SYSTEM FOR ANALYZING HISTORICAL EVENTS TO DETERMINE POTENTIAL CATALYSTS AND AUTOMATICALLY GENERATING AND IMPLEMENTING MITIGATION

• US 20180040072A1
• Filed: 10/18/2016
• Published: 02/08/2018
• Est. Priority Date: 08/08/2016
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Dintenfass, Katherine, Dravneek, Victoria L., Hsieh, Matthew, Hobbs, Wade Travis
• Granted Patent: US 10,438,296 B2
• Time in Patent Office: Days
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Embodiments analyze historical events to determine potential catalysts and automatically generate and implement mitigation of issues by determining a potential issue with a customer'"'"'s finances based on historical event data; correlating the potential issue with one or more causes of the potential issue; and, in response to the correlation, initiating mitigation of the issue. In some cases, embodiments rank the possible causes of the potential issue; and present the possible causes to the customer for consideration. In some cases, embodiments receive the customer'"'"'s confirmation of the possible causes. In some cases, embodiments initiate communication of one or more recommendations for mitigating the potential issue to the customer, receive the customer'"'"'s approval of at least one recommendation; and initiate mitigation of the issue based on the at least one approved recommendation.

Claims

1. A system for analyzing historical events to determine potential catalysts and automatically generating and implementing mitigation, the system comprising:

a computer apparatus including a processor, a memory device, and a communication device; and

a software module stored in the memory, comprising computer-readable instructions that when executed by the processor cause the processor to;

determine a potential issue with a customer'"'"'s finances based on historical event data;

correlate the potential issue with one or more causes of the potential issue; and

in response to the correlation, initiate mitigation of the issue.

2. The system of claim 1, wherein the computer-readable instructions when executed by the processor further cause the processor to:

rank the possible causes of the potential issue; and

present the possible causes to the customer for consideration.

3. The system of claim 2, wherein the computer-readable instructions that when executed by the processor cause the processor to:

receive the customer'"'"'s confirmation of the possible causes.

4. The system of claim 1, wherein the computer-readable instructions that when executed by the processor cause the processor to:

initiate communication of one or more recommendations for mitigating the potential issue to the customer.

5. The system of claim 4, wherein the computer-readable instructions that when executed by the processor cause the processor to:

receive the customer'"'"'s approval of at least one recommendation; and

initiate mitigation of the issue based on the at least one approved recommendation.

6. The system of claim 1, wherein the computer-readable instructions that when executed by the processor cause the processor to:

collect data corresponding to the customer; and

apply a correlation algorithm to the collected data to establish at least one nexus between the collected data and the potential issue, wherein the correlation algorithm is configured to determine whether circumstances corresponding to the collected data are likely to cause the potential issue, thereby resulting in at least one likelihood of causation each corresponding to only one of the at least nexuses and a collected-data-potential-issue pair and a level of causation corresponding to all of the at least one nexuses and the collected-data-potential-issue pair.

7. The system of claim 6, wherein the likelihood of causation corresponds to one of the at least one nexuses and the level of causation represents a combination of each of the at least one likelihoods of causation.

8. A computer program product for analyzing historical events to determine potential catalysts and automatically generating and implementing mitigation, 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 to determine a potential issue with a customer'"'"'s finances based on historical event data;

an executable portion configured to correlate the potential issue with one or more causes of the potential issue; and

an executable portion configured to, in response to the correlation, initiate mitigation of the issue.

9. The computer program product of claim 8, wherein the computer-readable program code portions further comprise:

an executable portion configured to rank the possible causes of the potential issue; and

an executable portion configured to present the possible causes to the customer for consideration.

10. The computer program product of claim 9, wherein the computer-readable program code portions further comprise:

an executable portion configured to receive the customer'"'"'s confirmation of the possible causes.

11. The computer program product of claim 8, wherein the computer-readable program code portions further comprise:

an executable portion configured to initiate communication of one or more recommendations for mitigating the potential issue to the customer.

12. The computer program product of claim 11, wherein the computer-readable program code portions further comprise:

an executable portion configured to receive the customer'"'"'s approval of at least one recommendation; and

an executable portion configured to initiate mitigation of the issue based on the at least one approved recommendation.

13. The computer program product of claim 8, wherein the computer-readable program code portions further comprise:

an executable portion configured to collect data corresponding to the customer; and

an executable portion configured to apply a correlation algorithm to the collected data to establish at least one nexus between the collected data and the potential issue, wherein the correlation algorithm is configured to determine whether circumstances corresponding to the collected data are likely to cause the potential issue, thereby resulting in at least one likelihood of causation each corresponding to only one of the at least nexuses and a collected-data-potential-issue pair and a level of causation corresponding to all of the at least one nexuses and the collected-data-potential-issue pair.

14. The computer program product of claim 13, wherein the likelihood of causation corresponds to one of the at least one nexuses and the level of causation represents a combination of each of the at least one likelihoods of causation.

15. A method for analyzing historical events to determine potential catalysts and automatically generating and implementing mitigation, the method comprising:

determining, by a computer processing device, a potential issue with a customer'"'"'s finances based on historical event data;

correlating, by the computer processing device, the potential issue with one or more causes of the potential issue; and

in response to the correlation, initiating, by the computer processing device, mitigation of the issue.

16. The method of claim 15, further comprising:

ranking the possible causes of the potential issue; and

presenting the possible causes to the customer for consideration.

17. The method of claim 16, further comprising:

receiving the customer'"'"'s confirmation of the possible causes.

18. The method of claim 15, further comprising:

initiating communication of one or more recommendations for mitigating the potential issue to the customer.

19. The method of claim 15, further comprising:

receiving the customer'"'"'s approval of at least one recommendation; and

initiating mitigation of the issue based on the at least one approved recommendation.

20. The method of claim 15, further comprising:

collecting data corresponding to the customer; and

applying a correlation algorithm to the collected data to establish at least one nexus between the collected data and the potential issue, wherein the correlation algorithm is configured to determine whether circumstances corresponding to the collected data are likely to cause the potential issue, thereby resulting in at least one likelihood of causation each corresponding to only one of the at least nexuses and a collected-data-potential-issue pair and a level of causation corresponding to all of the at least one nexuses and the collected-data-potential-issue pair,

wherein the likelihood of causation corresponds to one of the at least one nexuses and the level of causation represents a combination of each of the at least one likelihoods of causation.