Patent Application
20130054480
In general, embodiments of the invention relate to determining a network value of a customer.
Recent years have seen a vast expansion of the use of social networks to connect individuals, access information and communicate with groups of people that share similar backgrounds, interests or characteristics. The rise of social networks presents an opportunity for businesses to both identify information about their customers and potential customers as well as information about the people or entities with which the customer/potential customer associates, in order to help assess the customer's risk tendencies.
The following presents a simplified summary of one or more embodiments of the invention in order to provide a basic understanding of such embodiments. This summary is not an extensive overview of all contemplated embodiments, and is intended to neither identify key or critical elements of all embodiments, nor delineate the scope of any or all embodiments. Its sole purpose is to present some concepts of one or more embodiments in a simplified form as a prelude to the more detailed description that is presented later.
According to embodiments of the invention, a method determines a network value of a customer. The method includes collecting a first set of customer data from one or more social networks in which the customer is a member, wherein the first set of customer data is indicative of a number and quality of each of a plurality of connections within the one or more social networks. The method also includes collecting a second set of customer data, wherein the second set of customer data comprises data available to an entity based on prior interactions between the entity and the customer and analyzing, using a processing device, the first set of customer data and the second set of customer data. The method further includes determining, using a processing device, the network value of the customer based at least in part on the analysis of the first set of customer data and the second set of customer data.
In some embodiments, the first set of customer data comprises a network position of the customer. In some embodiments, the second set of customer data comprises transactional data collected by the entity based on one or more financial transactions conducted with the customer. In some embodiments, the second set of customer data comprises account history data. In some embodiments, the second set of customer data comprises biographical data. In some embodiments, analyzing the first set of customer data comprises creating, using the processing device, a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and assigning, using the processing device, a relative connection value based on the comparison.
In some embodiments, analyzing the second set of customer data comprises determining the interval of time between interactions within the second set of customer data and the present and assigning, using the processing device, a relative interaction value based on the determined interval. In some such embodiments, analyzing the first set of customer data comprises creating, using the processing device, a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and assigning, using the processing device, a relative connection value based on the comparison. In some of those embodiments, determining the network value of the customer comprises combining the relative interaction value and the relative connection value.
In some of those embodiments, combining the relative interaction value and the relative connection value comprises summing the relative interaction value and the relative connection value. In others of those embodiments, combining the relative interaction value and the relative connection value comprises multiplying the relative interaction value by the relative connection value.
In some embodiments, the method also includes collecting a third set of customer data wherein the third set of customer data comprises data available to an entity based on prior interactions between the entity and one or more of the plurality of connections within the one or more social networks. In some such embodiments, the method also includes assigning, using the processing device, a relative interaction value to each of the plurality of connections based on an analysis of the third set of customer data and determining, using the processing device, a weighted connection value comprising combining the relative interaction value and the relative connection value of each of the plurality of connections. In some of these embodiments, the method also includes creating, using the processing device, a hierarchy of influence, wherein the weighted connection values between two or more of the connections in the customer's social networks are compared.
According to embodiments of the invention, a system determines a network value of a customer and includes a processing device configured for collecting a first set of customer data from one or more social networks in which the customer is a member, where the first set of customer data is indicative of a number and quality of each of a plurality of connections within the one or more social networks. The processing device is also configured for collecting a second set of customer data, where the second set of customer data comprises data available to an entity based on prior interactions between the entity and the customer, analyzing the first set of customer data and the second set of customer data, and determining the network value of the customer based at least in part on the analysis of the first set of customer data and the second set of customer data.
In some embodiments, the first set of customer data comprises a network position of the customer. In some embodiments, the second set of customer data comprises transactional data collected by the entity based on one or more financial transactions conducted with the customer. In some embodiments, the second set of customer data comprises account history data. In some embodiments, the second set of customer data comprises biographical data. In some embodiments, analyzing the first set of customer data comprises creating a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and assigning a relative connection value based on the comparison.
