Financial account segmentation system
First Claim
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1. A method for identifying customers of a financial institution for product offerings comprising operating a computer to perform the steps of:
- receiving, at the computer, from one or more financial information databases, financial data of customers of said financial institution and their accounts, the financial data comprising variables;
based on the financial data, identifying one or more clusters of customers from among the customers;
identifying a financial product to be associated with a first cluster of customers; and
identifying, by the computer, a subset of variables from among the variables of the financial data wherein the subset of variables characterizes customers who have a propensity to respond positively to an offer;
wherein the financial data comprises financial accounts of the customers of the financial institution;
wherein the financial data further comprises financial information from a debit usage database or a credit usage database; and
wherein the subset of variables includes at least two or more of a total number of deposits made into a user'"'"'s financial account, duration as a user of the financial account, whether or not online banking is used, a number of transfers into the financial account, a FICO score, a user'"'"'s age, a number of times logging onto the financial account, whether or not a money market account is owned, an age of the most recent account, a total amount spent using checks, a total sum of ATM (automated teller machine) debits made in a period of time, or a total number of transactions made at an ATM.
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Abstract
Disclosed is a method and system for optimizing an existing customer financial product account database for a financial institution. A customized product segmentation strategy based at least on the financial product account database identifies opportunities to cross-sell new credit and debit products, and increase the usage of credit and debit products among existing customers.
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Citations
12 Claims
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1. A method for identifying customers of a financial institution for product offerings comprising operating a computer to perform the steps of:
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receiving, at the computer, from one or more financial information databases, financial data of customers of said financial institution and their accounts, the financial data comprising variables; based on the financial data, identifying one or more clusters of customers from among the customers; identifying a financial product to be associated with a first cluster of customers; and identifying, by the computer, a subset of variables from among the variables of the financial data wherein the subset of variables characterizes customers who have a propensity to respond positively to an offer; wherein the financial data comprises financial accounts of the customers of the financial institution; wherein the financial data further comprises financial information from a debit usage database or a credit usage database; and wherein the subset of variables includes at least two or more of a total number of deposits made into a user'"'"'s financial account, duration as a user of the financial account, whether or not online banking is used, a number of transfers into the financial account, a FICO score, a user'"'"'s age, a number of times logging onto the financial account, whether or not a money market account is owned, an age of the most recent account, a total amount spent using checks, a total sum of ATM (automated teller machine) debits made in a period of time, or a total number of transactions made at an ATM. - View Dependent Claims (2)
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3. A method for identifying customers of a financial institution for product offerings comprising operating a computer to perform steps of:
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receiving, from one or more financial information databases, financial data of customers of said financial institution and their accounts, the financial data comprising variables; based on the financial data, identifying one or more clusters of customers from among the customers; identifying a financial product to be associated with a first cluster of customers; and identifying, by the computer, a subset of variables from among the variables of the financial data wherein the subset of variables characterize customers who have a propensity to respond positively to an offer; wherein the financial data comprises financial accounts of the customers of the financial institution; wherein the financial data further comprises financial information from a debit usage database or a credit usage database; and wherein the subset of variables includes at least two or more of a total number of transfers made from a user'"'"'s financial account, duration as a user of the financial account, a number of times logging onto the financial account, an end of month balance for a consumer loan, a negative indication score, whether or not online banking is used, employment status, or member affiliation. - View Dependent Claims (4)
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5. A method for identifying customers of a financial institution for product offerings comprising operating a computer to perform steps of:
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receiving, from one or more financial information databases, financial data of customers of said financial institution and their accounts, the financial data comprising variables; based on the financial data, identifying one or more clusters of customers from among the customers; identifying a financial product to be associated with a first cluster of customers; and identifying, by the computer, a subset of variables from among the variables of the financial data wherein the subset of variables characterize customers who have a propensity to respond positively to an offer; wherein the financial data comprises financial accounts of the customers of the financial institution; wherein the financial data further comprises financial information from a debit usage database or a credit usage database; and wherein the subset of variables includes at least two or more of a duration since last debit transaction, a number of end-of-month purchases, interest paid, duration since last activity on the account, a behavioral score, a minimum payment due, a current cash balance, whether or not there is a certificate of deposit, a number of times logging onto the financial account, an end of month balance on a money market account, or an overall statement balance. - View Dependent Claims (6)
