System and Method for Providing a Financial Product Using a Customer Product Criteria

Patent metadata

Field	Value
Publication number	US-2017193596-A1
Application number	US-9924908-A
Country	US
Kind code	A1
Filing date	Apr 8, 2008
Priority date	Apr 8, 2008
Publication date	Jul 6, 2017
Grant date	—

Abstract

A system and method for providing a financial product using customer product criteria are provided. The method provides for providing a financial product to a customer. The method includes receiving a customer profile associated with a customer. The customer profile has customer preferences and customer personal information. The method also includes obtaining customer credit information using the customer personal information. The method further includes generating customer product criteria using the customer profile. The method additionally includes providing the customer credit information and the customer profile to one or more financial institutions. The method also includes receiving one or more financial products from the one or more financial institutions. The method further includes matching the customer with one or more financial products by comparing the one or more financial products to the customer product criteria.

First claim

1 . A method for providing a financial product to a customer, comprising:
receiving, at an aggregation processor via a network, a customer profile associated with a customer, the customer profile comprising customer preferences and customer personal information; receiving, at the aggregation processor via a network, responses to calibration questions previously provided to the customer, the responses to the calibration questions providing additional information regarding customer preferences; obtaining, from a credit processor via a network, customer credit information using the customer personal information; determining, using the aggregation processor a set of factors that can be used to weigh the suitability of financial products for the customer, wherein the factors are generated by an aggregator, in continuous contact with the aggregation processor, using the customer profile and the customer credit information, and at least one of the factors is determined to be more important to the customer than one or more other factors based on the responses to the calibration questions; providing, using the aggregation processor, the customer credit information and the customer profile to one or more financial institution systems; receiving, at the aggregation processor via a network, one or more financial products from the one or more financial institution systems; matching, using the aggregation processors, the customer with the one or more financial products by comparing the one or more financial products to the factors, wherein matching the customer with the one or more financial products comprises determining a numerical score for the one or more financial products by assigning a score to each factor of the one or more financial products based on the responses to the calibration questions, calculating a weighted average of the factors of each financial product, and determining that the one or more financial products receiving a higher numerical score are the most suitable for the customer; presenting the one or more matched financial products to a user device for display; and notifying, via the aggregation processor, each of the one or more financial institution systems whether the customer accepted or rejected the financial product received from the respective financial institution system.

2 . The method of claim 1 , wherein matching the customer further comprises:
selecting a first matched financial product for the customer; and presenting the first matched financial product to the customer.

3 . The method of claim 2 , wherein the first matched financial product is selected for most closely comparing with the factors.

4 . The method of claim 1 , further comprising:
automatically accepting a first financial product on behalf of the customer; and notifying the customer of their enrollment in the first financial product.

5 . (canceled)

6 . (canceled)

7 . (canceled)

8 . The method of claim 1 , further comprising:
receiving, at the aggregation processor, an indication from the customer that the customer decided to opt in to a search of their credit information.

9 . The method of claim 1 , wherein the customer credit information is obtained from a credit bureau system.

10 . (canceled)

11 . The method of claim 1 , wherein matching the customer with the one or more financial products comprises considering a monetary bid provided by the one or more financial institution systems in conjunction with the one or more financial products.

12 . (canceled)

13 . The method of claim 1 , wherein the factors are also generated using other customer related information.

14 . A system for providing a financial product to a customer comprising an aggregator, the aggregator comprising:
a first communication processor that runs an executable application, the executable application configured to receive, via a network, a customer profile associated with a customer and receive responses to calibration questions previously provided to the customer, the responses to the calibration questions providing additional information regarding customer preferences, the customer profile comprising customer preferences and customer personal information; a memory configured to store the customer profile, the memory being in communication with the processor; a second communication processor that:
obtains customer credit information, via a network, using the customer personal information;
provides the customer credit information and the customer profile to one or more financial institutions; and
receives one or more financial products from the one or more financial institutions;
a determination processor that determines a set of factors that can be used to weigh the suitability of financial products for the customer, wherein the factors are generated by the aggregator using the customer profile and the customer credit information, and at least one of the factors is determined to be more important to the customer than one or more other factors based on the responses to the calibration questions; and an analyzing processor that matches the customer with one or more financial products by comparing the one or more financial products to the factors, wherein matching the customer with the one or more financial products comprises determining a numerical score for the one or more financial products by assigning a score to each factor of the one or more financial products based on the responses to the calibration questions, calculating a weighted average of the factors of each financial product, and determining that the one or more financial products receiving a higher numerical score are the most suitable for the customer; wherein the aggregator:
presents the one or more matched financial products to a user device for display; and
notifies each of the one or more financial institution systems whether the customer accepted or rejected the financial product received from the respective financial institution system.

15 . The system of claim 14 , further comprising:
a calibration processor that generates one or more calibration questions provided to the customer.

16 . (canceled)

17 . (canceled)

18 . The system of claim 14 , wherein the analyzing processor selects a first matched financial product for the customer by comparing the factors to the one or more financial products and determining that the first matched financial product most closely compares with the factors.

19 . The system of claim 14 , wherein the analyzing processor matches the customer with the one or more financial products by considering a monetary bid provided by the one or more financial institutions in conjunction with the one or more financial products.

20 . The system of claim 14 , wherein the second communication processor further receives other customer related information.

21 . A computer implemented method for providing a financial product to a customer, comprising the acts of:
receiving, at an aggregator processor via a network, a customer profile associated with a customer, the customer profile comprising customer preferences and customer personal information; receiving, at the aggregator processor via a network, responses to calibration questions previously provided to the customer, the responses to the calibration questions providing additional information regarding customer preferences; determining, using the aggregator processor, a set of factors that can be used to weigh the suitability of financial products for th

Assignees

• Bol Cornelis W J
• Chatterjee Soumik
• Dutt Rajsaday
• Joshi Abhijit
• Master Yousef
• Capital One Financial Corp

Inventors

• Bol Cornelis W J
• Chatterjee Soumik
• Dutt Rajsaday
• Joshi Abhijit
• Master Yousef

Classifications

• G06Q40/03 Primary

  Credit; Loans; Processing thereof · CPC title

• G06Q40/025 Primary

  Physics · mapped topic