In some embodiments, analyzing the second set of customer data comprises determining the interval of time between interactions within the second set of customer data and the present and assigning a relative interaction value based on the determined interval. In some such embodiments, analyzing the first set of customer data comprises creating a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and assigning a relative connection value based on the comparison. In some of these embodiments, determining the network value of the customer comprises combining the relative interaction value and the relative connection value.
In some of those embodiments, combining the relative interaction value and the relative connection value comprises summing the relative interaction value and the relative connection value. In others of those embodiments, combining the relative interaction value and the relative connection value comprises multiplying the relative interaction value by the relative connection value.
In some embodiments, the processing device is further configured for collecting a third set of customer data wherein the third set of customer data comprises data available to an entity based on prior interactions between the entity and one or more of the plurality of connections within the one or more social networks. In some such embodiments, the processing device is further configured for assigning a relative interaction value to each of the plurality of connections based on an analysis of the third set of customer data and determining a weighted connection value comprising combining the relative interaction value and the relative connection value of each of the plurality of connections. In some of these embodiments, the processing device is further configured for creating a hierarchy of influence, where the weighted connection values between two or more of the connections in the customer's social networks are compared.
According to some embodiments of the invention, a computer program product has a non-transient computer-readable medium including computer-executable instructions determining a network value of a customer. The instructions include instructions for collecting a first set of customer data from one or more social networks in which the customer is a member, wherein the first set of customer data is indicative of a number and quality of each of a plurality of connections within the one or more social networks, instructions for collecting a second set of customer data, wherein the second set of customer data comprises data available to an entity based on prior interactions between the entity and the customer, instructions for analyzing the first set of customer data and the second set of customer data, and instructions for determining the network value of the customer based at least in part on the analysis of the first set of customer data and the second set of customer data.
In some embodiments, the first set of customer data comprises a network position of the customer. In some embodiments, the second set of customer data comprises transactional data collected by the entity based on one or more financial transactions conducted with the customer. In some embodiments, the second set of customer data comprises account history data. In some embodiments, the second set of customer data comprises biographical data. In some embodiments, the instructions for analyzing the first set of customer data comprise instructions for creating a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and instructions for assigning a relative connection value based on the comparison.
In some embodiments, the instructions for analyzing the second set of customer data comprise instructions for determining the interval of time between interactions within the second set of customer data and the present; and instructions for assigning a relative interaction value based on the determined interval. In some such embodiments, the instructions for analyzing the first set of customer data comprise instructions for creating a hierarchy of influence, wherein the levels of connections between two or more of the connections in the customer's social network are compared and instructions for assigning a relative connection value based on the comparison. In some of these embodiments, the instructions for determining the network value of the customer comprise instructions for combining the relative interaction value and the relative connection value.
In some of these embodiments, the instructions for combining the relative interaction value and the relative connection value comprise instructions for summing the relative interaction value and the relative connection value. In others of these embodiments, the instructions for combining the relative interaction value and the relative connection value comprise instructions for multiplying the relative interaction value by the relative connection value.
In some embodiments, the instructions also include instructions for collecting a third set of customer data wherein the third set of customer data comprises data available to an entity based on prior interactions between the entity and one or more of the plurality of connections within the one or more social networks. In some such embodiments, the instructions further comprise instructions for assigning a relative interaction value to each of the plurality of connections based on an analysis of the third set of customer data and instructions for determining a weighted connection value comprising combining the relative interaction value and the relative connection value of each of the plurality of connections. In some of these embodiments, the instructions also include instructions for creating a hierarchy of influence, wherein the weighted connection values between two or more of the connections in the customer's social networks are compared.
To the accomplishment of the foregoing and related ends, the one or more embodiments comprise the features hereinafter fully described and particularly pointed out in the claims. The following description and the annexed drawings set forth in detail certain illustrative features of the one or more embodiments. These features are indicative, however, of but a few of the various ways in which the principles of various embodiments may be employed, and this description is intended to include all such embodiments and their equivalents.
