US 7,954,698 B1 · System and method for matching customers to financial products, services, and incentives based on bank account transaction activity

Abstract

A financial scoring system measures, classifies, rates, and forecasts the deposit and withdrawal patterns processed through a direct deposit account (DDA) residing in a bank's central database. The scoring metric generated by the financial scoring system is converted into a monthly mandatory, lifestyle, leisure, and luxury expenditure classifications for each DDA household. These expenditure classifications are converted by the financial scoring system to the rate of expenditure substitution each DDA household will support, the amount of the rate of expenditure substitution that the DDA household is willing to risk, and the rate of expenditure substitution that will require a preference spending decision. The DDA expenditure classifications generated by the financial scoring system are compared to the consumer expenditure survey and consumer price index tables published by U.S. Department of Labor Bureau of Labor Statistics to provide a scoring validation benchmark.

Claims24

Dependent claims

A method for matching a customer having at least one financial transaction account at a financial institution to a financial product, the method comprising:

(a) measuring a historical flow of cash transactions in at least one of the financial transaction accounts at the financial institution to generate one or more cash transactions datasets for the customer, the historical flow of cash transactions comprising deposits and withdrawals, wherein the one or more cash transactions datasets for the customer are generated by classifying the deposits and withdrawals into the one or more cash transactions datasets comprising fixed deposits, variable deposits, fixed withdrawals, and variable withdrawals;
(b) using the customer cash transaction datasets to forecast one or more financial substitution factors for the customer;
and
(c) using at least one of the forecasted financial substitution factors to match the customer with the financial product or to an incentive linked to the financial product.

1 more element

A system for matching a customer of a financial institution with a financial product comprising:

a. a system database, the system database including a customer information file and historical cash deposit and withdrawal transaction information associated with an account owned by the customer;
b. a pre-processing stage, the pre-processing stage including
an account ownership household processor functional to extract account ownership information pertaining to the customer from the database,
a personal information classification processor functional to determine an income range for the customer from database, and
an account transaction calendar database comprising transactions calendars generated from the cash deposit and withdrawal transaction information;
c. a scoring and forecasting stage, the scoring and forecasting stage including
a customer/household account transaction activity statistical processor functional to generate and identify cash transaction patterns from the transaction calendars,
an account transaction scoring and forecasting processor functional to classify the cash transaction patterns into groups of household deposit and withdrawal patterns and to score and forecast monthly income and expenditure patterns for the customer,
a reporting processor functional to classify the deposit and withdrawal datasets into income, expenditure and classification profiles into a report database;
and
d. a reporting stage functional to generate matching reports using data in the system database and the report database.

8 more elements

Dependencies are inferred from the claim text.

System and method for matching customers to financial products, services, and incentives based on bank account transaction activity

Life of this patent

System and method for matching customers to financial products, services, and incentives based on bank account transaction activity

Life of this patent

Abstract

Claims24