Application programing interface for providing financial-product eligibility quotation

A computer-implemented method for quoting a customer's eligibility for a financial product, the method comprising:

• receiving a quotation request from a client device associated with the customer, the quotation request including customer-identifying information;
• acquiring, from a first source, information relating to a level of risk associated with the customer-identifying information;
• parsing and analyzing the customer-identifying information using a text mining algorithm;
• determining whether a previous quotation has been performed for the customer within a predetermined time frame, the previous quotation associated with a previous quotation request, and the previous quotation request including previous aggregated data related to the previous quotation request;
• obtaining data related to the quotation request by:
• selecting a second source comprising credit bureau service selected from a plurality of credit bureau services, the selecting being based on:
• a response speed of the bureau service, and
• a level of credit information of the credit bureau service;
• obtaining credit information of the customer from the selected credit bureau service,
• acquiring, from a first source, information relating to a level of risk associated with the customer-identifying information, and
• mining internal customer data to supplement the credit information not available from the selected credit bureau service;
• when the previous quotation has been performed for the customer within the predetermined time frame:
• obtaining the previous aggregated data, and
• aggregating the data related to the quotation request and the previous aggregated data;
• when the previous quotation has not been performed for the customer within the predetermined time frame:
• using the data related to the quotation request as aggregated data;
• storing the aggregated data;
• extracting inconsistencies detected in the aggregated data;
• extracting a plurality of variables from the aggregated data;
• selecting one of a plurality of eligibility models, based on a credit policy associated with a first one of a plurality of financial products, from a plurality of eligibility models, the eligibility models corresponding to the financial products;
• determining an eligibility score based on the extracted variables, the extracted inconsistencies, and the selected eligibility model, the eligibility score indicating a likelihood of being approved for the first financial product;
• providing the eligibility score to the client device;
• and
• when the eligibility score is above a predetermined threshold:
• concluding that the customer is eligible for the first financial product.

A non-transitory computer readable medium having stored instructions, which when executed, cause at least one processor to perform a method for quoting a customer's eligibility for a financial product, the method comprising:

• receiving a quotation request from a client device associated with the customer, the quotation request including customer-identifying information;
• acquiring, from a first source, information relating to a level of risk associated with the customer-identifying information;
• parsing and analyzing the customer-identifying information using a text mining algorithm;
• determining whether a previous quotation has been performed for the customer within a predetermined time frame, the previous quotation associated with a previous quotation request, and the previous quotation request including previous aggregated data related to the previous quotation request;
• obtaining data related to the quotation request by:
• selecting a second source comprising a credit bureau service selected from a plurality of credit bureau services, the selecting being based on:
• a response speed of the bureau service, and
• a level of credit information of the credit bureau service;
• obtaining credit information of the customer from the selected credit bureau service,
• acquiring, from a second source, information relating to a level of risk associated with the customer-identifying information, and
• mining internal customer data to supplement the credit information not available from the selected credit bureau service;
• when the previous quotation has been performed for the customer within the predetermined time frame:
• obtaining the previous aggregated data, and
• aggregating the data related to the quotation request and the previous aggregated data;
• when the previous quotation has not been performed for the customer within the predetermined time frame:
• using the data related to the quotation request as aggregated data;
• storing the aggregated data;
• extracting inconsistencies, detected in the aggregated data;
• extracting a plurality of variables from the aggregated data;
• selecting one of a plurality of eligibility models, based on a credit policy associated with a first of a plurality of financial products, the models corresponding to the financial products;
• determining an eligibility score based on the extracted variables, the extracted inconsistencies, and the selected eligibility model, the eligibility score indicating a likelihood of being approved for the first financial product;
• providing the eligibility score to the client device;
• and
• when the eligibility score is above a predetermined threshold:
• concluding that the customer is eligible for the first financial product.