Having thus described embodiments of the invention in general terms, reference will now be made to the accompanying drawings, which are not necessarily drawn to scale, and wherein:
Embodiments of the present invention now may be described more fully hereinafter with reference to the accompanying drawings, in which some, but not all, embodiments of the invention are shown. Indeed, the invention may be embodied in many different forms and should not be construed as limited to the embodiments set forth herein; rather, these embodiments are provided so that this disclosure may satisfy applicable legal requirements. Like numbers refer to like elements throughout.
Where possible, any terms expressed in the singular form herein are meant to also include the plural form and vice versa, unless explicitly stated otherwise. Also, as used herein, the term “a” and/or “an” shall mean “one or more,” even though the phrase “one or more” is also used herein. Furthermore, when it is said herein that something is “based on” something else, it may be based on one or more other things as well. In other words, unless expressly indicated otherwise, as used herein “based on” means “based at least in part on” or “based at least partially on.”
Although embodiments of the present invention described herein are generally described as involving a merchant or business, it will be understood that this may involve one or more persons, organizations, businesses, institutions and/or other entities such as financial institutions, services providers etc. that implement one or more portions of one or more of the embodiments described and/or contemplated herein.
The term “social network” as used herein, generally refers to any social structure made up of individuals (or organizations) which are connected by one or more specific types of interdependency, such as kinship, friendship, common interest, financial exchange, working relationship, dislike, relationships, beliefs, knowledge, prestige, geographic proximity etc. The social network may be a web-based social structure or a non-web-based social structure. In some embodiments, the social network may be inferred from financial transaction behavior, mobile device behaviors, etc. The social network may be a network unique to the invention or may incorporate already-existing social networks such as Facebook®, Twitter®, Linkedin®, YouTube® as well as any one or more existing web logs or “blogs,” forums and other social spaces.
The terms “connection” or “connections”, as used herein in the context of a social network, refer to one or more members of an individuals' social network. For example, a person's family members or friends may be considered individually as a connection within the person's social network, or collectively as the person's connections.
Embodiments of the invention provide for determining a customer's network value. The determination is based on an analysis of the customer's social network data and the data available to an entity such as a financial institution and/or merchant based on prior interactions with the customer. Embodiments of the present invention will leverage the information available to the entity to identify data that is indicative of a number and quality of each of the customer's social network connections. In some embodiments, the customer data considered may also include data regarding the customer's personal actions, including but not limited to, prior default, bankruptcy, breach of term contract, high revolving debt, sudden changes in credit behavior etc., and the risk tendencies of those people and organizations with whom the customer associates, that is, those people or entities in the customer's social network. Embodiments of the present invention leverage the fact that social networks are a grouping of individuals or organizations based on commonalities between the individual and his or her connections. Accordingly, individuals in similar economic and life circumstances, with similar network values may be connected within a social network. Thus, information about a customer's connections may suggest information about the customer. Moreover, connections within a social network may be in a position to influence a customer's decision making processes and so trends within an individual's social network may trickle down to the customer and vice versa. For instance, and without limitation, if a customer's friends all have many connections and also own or manage vast financial portfolios then, the customer is likely to also have many connections and own or manage a large financial portfolio. Thus, that customer is more likely to have a high network value as opposed to a customer having connections with fewer connections and smaller financial portfolio. For another example related to risk, if an economic downturn is beginning to affect a discrete geographical region, evidence of this downturn may first appear in the risk behaviors of a customer's friends who live the same area, and so, if a customer's local friends begin to default on their credit obligations, it may indicate that the customer will soon have trouble meeting his credit obligations despite other data indicating the customer normally has a low risk profile. Similarly, if a customer has a number of connections within her social network that have recently filed for bankruptcy, these connections' experiences may inform and influence the customer and remove any perceived stigma associated with filing for bankruptcy. Thereafter, the customer may be at an increased risk of also filing for bankruptcy despite the customer's personal actions indicating that the customer represents a low risk. Inasmuch as financial institutions routinely must assess a customer's risk before offering products or services to the customer or is interested in the customer's network value due to other reasons such as providing high levels of assistance and customer service to those individuals or entities having a high network value, specific embodiments disclosed herein relate to a financial institution utilizing a customer's social network data and other customer data to determine a customer's network value.