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7. A method for identifying customers of a financial institution for product offerings comprising operating a computer to perform steps of:
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receiving, by the computer, from one or more financial information databases, financial data of customers of said financial institution and their accounts, the financial data comprising variables; based on the financial data, identifying one or more clusters of customers from among the customers; identifying a financial product to be associated with a first cluster of customers; and identifying a subset of variables from among the variables of the financial data wherein the subset of variables characterize customers who have a propensity to respond positively to an offer; wherein the financial data comprises financial accounts of the customers of the financial institution; wherein the financial data further comprises financial information from a debit usage database or a credit usage database; and wherein the subset of variables includes at least two or more of an indication of whether or not an ATM card was used in previous twelve months, average end of month balance, average amount of surcharge fees, a number of times logging onto the financial account, number of times a call is made to an automated voice service, an end of month balance on a checking account, and a FICO score. - View Dependent Claims (8)
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9. A system for financial product offerings comprising:
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a computer system; and a first data source having stored therein financial data for customers of a financial institution, the financial data comprising variables that characterize accounts owned by the customers and the customers, the computer system configured to perform steps comprising; receiving the financial data from the first data source; identifying one or more clusters of customers from among the customers; for each cluster of customers, identifying an associated financial product to be associated with said each first cluster; and for said each cluster, identifying a subset of variables from the variables comprising the financial data, wherein the subset of variables identify customers who have a propensity to respond positively to an offer; wherein the subset of variables includes at least two or more of a total number of deposits made into a user'"'"'s financial account, duration as a user of the financial account, whether or not online banking is used, a number of transfers into the financial account, a FICO score, a user'"'"'s age, a number of times logging onto the financial account, whether or not a money market account is owned, an age of the most recent account, a total amount spent using checks, a total sum of ATM (automated teller machine) debits made in a period of time, or a total number of transactions made at an ATM.
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10. A system for financial product offerings comprising:
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a computer system; and a first data source having stored therein financial data for customers of a financial institution, the financial data comprising variables that characterize accounts owned by the customers and the customers, the computer system configured to perform steps comprising; receiving the financial data from the first data source; identifying one or more clusters of customers from among the customers; for each cluster of customers, identifying an associated financial product to be associated with said each first cluster; and for said each cluster, identifying a subset of variables from the variables comprising the financial data, wherein the subset of variables identify customers who have a propensity to respond positively to an offer; wherein the subset of variables includes at least two or more of a total number of transfers made from a user'"'"'s financial account, duration as a user of the financial account, a number of times logging onto the financial account, an end of month balance for a consumer loan, a negative indication score, whether or not online banking is used, employment status, or member affiliation.
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11. A system for financial product offerings comprising:
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a computer system; and a first data source having stored therein financial data for customers of a financial institution, the financial data comprising variables that characterize accounts owned by the customers and the customers, the computer system configured to perform steps comprising; receiving the financial data from the first data source; identifying one or more clusters of customers from among the customers; for each cluster of customers, identifying an associated financial product to be associated with said each first cluster; and for said each cluster, identifying a subset of variables from the variables comprising the financial data, wherein the subset of variables identify customers who have a propensity to respond positively to an offer; wherein the subset of variables includes at least two or more of a duration since last debit transaction, a number of end-of-month purchases, interest paid, duration since last activity on the account, a behavioral score, a minimum payment due, a current cash balance, whether or not there is a certificate of deposit, a number of times logging onto the financial account, an end of month balance on a money market account, or an overall statement balance.
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12. A system for financial product offerings comprising:
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a computer system; and a first data source having stored therein financial data for customers of a financial institution, the financial data comprising variables that characterize accounts owned by the customers and the customers, the computer system configured to perform steps comprising; receiving the financial data from the first data source; identifying one or more clusters of customers from among the customers; for each cluster of customers, identifying an associated financial product to be associated with said each first cluster; and for said each cluster, identifying a subset of variables from the variables comprising the financial data, wherein the subset of variables identify customers who have a propensity to respond positively to an offer; wherein the subset of variables includes at least two or more of an indication of whether or not an ATM card was used in previous twelve months, average end of month balance, average amount of surcharge fees, a number of times logging onto the financial account, number of times a call is made to an automated voice service, an end of month balance on a checking account, and a FICO score.
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Specification