Patent Application
20140279407
Customer retention is an ideal goal of most businesses. In addition, attracting new customers is a constant mission of most businesses. As part of the process for meeting those goals, businesses develop new products and services. In certain industries, such as the financial services industry, development and implementation of new products and services for customers and potential customers is an ongoing process. Certain industries lend themselves to customers being drawn to outside factors, such as the environment, the economy, and/or the personal matters in making decisions about where to do their business.
There exists a need in the art for new customer incentive products and packages that assist businesses in maintaining existing customers and growing a base of new customers.
In light of the foregoing background, the following presents a simplified summary of the present disclosure in order to provide a basic understanding of some aspects of the disclosure. This summary is not an extensive overview of the disclosure. It is not intended to identify key or critical elements of the disclosure or to delineate the scope of the disclosure. The following summary merely presents some concepts of the disclosure in a simplified form as a prelude to the more detailed description provided below.
Aspects of the present disclosure are directed to a method and system for transactional savings. Aspects of the present disclosure describe a transactional savings and service or product that assist an individual or groups of individuals that has an account or accounts with a financial entity. In one aspect, an online or mobile banking patron or account holder may create one or more budgets that the user desires to save for various goals. In one aspect, a method includes electronically maintaining a plurality of transactional saving accounts for customers associated with a financial entity; electronically, receiving data representative of an upper limit monetary fund amount, a periodic monetary fund amount, and a risk-based incentive monetary fund amount associated with the transactional saving accounts.
In one aspect, a method may include electronically maintaining a collective saving account associated the plurality of customers and receiving a total amount of monetary funds associated with a deposit transaction for at least one of the transactional saving accounts.
In one aspect, a method may include steps of determining whether the total amount of monetary funds received, matches or exceeds the periodic monetary amount. In one aspect, the method may identify a first portion and a second portion of the total amount of monetary funds associated with the deposit transaction, the first portion can be the incentive amount of monetary funds and the second portion can be the incentive amount less than the total amount of the monetary funds received.
In one aspect, the method may include steps of electronically applying the first portion to the collective saving account and applying the second portion to the least one transactional saving account and receiving data representative of an event associated with the collective saving account; and a step of electronically distributing the total amount of monetary funds in the collective saving account to the transactional saving accounts of the customers based on the event.
This Summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. The Summary is not intended to identify key features or essential features of the claimed subject matter, nor is it intended to be used to limit the scope of the claimed subject matter.
A more complete understanding of aspects of the present disclosure and the advantages thereof may be acquired by referring to the following description in consideration of the accompanying drawings, in which like reference numbers indicate like features, and wherein:
In the following description of the various embodiments, reference is made to the accompanying drawings, which form a part hereof, and in which is shown by way of illustration, various embodiments in which the disclosure may be practiced. It is to be understood that other embodiments may be utilized and structural and functional modifications may be made.
Input/Output (I/O) 109 may include a microphone, keypad, touch screen, camera, and/or stylus through which a user of device 101 may provide input, and may also include one or more of a speaker for providing audio output and a video display device for providing textual, audiovisual and/or graphical output. Other I/O devices through which a user and/or other device may provide input to device 101 also may be included. Software may be stored within memory 115 and/or storage to provide instructions to processor 103 for enabling server 101 to perform various functions. For example, memory 115 may store software used by the server 101, such as an operating system 117, application programs 119, and an associated database 121. Alternatively, some or all of server 101 computer executable instructions may be embodied in hardware or firmware (not shown). As described in detail below, the database 121 may provide centralized storage of characteristics associated with individuals, allowing interoperability between different elements of the business residing at different physical locations.
The server 101 may operate in a networked environment supporting connections to one or more remote computers, such as terminals 141 and 151. The terminals 141 and 151 may be personal computers or servers that include many or all of the elements described above relative to the server 101. The network connections depicted in
Computing device 101 and/or terminals 141 or 151 may also be mobile terminals including various other components, such as a battery, speaker, and antennas (not shown).
The disclosure is operational with numerous other general purpose or special purpose computing system environments or configurations. Examples of well known computing systems, environments, and/or configurations that may be suitable for use with the disclosure include, but are not limited to, personal computers, server computers, hand-held or laptop devices, multiprocessor systems, microprocessor-based systems, set top boxes, programmable consumer electronics, network PCs, minicomputers, mainframe computers, mobile computing devices, e.g., smart phones, wearable computing devices, tablets, distributed computing environments that include any of the above systems or devices, and the like.
The disclosure may be described in the general context of computer-executable instructions, such as program modules, being executed by a computer. Generally, program modules include routines, programs, objects, components, data structures, etc. that perform particular tasks or implement particular abstract data types. The disclosure may also be practiced in distributed computing environments where tasks are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, program modules may be located in both local and remote computer storage media including memory storage devices.
Referring to
Computer network 203 may be any suitable computer network including the Internet, an intranet, a wide-area network (WAN), a local-area network (LAN), a wireless network, a digital subscriber line (DSL) network, a frame relay network, an asynchronous transfer mode (ATM) network, a virtual private network (VPN), or any combination of any of the same. Communications links 202 and 205 may be any communications links suitable for communicating between workstations 201 and server 204, such as network links, dial-up links, wireless links, hard-wired links, etc.