As noted, collecting social network data that is indicative of a number and quality of each of a plurality of connections may also include collecting expressed information, as represented by block 220. Expressed information includes any information or data that is disclosed by the customer or her connections within the social network. Expressed information includes, but is not limited to, postings, comments, profile information, blog entries, micro-blog entries, updates, communications, photos, chat entries etc. Such information may relate to the customer's personal actions or may include information regarding the customer's connections' actions. By way of example, if a customer creates a blog entry describing his financial troubles and expressing his doubts that he will be able to fulfill his current financial obligations, such information will directly relate to the customer's risk tendencies and reflect a potential increased risk. Similarly, if a close friend of the customer posts a comment on the wall of the customer's Facebook® account indicating the friend is sorry to hear that he just lost his job, this to may be indicative that the customer may represent an increased risk. Another example of expressed information may include a close friend or family member's tweets from a Twitter® account that the customer follows where the connection boasts of exhausting his or her credit limits and includes pictures of recent purchases. This connection's high risk behavior may, by association, be a reflection of the customer's own tendencies or may represent a risk of the connection negatively influencing the customer to adopt higher risk behaviors.
As another example, such evidence may relate to a more general network value of the customer. The high risk of the customer's connections, as well as the high risk of the customer himself, may indicate that the customer's general network value may be low. The network value of the customer may be considered by the entity as an indication of the level of influence the customer has over his connections coupled with the perceived value of the customer and the connections to the entity as measured by the number and character of the products owned or managed by the customer and/or the customer's connections. In this regard, if the customer and the customer's connections are demonstrating poor financial judgment, the customer's network value may be considered low, as the entity's ultimate metric for evaluating network value may be based on the likelihood of extending future financial products to the customer and/or the customer's connections.
The second set of data being collected by the system or apparatus, as illustrated by block 120, may include the customer's transactional data, represented by block 230. Transactional data includes, but is not limited to, data regarding the date, location, amount, method of payment and the like of the transactions of the customer and/or the customer's connections. In some embodiments, the data collected also includes data regarding broad financial picture of the customer and/or the customer's connections. Transactional data can be information relating to a present transaction (i.e. the purchase of a car) or can be historical data relating to previous purchases. The second set of customer data may also include the customer's account history data, as illustrated by block 240. Account history data includes, without limitation, such data as the types of accounts the customer has (e.g. credit, checking, savings, investment, lay-away, financing etc.) and the current and historical balances of such accounts, account activity etc. For example, data regarding the amount of deposits with a financial institution or several financial institutions may be collected. In some embodiments, numbers indicative of the customer's net worth or other evaluation information may be collected. Similar information regarding the customer's network connections may be collected in various embodiments. In some embodiments, as mentioned above, transaction data is collected. As exemplified by block 250, the second set of customer data may also include biographical data of the customer. Biographical data includes, but is not limited to, the age, sex, marital status, place of residence, current location, number of children, employment status etc. of a customer.
The customer data is information that is available to an entity such as a merchant based on prior interactions with the customer. For instance, a financial institution may have access to transactional, account history and biographical data of its customers by virtue of the accounts and financial services that customer utilizes through the financial institution. Retailers may have access to similar information through past purchases made by the customer through the retailer's stores. Other merchants may have direct access to similar information or it may be available to them through relationships the merchant has with other entities, such as financial institutions, marketing companies etc. In some embodiments, in addition to transactional data, the second set of customer data may include data related to call center transcript data and/or any interaction or other communication, such as a text message, online chat or anything in the public domain.
