Systems and computer-implemented processes for analyzing and determining the value of switching accounts

Patent metadata

Field	Value
Publication number	US-10325311-B2
Application number	US-201313969891-A
Country	US
Kind code	B2
Filing date	Aug 19, 2013
Priority date	Aug 20, 2012
Publication date	Jun 18, 2019
Grant date	Jun 18, 2019

Abstract

The disclosed embodiments include systems and methods for customer account switching valuation. The disclosed embodiments include a customer account switching valuation computer system that includes a storage device storing instructions and a processor configured to execute the instructions in the storage device. In one aspect, the system may receive, from a client computer associated with a customer, a response to an offer to switch an existing account to a new account and collect, based on the response, account information relating to the existing account. The processor may be configured to parse the collected account information into one or more categories and analyze the categorized account information to determine a value to the customer for switching from the existing account to the new account. The processor may also provide a representation of the value to the client computer.

First claim

What is claimed is:

1. A customer account switching valuation computer system, comprising:
at least one storage device storing instructions; and
at least one processor configured to execute the instructions in the storage device to:
display, on a display device of a client computer associated with a first customer, an offer to switch an existing account to a new account;
receive, from the client computer, a response to the offer;
collect, based on the response, account information relating to the existing account, the collecting comprising at least one of:
generating, on the display device of the client computer, a first user interface requesting the customer to upload an electronic document including the account information relating to the existing account; or
receiving, via the client computer, user credentials of the existing account and accessing a remote computer system associated with an existing financial account provider to retrieve the account information relating to the existing account;

parse the collected account information into categories, the parsing comprising:
comparing a transaction code in the collected information against a stored set of transaction codes; and
performing assessments of the categorized account information gathered over a predetermined period of time to determine the type of transaction;

estimate an amount of time to complete a switch from the existing account to the new account, based on amounts of time previously used by second customers to switch accounts through the computer system;
analyze the categorized account information to determine a value representing savings to the customer for switching from the existing account to the new account, the analysis comprising comparing an existing account parameter of the existing account to a new account parameter of the new account, the new account parameter being received from a system that generates new account parameters;
provide a representation of a quantity comprising at least one of the value or the estimated amount of time to the client computer;
generate, on the display device of the client computer, a second user interface, the second user interface comprising the representation and a link for the customer to switch the existing account to the new account; and
dynamically adjust content presented in the second user interface based on a confidence level of the representation, the confidence level being based on how the representation quantity was calculated, the dynamically adjusted content comprising at least one of updated user interface color codes or adjusted confidence level indicators.

2. The computer system of claim 1 , wherein the collected account information comprises unformatted account data and the processor is configured to:
parse the collected account information into categories by converting the unformatted account data into formatted account data; and
determine, based on the formatted account data, a category for a transaction associated with the existing account.

3. The computer system of claim 1 , wherein the processor is further configured to:
analyze the collected account information to identify a frequency and amount of a reoccurring transaction included in the collected account information; and
determine, based on the frequency and amount, the category for the reoccurring transaction.

4. The computer system of claim 1 , wherein the processor is further configured to:
analyze the collected account information to identify a code for a transaction included in the collected account information; and
determine, based on the code, the category for the transaction.

5. The computer system of claim 1 , wherein the categories comprise at least two of interest paid, periodic account fee, initial overdraft fee, subsequent overdraft fee, automated teller machine (ATM) owner withdrawal fee, account provider ATM withdrawal fee, frequency of account provider teller deposits, frequency of ATM deposits, direct deposit, bill pay, automatic ACH biller debit payment, ACH credit, automatic debit card payment, internal transfers to another account, or external transfers to another account.

6. The computer system of claim 1 , wherein the processor is further configured to:
simulate activities for the new account using the categorized account information; and
determine the value to the customer for switching from the existing account to the new account based on results of the simulation.

7. The computer system of claim 6 , wherein the processor is further configured to:
simulate activities for the new account over a determined period of time using the categorized account information.

8. The computer system of claim 1 , wherein the representation of the quantity comprises an overall value representation that indicates an overall monetary savings that the customer will receive by switching accounts.

9. The computer system of claim 1 , wherein the processor is further configured to:
determine the value to the customer based on account switching statistics for the second customers that previously switched accounts through the computer system.

10. The computer system of claim 9 , wherein the account switching statistics comprise statistics based on demographics of the second customers.

11. The computer system of claim 1 , wherein the processor is configured to:
determine a demographic profile for the first customer; and
compare the first customer's demographic profile to a stored set of demographic profiles of the second customers to determine the value to the first customer for switching from the existing account to the new account.

12. The computer system of claim 1 , wherein the processor is configured to:
receive a selection from the client computer indicating a selection by the first customer of a peer group;
determine a peer group value for the second customers included in the peer group; and
provide a representation of a quantity comprising the peer group value to the client computer.

13. The computer system of claim 1 , wherein the processor is configured to:
receive from the client computer credentials for the existing account;
request account information for the existing account from an account provider for the existing account using the credentials; and
collect the account information from the account provider for the existing account.

14. A customer account switching valuation method, comprising:
displaying, on a display device of a client computer associated with a first customer, an offer to switch an existing account to a new account;
receiving, from the client computer, a response to the offer;
collecting, based on the response, account information relating to the existing account, wherein collecting the account information comprises at least one of:
generating, on the display device of the client computer, a first user interface requesting the user to upload an electronic document including the account information relating to the existing account; or
receiving, via the client computer, user credentials of the existing account and accessing a remote computer system associated with an existing financial account provider to retrieve the account information relating to the existing account;

parsing, via a computer processor, the collected account information into categories, wherein the parsing comprises:
comparing a transaction code in the collected information against a stored set of transaction codes; and
performing assessments of the categorized account information gathered over a predetermined period of time to determine the type of transaction;

estimating an amount of time

Assignees

• Capital One Financial Corp

Inventors

• Zimmer Scott L
• Kanjlia Gagan
• Puri Vishal
• Kiernan Michael B
• Purdin Matthew H
• Bhattacharya Rabin
• Pober Jay F

Classifications

• G06Q40/02 Primary

  Banking, e.g. interest calculation or account maintenance (credit or loans G06Q40/03) · CPC title

• G06Q20/227

  characterised in that multiple accounts are available, e.g. to the payer · CPC title

• G06Q20/108

  Remote banking, e.g. home banking · CPC title

• G06Q20/405

  Establishing or using transaction specific rules · CPC title