System and method for dynamically managing a financial account
First Claim
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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 toestablish 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.
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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.
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Citations
19 Claims
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1. A computer system for managing financial accounts, the computer system comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for managing financial accounts, comprising the steps of:
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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. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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17. A computer system for managing financial accounts, the system comprising:
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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. - View Dependent Claims (18, 19)
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Specification