The first set of data, related to the customer's social network, may be collected in a number of different ways. Some social networking data can inferred from other customer data (i.e. the second set of customer data). For instance, the transactional data available to the merchant may illustrate the businesses connections within the customer's social network based on frequent transactions with the business. Similarly the transactional data and/or the account history data may demonstrate recurring deposits from a company representing an employer connection. Biographical data may identify the customer's family connections. Collecting social network data may also involve the business, merchant, financial institution etc. associating itself with the customer on an already-existing social network, such as Facebook®, wherein the business may receive access to additional information regarding the customer's social network data. Furthermore, a merchant may independently create a unique social network and invite the customer to join the network and to bring his or her connections and thereby have access to the customer's social network data by virtue of hosting the social network. As illustrated by the remainder of the process flow 200, the first and second sets of customer data are analyzed to combine the data and determine the customer's network value 130.
Additionally, a customer may provide the merchant access to the customer's e-mail or other electronic communications, or some portion thereof (e.g. recipient's name, contents of the “re” line etc.) to identify those individuals or organizations with which the customer regularly corresponds or interacts.
The first and second sets of data may independently or jointly correlate to indicate a customer's network value. For example, some institutions may not consider the individual “value” of a customer's connections in determining the customer's network value, but rather, may only consider the number and level of the customer's connections. In another example, some institutions may not consider the number of a customer's connections and their respective value in determining the customer's network value, but rather, may only consider that the customer appears active in social networking and consider the customer's net worth or other financial indicators or institution loyalty metrics, such as the number and type of accounts owned by the customer. Take for example a financial institution that has access to biographical information 250 of its customer indicating that the customer is a twenty year old male. The customer's account history data 240 indicates the customer has had a checking account with the financial institution for a number of years and for the past two years there has been a recurring bi-weekly deposit being made from the same company to the customer's account (suggesting a steady income). However, within the past two months the recurring deposit has stopped and the customer's transactional data 230 shows an increased reliance on credit and the account history data 240 indicates that the customer has missed consecutive payments on his credit accounts. This data alone may indicate to the financial institution that the customer is presently an increased financial risk, and therefore, the customer may be considered to have a lower network value. On the other hand, in some situations, depending on the stance of the institution, the customer may be considered to have a high network value based on the number of products being used by the individual. In such instances, the institution may consider the number of products being used by the individual as a positive that the individual may pass along positive comments via social network to the customer's connections.
In other instances the first and second set of data must be combined to correlate to indicators of network value. For example, a financial institution, by virtue of its relationship with its customer, may have access to data regarding the customer's income, mortgage payment and savings. This data considered alone may indicate a customer's value to the institution but does not necessarily provide any insight into the number or type of connections of the customer. In fact, data collected regarding the customer's financial obligations, as well as data collected regarding the customer's social network connections' financial obligations may paint a more comprehensive picture of the customer's network value. The first set of data indicates that a number of the customer's neighbors, many of whom are within the customer's social network, have stopped making their mortgage payments despite appearing to be in a financial position to continue to make those payments (e.g. neighbor's updates discuss the default but social network page also includes photos from international vacation and shopping trip). Moreover, according to the customer's Twitter® feed the customer recently received a tweet from one of his neighbors including a link to an article discussing the practice of strategic default. This data, when combined with information taken from the biographical information 250 available to the financial institution, indicates the customer lives in a neighborhood where the housing values have depreciated significantly. Therefore, depending on the institution's stance toward the situation may effect the customer's network value to the institution. For example, the customer may be in a position to influence others within his social network with regard to strategic default. Thus, the institution may have an interest in educating the customer in hopes that the customer provides useful information to his social network. In this regard, the customer's network value may be considered high. As another example, the customer's network value may be considered relatively low because the institution is not interested in providing additional products to the customer based on a potential of increased risk from the customer. Further, this data, of course, may also indicate that the customer is at an increased risk of defaulting on his mortgage.
Referring now to
In some embodiments of the invention, the first set of data is analyzed to create a hierarchy of influence wherein the levels of connection between two or more of the connections in the customer's social network are compared. In the embodiment illustrated in
The levels of connection between two or more of the connections and the customer can be determined in any manner suitable for the purpose. For instance, and without limitation, the levels of connection may be determined through self-identification, i.e. both parties indicate they are siblings, a photograph from a family reunion is uploaded to a social network and the caption identifies both parties as members of the family, the customer identifies a connection as his or her best friend etc. The levels of connection may also be determined through the frequency of traffic between the customer and connection over the social network. For example, if the customer sends direct communications to a connection more frequently than she does other connections within the social network it may be because the customer has a higher level of connection with the individual. Similarly if the customer interacts directly with the posts or information uploaded by the connection to a social network more often than he does with other connections it may be indicative of a higher degree of connection.
