SYSTEM AND METHOD FOR PROGRESS ACCOUNT OPENING BY MEANS OF RISK-BASED CONTEXT ANALYSIS

• US 20150310545A1
• Filed: 04/29/2014
• Published: 10/29/2015
• Est. Priority Date: 04/29/2014
• Status: Abandoned Application

• Current Assignee: Bank of the Ozarks
• Original Assignee: C1 Bank
• Inventors: deOliveira, Marcio, Burgess, Trevor, Martyniuk, Vasyl Borysovych
• Application Number:
  US14/265,115
• Publication Number:
  US 20150310545A1
• Time in Patent Office: Days
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Systems and methods permit flexible and convenient customer account opening to minimize both customer friction and the risk to financial service providers. In one embodiment, a computing device associated with a financial service provider receives an account application containing customer information and a request to open a new account or a request to upgrade an existing account. The computing device performs a verification analysis to validate inputs, authenticate customer identity, ensure compliance with regulatory requirements, or evaluate the risk posed by a customer. The computing device performs a recommendation analysis to determine the appropriate product types and account restrictions that should be offered to a customer, if any. The computing device creates an account application status message indicating approval or denial of the account application.

Claims

1. A computer-implemented method of processing an account application comprising:

(a) providing a computing device associated with a provider;

(b) receiving by the provider computing device, an account application containing customer information and a request selected from the group consisting of a request to open a new account, a request to upgrade an existing account, and a request to downgrade an existing account;

(b) performing a verification analysis;

(c) performing a recommendation analysis; and

(d) generating an application status message indicating an approval or disapproval of the account application.

2. The method of claim 1 wherein:

(a) the account application is transmitted to the provider computing device by a computing device associated with a customer; and

(b) the application status message is transmitted by the provider computing device to the customer computing device.

3. The method of claim 1 wherein:

(a) the account application is transmitted to the provider computing device by a provider terminal computing device; and

(b) the application status message is transmitted by the provider computing device to the provider terminal.

4. The method of claim 1 wherein the verification analysis further comprises screening the customer information against a database of individuals or entities known to present an increased risk to the provider.

5. The method of claim 1 wherein the verification analysis further comprises performing an account ownership verification analysis.

6. The method of claim 1 wherein the verification analysis further comprises performing a historical account analysis.

7. The method of claim 1 wherein the verification analysis further comprises performing a due diligence analysis.

8. A computer-implemented method of processing an account application comprising:

(a) providing a computing device associated with a provider;

(b) monitoring by the provider computing device, customer account activity data associated with a customer account;

(c) performing a historical account analysis utilizing customer account activity data;

(d) creating an account application containing a request to upgrade or downgrade a customer account;

(e) storing the account application to a database in the provider computing device;

(f) performing a recommendation analysis; and

(g) generating an account application status message indicating an approval or disapproval of the account application.

9. The method of claim 8 further comprising the step of performing a verification analysis before performing the recommendation analysis.

10. A system for processing an account application comprising:

a first processor associated with a provider;

a data storage device including a computer-readable medium having computer readable code for instructing the first processor, and when executed by the first processor, the first processor performs operations comprising;

(a) receiving an account application containing customer information and a request selected from the group consisting of a request to open a new account, a request to upgrade an existing account, or a request to downgrade an existing account;

(b) performing a verification analysis;

(c) performing a recommendation analysis; and

(d) generating an application status message indicating an approval or disapproval of the account application.

11. The system of claim 10 further comprising:

a second processor associated with a customer;

a data storage device including a computer-readable medium having computer readable code for instructing the second processor; and

wherein the first processor is further configured to perform the operations of;

(a) receiving the account application transmitted by the second processor; and

(b) transmitting the account application status message to the second processor.

12. The system of claim 10 further comprising:

a second processor associated with a provider terminal computing device;

a data storage device including a computer-readable medium having computer readable code for instructing the second processor; and

wherein the first processor is further configured to perform the operations of;

(a) receiving the account application transmitted by the second processor; and

(b) transmitting the account application status message to the second processor.

13. The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, the operation of screening the customer information against a database of individuals or entities known to present an increased risk to the provider.

14. The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, an account ownership verification analysis.

15. The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, a historical account analysis.

16. The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, a due diligence analysis.

17. A system for processing an account application comprising:

a first processor associated with a provider;

a data storage device including a computer-readable medium having computer readable code for instructing the first processor, and when executed by the first processor, the first processor performs operations comprising;

(a) monitoring customer account activity data associated with a customer account;

(b) performing a historical account analysis utilizing customer account activity data;

(c) creating an account application containing a request to upgrade or downgrade a customer account;

(d) storing the account application to a database in the provider computing device;

(e) performing a recommendation analysis; and

(f) generating an account application status message indicating an approval or disapproval of the account application.

18. The system of claim 17 wherein the first processor is further configured to perform a verification analysis before performing the recommendation analysis.