The methods and features recited herein further may be implemented through any number of non-transitory computer readable media that are able to store computer readable instructions. Examples of non-transitory computer readable media that may be used include RAM, ROM, EEPROM, flash memory or other memory technology, CD-ROM, DVD, or other optical disc storage, magnetic cassettes, magnetic tape, magnetic storage and the like.
Referring to
Aspects of the present disclosure may be implemented with respect to any of a number of financial products or services, including, but not limited to, a credit card, a home equity loan, an automobile or other vehicle, such as a motorcycle, a boat, or an all terrain vehicle, a payment plan, and a mortgage. In addition, aspects of the present disclosure may be included with other existing products or services of a business. The tool enables the patron to create a plurality of patron designated saving account budgets 314 and 316, such as for example, budget objectives named “Vacation” and “Holiday”. These accounts budgets could be anything the user desires to create a transactional saving account for end-use purchasing transaction or series of end-use associated transactions such as, a future vacation, automobile, college education program, real-estate, business equipment, consumer product, or consumer service. Optionally, the GUI web page can present the saving account budgets 314 and 316 under a “My Budgets” tab when activated by a patron by a click-through action commanding or controlling the functionality of a software program or a computer implemented with an input/output device, such as a pointing device.
In one aspect, the application tool enables the patron to set the upper limit of saving objective as represented in the GUI page on object bar 301, category 304. In one aspect, the application tool enables the patron to set how much they want to save on a periodic basis, such as daily, weekly, biweekly, monthly or keyed to a periodic or temporal triggering event according to budget goals. Optionally, the application tool can automatically calculate how much the patron will need to save for periodic occurrence, such as each week or month, in order to reach the savings objective. The feature of periodic saving is associated in the GUI page on object bar 301, category 310. Additionally, the application tool enables the patron to establish a time period to reach the saving objectives and the date or dates that the patron wants to achieve these goals. The action of establishing a time period is associated in the GUI page on object bar 300, category 306. If desired, the application tool can calculate the percentage of the amount of the saving budget completed as shown by graphical object bar 301, category 308. The percentage complete may be based on a number of different criteria. In one example, the percentage completed is calculated by the total amount of monetary funds in the saving account budget 314 and 316 divided by the upper limited of the goal. For example, in saving account objective 314 the goal shows $9,000 and the percentage complete is 85%.
As shown in
In one aspect, the application tool enables the patron to establish various stakes or how much the patron is willingly to risk if the monetary fund saving objective is not reached per account. The various stakes or risks may be associated with a financial product or service of a financial entity. For example, a patron may establish a saving account budget for an initial payment of home or automobile. The patron may set-up a monthly periodic amount to saving, such as a monthly basis. As an incentive for the patron of saving towards their goal, the application tool may present the patron with a menu or listing options for a particular financial product or service associated with financing of the end-item or end-use of the saving account objective for a transaction. For example, in the automobile saving account objective, the patron is presented with different financing rate options of automobile loans for the end-transaction of purchasing an automobile. The patron may select the lowest rate option if they meet the saving goal objective. However, the patron may select a higher rate option is they do not make the ultimate objective. In one example, the application tool may suggest if the patron is saving $100 per month for an automobile, they may get a loan at 4.9%. If you save $125 per month, they may be able to obtain 3.9% rate. That is the more saved more the loan rate. In one example, the patron may select 3.1% A.P.R for a 5-year loan for one goal amount and a 3.5% A.P.R. loan of the same term, if the goal is not reached. The difference between the two rates (e.g., 0.40% A.P.R.) is the amount that the patron is receiving as a financial incentive to continue to save to meet the patron established goal. Hence, by meeting the ultimate goal, the patron may receive a lowest rate and the patron may be motivated to save more than simply have a non-incentive savings goal. As can be appreciated in one aspect, this type of incentive saving tool can be implemented to present patron with different A.P.R. rates for credit card accounts.
In one aspect, the application tool enables the patron to establish various stakes or how much the patron is willing to risk in a specific amount of monetary funds INCENTIVE_AMT, if the saving objective is not reached per the account. As shown in
Referring back to
Any of a number of other examples of a group of individuals utilizing one or more aspects of the present disclosure described herein may be implemented. Yet other examples of a group of individuals utilizing one or more aspects of the present disclosure described herein may include friends utilizing an online social network. In the social aspect, the patron may want a group to be collectively to be successful. In this way, there can be interactively of social play of cheering each other on or sharing saving tips. The online social network may have an agreement with a financial entity for providing a service and/or product to participating users of the social network in accordance with one or more aspects described herein. A group of individuals, such as friends, that utilize the social network may utilize one or more aspects as described in the present disclosure that are offered through or by the social network. For example, the application tool may enable a patron to invite another person to the incentive saving challenge or the collective saving pool, and the other person could invite someone else to saving to the incentive banking system and into the collective saving pool. Hence, as more people join the group more savings dollars are invested. Additionally, the potential collective pool may be larger due to the incentive amount potentially deposited into the pool. In one alternative aspect, at the end of the saving goals, any funds in the collective pool instead of be divided among the participants, may have the total amount of the pooled funds provided to a third entity, such as a charitable organization.
