System for selecting liability products and preparing applications therefor
First Claim
1. An interactive computer system for assisting a user in selecting a liability product from a pre-determined set of liability products, at least a subset of said products having differing variable rate structures, comprising:
- means for said user to select a first prediction for the direction of future interest rates;
means for said user to select a second prediction for the rate of change of future interest rates;
means for said user to input the duration that said selected product will be held; and
means for calculating the variable rate applicable to each of said liability products over said duration based on said first and second predictions to thereby select at least one of said liability products having one of the lowest average payment and the lowest average interest rate.
3 Assignments
0 Petitions
Accused Products
Abstract
A system is disclosed having a graphical interface for interactively interviewing and educating a customer regarding their credit needs and the available products. The system also inquires, for example, about the customer'"'"'s opinion regarding the future of interest rates or the importance to the customer of steady monthly payments. Using the information gained and unique selection processes, the system determines which of the available credit products will result in the lowest average monthly payment or lowest average interest rate over the expected holding period of the product. The selection is based on updated interest rate and product information. Once the customer selects a recommended product, the system generates an electronic credit application, requiring only information germane to that customer'"'"'s transaction. The system also automatically completes as much information as possible on the application. Once the customer finishes the minimal information remaining, the system generates a completed application to be submitted to the financial institution for processing and approval in any of a number of formats. If the customer already has asset or liability accounts with the particular financial institution offering the credit products, the customer'"'"'s information is also automatically retrieved and incorporated into the selection and application generation processes.
487 Citations
7 Claims
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1. An interactive computer system for assisting a user in selecting a liability product from a pre-determined set of liability products, at least a subset of said products having differing variable rate structures, comprising:
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means for said user to select a first prediction for the direction of future interest rates; means for said user to select a second prediction for the rate of change of future interest rates; means for said user to input the duration that said selected product will be held; and means for calculating the variable rate applicable to each of said liability products over said duration based on said first and second predictions to thereby select at least one of said liability products having one of the lowest average payment and the lowest average interest rate. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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Specification