Calculating credit worthiness using transactional data
First Claim
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1. A computer-assisted method comprising:
- receiving transactional data corresponding to transactions occurring at an institution by a user;
storing, in computer memory by the processor, the transactional data;
calculating, using a computer processor, a cash flow statement based on the transactional data;
calculating, using the computer processor, a net worth statement using the transactional data, including calculating an amount of assets held by the user at a different institution;
calculating, using the computer processor, a transactional index;
analyzing, using the processor, the transactional data to determine if the user'"'"'s account is a primary transactional account;
weighting, using the processor, the calculated cash flow statement and the net worth statement based on whether the user'"'"'s account is a primary transactional account; and
calculating, using the processor, a share of wallet for the customer indicating a percentage of a user'"'"'s financial requirement filled by the institution;
weighting, using the processor, the share of wallet along with the generated cash flow and net worth statement; and
determining, using the processor, credit worthiness based on the weighted share of wallet, cash flow, net worth statement, and transactional index.
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Abstract
Aspects of the invention provide for the use of transactional data in determining credit and product offerings. Further aspects of the invention provide for generating financial statements and indices using transactional data for use by users and/or financial institutions. The transactional based financial statements and indices may be used for making underwriting and financial planning decisions.
23 Citations
20 Claims
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1. A computer-assisted method comprising:
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receiving transactional data corresponding to transactions occurring at an institution by a user; storing, in computer memory by the processor, the transactional data; calculating, using a computer processor, a cash flow statement based on the transactional data; calculating, using the computer processor, a net worth statement using the transactional data, including calculating an amount of assets held by the user at a different institution; calculating, using the computer processor, a transactional index; analyzing, using the processor, the transactional data to determine if the user'"'"'s account is a primary transactional account; weighting, using the processor, the calculated cash flow statement and the net worth statement based on whether the user'"'"'s account is a primary transactional account; and calculating, using the processor, a share of wallet for the customer indicating a percentage of a user'"'"'s financial requirement filled by the institution; weighting, using the processor, the share of wallet along with the generated cash flow and net worth statement; and determining, using the processor, credit worthiness based on the weighted share of wallet, cash flow, net worth statement, and transactional index. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A non-transitory computer-readable medium storing computer-executable instructions, which when executed by a processor, cause a computing apparatus to:
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store received transactional data corresponding to transactions occurring at an institution by a user; calculate a cash flow statement based on the transactional data; calculate a net worth statement using the transactional data, including calculating an amount of assets held by the user at a different institution; calculate a transactional index; analyze the transactional data to determine if the user'"'"'s account is a primary transactional account; weight the calculated cash flow statement and the net worth statement based on whether the user'"'"'s account is a primary transactional account; calculate a share of wallet for the customer indicating a percentage of a user'"'"'s financial requirement filled by the institution; weight the share of wallet along with the generated cash flow and net worth statement; and determine credit worthiness based on the weighted share of wallet, cash flow, net worth statement, and transactional index. - View Dependent Claims (13, 14, 15)
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16. A computer-assisted method comprising:
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storing, in computer memory, received transactional data corresponding to transactions associated with a user; categorizing the transactional data into numerous categories; calculating, by a computer processor, a luxury index based on a ratio of a dollar amount of luxury transactions to a dollar amount of necessity transactions; calculating, by the processor, a necessity income standardized momentum trend risk index for the user based on income information about the user; determining, by the processor, credit worthiness of the customer based on the numerous categories of the transactional data and the necessity income standardized momentum trend risk index of the user; and generating, by the processor, an indication of an approved loan application based on the determined credit worthiness of the user. - View Dependent Claims (17, 18, 19, 20)
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Specification