Moreover, the levels of connection may be determined from an analysis of similarities between the customer and the connections. For instance, and without limitation, data available to the merchant, including social network data can be analyzed to determine if the customer and a connection have similar patterns of behavior, such as shopping patterns (e.g. they frequent the same stores with similar regularity etc.). If the customer and one or more connection share a high degree of similarities in their behavior, the level of connection may be higher, that is the connection may be better able to influence the customer than is otherwise indicated by the amount of direct interaction between the customer and the connection.
In some such embodiments, the computing processor 360 also identifies those connections 330 with an interaction profile. A connection with a conspicuous interaction profile can be either a high interaction value connection 340 wherein the connection's behaviors relate to high value to the institution, or a low interaction value connection 350 wherein the connection's behaviors relate to low value to the institution. A high interaction value connection 340 with a high degree of influence may indicate that the customer 320 has a high network value. Conversely, a low interaction value connection 350 with a high degree of influence may indicate that the customer 320 has a low network value. A high interaction value connection 340 that is not closely connected to the customer 320 may have little, to no, effect on the customer's network value. The same is true for a low interaction value connection 350 that is not closely connected to the customer. For example, if a customer's family members (with whom the customer interacts regularly) all have recent interactions with the institution and maintain high balance levels with the institution it may indicate that the customer has a high network value. Comparatively, if the customer's college roommate, who lives across the country and who rarely communicates or interacts with the customer defaults on an auto loan, this data may have little influence on whether the customer is has a high or low network value.
Still referencing
In some embodiments, the computing processor creates a hierarchy of influence, where the levels of connections between two or more of the connections in the customer's social network are compared. The computing processor then assigns a relative connection to each of the connections based on the comparison of the levels of the connections. The computing processor also assigns a relative interaction value to each of the connections. The relative interaction value may be determined based on an interval of time between interactions and the present or may be determined, as discussed above, using a more complex algorithm. The relative connection value and the relative interaction value are then combined, such as by summing, multiplying or otherwise and the result is the network value of the customer or is used in determining the network value of the customer. In some embodiments, each of the individual relative connection values and relative interaction value corresponding to a single connection are combined such as by summing, multiplying dividing or otherwise resulting in a weighted connection value corresponding to the individual connection. In some embodiments, each of the weighted connection values are combined, such as by averaging, taking a median, summing, multiplying, or the like in order to determine the network value of the customer. In some embodiments, a hierarchy of influence is created where the weighted connection values of the various connections are compared. In this regard, the institution may retain information regarding which of the customer's connections have the highest values, and therefore, may choose to target offers or other communications either through the customer or directly to the connection based on the hierarchy of influence of weighted connection values.
It will be understood that the method for determining a customer's network value as illustrated by the process flows 100 and 200 of
The entity computer platform 450 may include any computerized apparatus that can be configured to perform any one or more of the functions of the invention described herein. In accordance with some embodiments, for example, the entity computer platform 450 may include an engine, a platform, a server, a database system, a front end system, a back end system, a personal computer system, and/or the like. In some embodiments, such as the one illustrated in
The communication interface 460, generally includes hardware, and, in some instances, software, that enables the entity computer platform 450 to transport, send, receive, and/or otherwise communicate information to or from other communication interfaces. For example, the communication interface 460, may include a modem, server, electrical connection and/or other electronic devices that operatively connect the entity computer platform 450 to another electronic device.
The processor 470 generally includes circuitry or executable code for implementing the audio, visual, and/or logic functions of the entity computer platform 450. For example, the processor may include a digital signal processor device, a microprocessor device, and various analog-to-digital converters, digital-to-analog converters, and other support devices. Control and signal processing functions of the system in which the processor resides may be allocated between these devices according to their respective capabilities. The processor 470 may also include functionality to operate one or more software programs based at least partially on computer-executable program code portions thereof, which may be stored, for example, in a memory device, such as the memory 480 of the entity computer platform 450.
