data from the electronic communication between the customer and the merchant;

convert the purchase transaction data into a structured format so that the purchase transaction data is compatible with an online banking application accessible by the customer;

integrate the purchase transaction data with data on the online banking application, thereby enabling the customer to access the purchase transaction data;

determine a purchase price paid for the product and costs associated with the product based at least partially on the purchase transaction data; and

determine an estimated total cost of ownership of the product based at least partially on the purchase price of the product and the costs associated with the product.

16. The computer program product of claim 15, wherein the costs associated with the product include a range of costs and expenses that are directly and/or indirectly incurred based on an ownership or utilization of the product.

17. The computer program product of claim 15, the non-transitory computer-readable storage medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

periodically and/or continuously aggregate costs associated with the product.

18. The computer program product of claim 17, the non-transitory computer-readable storage medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a notification comprising the determined rating of performance.

19. The computer program product of claim 17, the non-transitory computer-readable storage medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

determine a rating of performance of a feature of the product based at least partially on information associated with the aggregated costs associated with the product; and

provide, to a user of the product, a recommendation for improving the determined rating of performance or a recommendation for reducing the aggregated costs associated with the product.

20. The computer program product of claim 17, the non-transitory computer-readable storage medium further comprises executable instructions that when executed by the at least one processing device causes the system to:

determine a projected total cost of ownership of the product based at least partially on a recommendation for reducing the cost of ownership of the product and market data associated with the product; and

present to a user of the product a comparison, wherein the comparison compares the projected total cost of ownership of the product to the estimated total cost of ownership of the product.