System and method for dynamically managing a financial account

• US 8,626,642 B2
• Filed: 08/22/2003
• Issued: 01/07/2014
• Est. Priority Date: 08/22/2003
• Status: Expired due to Fees

• Current Assignee: CC Serve Corp. (Atlanticus Holdings Corporation)
• Original Assignee: Compucredit Intellectual Property Holdings Corporation II
• Inventors: James, Jr., Dennis H., Foss, Jr., Sheldon H.
• Primary Examiner(s): JOHNSON, GREGORY L
• Application Number:
  US10/646,150
• Publication Number:
  US 20050044017A1
• Time in Patent Office: 3,791 Days
• Field of Search: 705/39
• US Class Current: 705/38
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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

The invention is directed towards dynamically managing a financial account based on risk modules, aggregated data, and individual behavior, wherein the risk modules are calculated using current and real-time data used in conjunction with prospective as well as current customer data. The risk of loss associated with operating financial accounts is reduced because the parameters under which the financial accounts operate is adjusted based on the aggregated data and the analysis provided from the risk models. This allows additional customers to be obtained but optimizes the risk of loss for the financial institution.

Claims

1. A computer system for managing financial accounts, the computer system comprising:

a processing system configured to execute a plurality of integrated computer software components configured to

establish a new financial account for a new customer and manage a plurality of existing financial accounts for a plurality of existing customers, the integrated computer software components comprising;

a data collection component configured to receive account option data and account formation data pertaining to a new customer;

a decision engine configured to qualify the new customer for a new financial account based at least in part on qualification criteria and said formation data and said account option data;

an account creation component configured to establish the new financial account for the qualified customer based at least in part on the account option data and account formation data;

an account management component configured to manage account data associated with said new financial account and a plurality of existing financial accounts;

a transactional processing component configured to receive transactions and clear the transactions against the new financial account and the plurality of existing financial accounts; and

a data aggregation module coupled with the account management component, the transactional processing component, and the decision engine, the data aggregation module configured to aggregate data associated with the transactions for the plurality of existing financial accounts and provide feedback information related to the aggregated transaction data to the decision engine and the account management component, wherein the decision engine modifies the qualification criteria based on the feedback information and the account management component modifies the account data of one or more of the new financial account and the existing financial accounts based on the feedback information.

2. The computer system of claim 1, wherein said decision engine further comprises an underwriting component configured to apply the qualification criteria.

3. The computer system of claim 2, wherein said decision engine further comprises at least one risk model coupled to said underwriting component and said account management component, the at least one risk model configured to model risks associated with said new financial account and the existing financial accounts.

4. The computer system of claim 1, wherein said account management component further comprises an account behavior component configured to examine account behavior associated with the new financial account and the plurality of existing financial accounts.

5. The computer system of claim 4, wherein said account behavior component further comprises a controller configured to enable and disable functions and privileges of said new financial account or the existing financial accounts based upon said aggregated data.

6. The computer system of claim 1, wherein said decision engine comprises an underwriting component configured to apply the qualification criteria and at least one risk model coupled to said underwriting component and said account management component and associated with said qualification criteria configured to model risks associated with said new financial account or the existing financial accounts.

7. The computer system of claim 6, wherein said at least one risk model is coupled to said data aggregation module and said account behavior component, wherein said at least one risk model is configured to update risk models based upon said aggregated data and said account behavior, whereby said qualification criteria is updated.

8. The computer system of claim 7, wherein said account management component comprises an account behavior component configured to alter a parameter related to operation of the new or existing financial accounts based upon said risk models.

9. A method for managing financial accounts, comprising the steps of:

a processing system aggregating transaction data regarding a plurality of existing financial accounts for a plurality of existing customers, the transaction data received by a processing system via a financial transaction network;

the processing system modifying services provided to one of the existing customers associated with at least one of the existing financial accounts, via the financial transaction network, based on the aggregated transaction data from the plurality of existing financial accounts by changing account data associated with the corresponding financial account; and

the processing system modifying stored underwriting criteria applied by the processing system for qualifying new financial accounts based on the aggregated transaction data from the plurality of existing financial accounts.

10. The method of claim 9, further comprising the steps of:

the processing system accessing a risk model;

the processing system running the risk model based at least in part on the aggregated transaction data;

the processing system modifying the stored underwriting criteria based at least in part on the results of the risk model.

11. The method of claim 9, wherein the step of the processing system modifying the services comprises the step of the processing system modifying the stored underwriting criteria.

12. The method of claim 9, wherein the step of the processing system modifying the services comprises the step of the processing system modifying the fees associated with services.

13. The method of claim 9, wherein the step of the processing system aggregating transaction data comprises the step of the processing system receiving transaction information regarding financial transactions associated with at least one of the existing financial accounts.

14. The method of claim 9, wherein the step of the processing system modifying the services comprises the step of the processing system modifying a line of credit associated with at least one of the existing financial accounts.

15. The method of claim 9, wherein the step of the processing system modifying the services comprises the step of the processing system modifying restrictions on transactions for at least one of the existing financial accounts.

16. The method of claim 9, wherein the step of the processing system modifying the services comprises the step of the processing system temporarily disabling one or more services associated with at least one of the existing financial accounts.

17. A computer system for managing financial accounts, the system comprising:

a processing system configured to execute a plurality of integrated computer software components

for underwriting and establishing a new financial account for a new customer and managing a plurality of existing financial accounts for a plurality of existing customers, the integrated computer software components comprising;

an account management component configured to manage account data associated with a plurality of existing financial accounts;

a transactional processing component configured to process and monitor transactions between the plurality of existing financial accounts and a financial transaction network;

a data collection component configured to receive account information for a new financial account;

a decision engine configured to qualify the new financial account based on underwriting criteria and the account information;

an account creation component configured to establish the qualified account based on the account information; and

a data aggregation module in communication with the transactional processing component, the account management component, and the decision engine, the data aggregation module configured to process transaction data from the plurality of existing customers received from the transactional processing component and provide feedback information related to the processed transaction data to the account management component and the decision engine for altering the underwriting criteria for qualifying further new financial accounts and altering the account data associated with at least one of the existing financial accounts.

18. The computer system of claim 17, wherein the decision engine is configured to alter the underwriting criteria based on the feedback information and the account management component is configured to alter parameters of the existing financial accounts based on the feedback information.

19. The computer system of claim 18, wherein the decision engine interfaces with a risk model which is updated based on the feedback information from the data aggregation module.