The memory 480, may include any computer-readable medium. For example, memory may include volatile memory, such as volatile random access memory (RAM) having a cache area for the temporary storage of data. Memory 480 may also include non-volatile memory, which may be embedded and/or may be removable. The non-volatile memory may additionally or alternatively include an EEPROM, flash memory, and/or the like. The memory 480 may store any one or more pieces of information and data used by the entity computer platform 450 to implement the functions of the entity computer platform 450.
It will be understood that the entity computer platform 450 can be configured to implement one or more portions of the process flows described and/or contemplated herein. For example, as illustrated in
As shown in
It will be understood that the entity computer platform in performing one or more portions of the process flows described and/or contemplated herein will operatively connect to the network 410 through the communication interface 460 to receive data from the customer 430 or connections 440 within the social network 420. For instance, in collecting social network data that relate to the customer's number and quality of connection (as illustrated in
As discussed above, for various embodiments of methods, one or more steps, such as monitoring, analyzing and correlating of data are performed dynamically so that the merchant receives timely indications that the customer is proximate in time to a change in circumstance that may represent an opportunity to expand the relationship with the customer. In various applications, information related to the customer's network value is presented to a call center representative, for example, in real time. Such information may be useful to the call center representative in that the representative may modify his or her interaction with the customer based on the customer's network value.
By way of example, and without expressing any limitation on the function of the methods, systems and apparatuses described and/or contemplated herein, in use, a merchant, such as a financial institution, may determine a customer's network value for use in consideration with, for example a decision to market products, send influential communications, or increase the customer's credit line, by collecting data, such as the transactional data (e.g. frugal purchases relative to income, consistent contributions to savings etc.) 230, account history data (e.g. reasonable amount of debt burden, minimum payments to accounts made monthly etc.) 240, and biographical data (e.g. middle aged, married etc.) 250 available to the financial institution using the second customer data collection application 484 of the entity computer platform 450. From its analysis of this data 130, the financial institution may conclude that the customer has a high network value. In another example, it may be determined that the customer does not demonstrate indicators of being an increased risk and, therefore, it is determined that the customer has a low risk profile. Concurrently, the financial institution may collect data from the customer's social network using the first customer data collection application 482 of the entity computer platform 450.
In various embodiments, the customer's network value may be determined based on one or more specific product types and/or product classes of interest. For example, a customer may have a network value corresponding to electronics and a different network value corresponding to financial services. In various embodiments, the customer's network value may be determined at least in part on credit bureau data retrieved by the merchant and/or already available to the merchant.
In various embodiments, a future network value is determined based on the present network value and/or past network values. For example, in one embodiment, the trend of the customer's network value is charted over time. Various analyses may be conducted on the trend of customer network values. For example, when the network value spikes or plummets, the timing of the change may be correlated to events occurring in the customer's life, the lives of the customer's connections, or other external influences. In some embodiments, the customer's network value trends may be compared to other customer's network value trends and/or may be analyzed in other ways to determine a predicted network value trend for the future. For example, over the course of a long relationship between the financial institution and the customer, the financial institution may be able to predict a long term future trend regarding the customer's future network value.
Various embodiments or features have been presented in terms of systems that may include a number of devices, components, modules, and the like. It is to be understood and appreciated that the various systems may include additional devices, components, modules, etc. and/or may not include all of the devices, components, modules etc. discussed in connection with the figures. A combination of these approaches may also be used.