In one aspect, if the person invited to join the collective pool does not have a saving account with the financial entity, the person may be offered an option to open an individual saving account or checking account with the financial entity to have access to the collective pool saving account. In this way, a new patron opens an account and then the application tool can show then how you can set a goal or participate in the saving challenges once the patron sets up that account.
In one aspect, the application tool is able to determine the potential products or service being saved for. In such as case, the application tool can customize other incentives from an end-product or end-user service perspective. The application tool can determine how many patrons fit a particular interest for purchasing a product. As a result, the patrons are more likely to actually make a purchase, because they actively saving funds. For example, if the application tool determines a group of patrons is saving for a flat screen TV product, the application tool can aggregate the collective group and search for a relationship vendor of flat screen TVs. In one aspect, the application tool present data to specialized offer, based on a threshold of a plurality of transactional saving account for customers/patrons of the financial entity or using the inventive banking application tool. In one example, if the tool determines there are 1,000 people who are saving for a flat screen TV, then tool can request a special pricing or promotional deal for those people who actually are saving. The promotional deal could be 25% off the television or other item can be provided to the patron. In this way, the application tool enables a financial entity or entity hosting the collective pool to provide additional incentive benefits to the patrons.
The steps that follow in the
Returning to
In one example of Step 603, the application tool presents to the patron an option to create a budget to set your goals. And the tool may have a question “How much money you want to save for a particular idea or goal?” The patron may create a budget of $5,000 for a vacation and set a date of December 2016. In this step, after a goal amount, and end date is inputted by the patron, and then the application tool may calculate a monthly or weekly savings based on that patron data. In another example, if patron is saving for an automobile the financial entity may be able use this information data to assist the patron's ultimate goal. The application tool may suggest options, such as, by saving $1,000 for a down payment, the tool may suggest an automobile loan at one rate. Or the application tool may suggest to the patron that if they save $2,000 and put this amount down on a loan, then they might qualify for another rate. Further, the application tool may request from the patron to provide an incentive amount at risk. For example, the application tool may present an information request such as, “Please set stakes how much you're willing put aside in the collective pool if you don't meet your savings goal.” In this one example, the customer may decide if they do not make this month's goal, they may risk $10 as an incentive amount.
Proceeding to step 605, a plurality of accounts associated with the plurality of customers of the entity may be maintained. In such an example, data of the accounts may be stored within a memory/database, such as memory 115 and/or RAM 105 in
In Step 617, the application tool makes a determination whether the amount of the deposit of the customer meets to the predetermined deposit amount to reach the designated goal. In Step 617, if the deposit meets or exceeds the goal, then the process moves to Step 619. In Step 619, a congratulatory notification message may be sent to the patron/member for succeeding in the periodic deposit goal. The electronic notification message can be sent in any number of electronic communication methods and information technology, including by electronic mail, text message, automatic phone message or characters on a customer specific on-line banking page. Optionally, the application tool may present or offer the patron with a service or product by unlocking a deal. For one example, the application tool can review the deposit transactional history, and the intended goals for the end-purchase, and segment the deals to those patrons who actually meet goals. After the message, the process moves Step 607 to wait for another deposit by the patron.
In Step 617, the application tool determines whether the total amount of monetary funds received is less than the periodic deposit monetary amount. If the periodic deposit amount does not meet the predetermined deposit amount, the process move to Step 621. In Step 621, the application tool may provide suggestions to the patron to reach the saving account budget amount. The suggestions may be displayed on a GUI of a computing device. The suggestion made include ways to saving on monthly expenses or other ways to increase the saving goal. For example, a suggest might be if patron wants a 3.9% interest rate on a credit card account, they will need to save $1000 of dollars by a certain date.
The process move to step 623 in which the predetermined incentive amount is deposited in the collective pooled account of the group. In this step, the application tool may identify a first portion and a second portion of the total amount of monetary funds associated with the deposit transaction from Step 607. The first portion can be the incentive amount of monetary funds and the second portion can be the incentive amount less than the total amount of the monetary funds received. The first portion and the second portion are different amounts of monetary funds of the total amount of monetary funds deposited. Alternatively, incentive amount can be funded from the transactional saving account or other accounts of the patron, such as a checking account.
In Step 625, a notification may be transmitted to each of members of the collective pooled account via any number of electronic communication methods and information technology, including by electronic mail, text message, automatic phone message or characters on a customer specific on-line banking page. The application tool process ends in step 627.
While illustrative systems and methods as described herein embodying various aspects of the present disclosure are shown, it will be understood by those skilled in the art, that the disclosure is not limited to these embodiments. Modifications may be made by those skilled in the art, particularly in light of the foregoing teachings. For example, each of the elements of the aforementioned embodiments may be utilized alone or in combination or subcombination with elements of the other embodiments. It will also be appreciated and understood that modifications may be made without departing from the true spirit and scope of the present disclosure. The description is thus to be regarded as illustrative instead of restrictive on the present disclosure.