The steps and/or actions of a method or algorithm described in connection with the embodiments disclosed herein may be embodied directly in hardware, in a software module executed by a processor, or in a combination of the two. A software module may reside in RAM memory, flash memory, ROM memory, EPROM memory, EEPROM memory, registers, a hard disk, a removable disk, a CD-ROM, or any other form of storage medium known in the art. An exemplary storage medium may be coupled to the processor, such that the processor can read information from, and write information to, the storage medium. In the alternative, the storage medium may be integral to the processor. Further, in some embodiments, the processor and the storage medium may reside in an Application Specific Integrated Circuit (ASIC). In the alternative, the processor and the storage medium may reside as discrete components in a computing device. Additionally, in some embodiments, the events and/or actions of a method or algorithm may reside as one or any combination or set of codes and/or instructions on a machine-readable medium and/or computer-readable medium, which may be incorporated into a computer program product.
In one or more embodiments, the functions described may be implemented in hardware, software, firmware, or any combination thereof. If implemented in software, the functions may be stored or transmitted as one or more instructions or code on a computer-readable medium. Computer-readable media includes both computer storage media and communication media including any medium that facilitates transfer of a computer program from one place to another. A storage medium may be any available media that can be accessed by a computer. By way of example, and not limitation, such computer-readable media can comprise RAM, ROM, EEPROM, CD-ROM or other optical disk storage, magnetic disk storage or other magnetic storage devices, or any other medium that can be used to carry or store desired program code in the form of instructions or data structures, and that can be accessed by a computer. Also, any connection may be termed a computer-readable medium. For example, if software is transmitted from a website, server, or other remote source using a coaxial cable, fiber optic cable, twisted pair, digital subscriber line (DSL), or wireless technologies such as infrared, radio, and microwave, then the coaxial cable, fiber optic cable, twisted pair, DSL, or wireless technologies such as infrared, radio, and microwave are included in the definition of medium. “Disk” and “disc”, as used herein, include compact disc (CD), laser disc, optical disc, digital versatile disc (DVD), floppy disk and blu-ray disc where disks usually reproduce data magnetically, while discs usually reproduce data optically with lasers. Combinations of the above should also be included within the scope of computer-readable media
Computer program code for carrying out operations of embodiments of the present invention may be written in an object oriented, scripted or unscripted programming language such as Java, Perl, Smalltalk, C++, or the like. However, the computer program code for carrying out operations of embodiments of the present invention may also be written in conventional procedural programming languages, such as the “C” programming language or similar programming languages.
Embodiments of the present invention are described below with reference to flowchart illustrations and/or block diagrams of methods, apparatus (systems), and computer program products. It may be understood that each block of the flowchart illustrations and/or block diagrams, and/or combinations of blocks in the flowchart illustrations and/or block diagrams, can be implemented by computer program instructions. These computer program instructions may be provided to a processor of a general purpose computer, special purpose computer, or other programmable data processing apparatus to produce a machine, such that the instructions, which execute via the processor of the computer or other programmable data processing apparatus, create mechanisms for implementing the functions/acts specified in the flowchart and/or block diagram block or blocks.
These computer program instructions may also be stored in a computer-readable memory that can direct a computer or other programmable data processing apparatus to function in a particular manner, such that the instructions stored in the computer readable memory produce an article of manufacture including instruction means which implement the function/act specified in the flowchart and/or block diagram block(s).
The computer program instructions may also be loaded onto a computer or other programmable data processing apparatus to cause a series of operational steps to be performed on the computer or other programmable apparatus to produce a computer-implemented process such that the instructions which execute on the computer or other programmable apparatus provide steps for implementing the functions/acts specified in the flowchart and/or block diagram block(s). Alternatively, computer program implemented steps or acts may be combined with operator or human implemented steps or acts in order to carry out an embodiment of the invention.
While certain exemplary embodiments have been described and shown in the accompanying drawings, it is to be understood that such embodiments are merely illustrative of and not restrictive on the broad invention, and that this invention not be limited to the specific constructions and arrangements shown and described, since various other updates, combinations, omissions, modifications and substitutions, in addition to those set forth in the above paragraphs, are possible.
Those skilled in the art may appreciate that various adaptations and modifications of the just described embodiments can be configured without departing from the scope and spirit of the invention. Therefore, it is to be understood that, within the scope of the appended claims, the invention may be practiced other than as specifically described herein.
