SYSTEM AND METHOD FOR PROGRESS ACCOUNT OPENING BY MEANS OF RISK-BASED CONTEXT ANALYSIS
Systems and methods permit flexible and convenient customer account opening to minimize both customer friction and the risk to financial service providers. In one embodiment, a computing device associated with a financial service provider receives an account application containing customer information and a request to open a new account or a request to upgrade an existing account. The computing device performs a verification analysis to validate inputs, authenticate customer identity, ensure compliance with regulatory requirements, or evaluate the risk posed by a customer. The computing device performs a recommendation analysis to determine the appropriate product types and account restrictions that should be offered to a customer, if any. The computing device creates an account application status message indicating approval or denial of the account application.
1 . A computer-implemented method of processing an account application comprising:
(a) providing a computing device associated with a provider;
(b) receiving by the provider computing device, an account application containing customer information and a request selected from the group consisting of a request to open a new account, a request to upgrade an existing account, and a request to downgrade an existing account;
(b) performing a verification analysis;
(c) performing a recommendation analysis; and
(d) generating an application status message indicating an approval or disapproval of the account application.
2 . The method of claim 1 wherein:
(a) the account application is transmitted to the provider computing device by a computing device associated with a customer; and
(b) the application status message is transmitted by the provider computing device to the customer computing device.
3 . The method of claim 1 wherein:
(a) the account application is transmitted to the provider computing device by a provider terminal computing device; and
(b) the application status message is transmitted by the provider computing device to the provider terminal.
4 . The method of claim 1 wherein the verification analysis further comprises screening the customer information against a database of individuals or entities known to present an increased risk to the provider.
5 . The method of claim 1 wherein the verification analysis further comprises performing an account ownership verification analysis.
6 . The method of claim 1 wherein the verification analysis further comprises performing a historical account analysis.
7 . The method of claim 1 wherein the verification analysis further comprises performing a due diligence analysis.
8 . A computer-implemented method of processing an account application comprising:
(a) providing a computing device associated with a provider;
(b) monitoring by the provider computing device, customer account activity data associated with a customer account;
(c) performing a historical account analysis utilizing customer account activity data;
(d) creating an account application containing a request to upgrade or downgrade a customer account;
(e) storing the account application to a database in the provider computing device;
(f) performing a recommendation analysis; and
(g) generating an account application status message indicating an approval or disapproval of the account application.
9 . The method of claim 8 further comprising the step of performing a verification analysis before performing the recommendation analysis.
10 . A system for processing an account application comprising:
a first processor associated with a provider;
a data storage device including a computer-readable medium having computer readable code for instructing the first processor, and when executed by the first processor, the first processor performs operations comprising:
(a) receiving an account application containing customer information and a request selected from the group consisting of a request to open a new account, a request to upgrade an existing account, or a request to downgrade an existing account;
(b) performing a verification analysis;
(c) performing a recommendation analysis; and
(d) generating an application status message indicating an approval or disapproval of the account application.
11 . The system of claim 10 further comprising:
a second processor associated with a customer;
a data storage device including a computer-readable medium having computer readable code for instructing the second processor; and
wherein the first processor is further configured to perform the operations of:
(a) receiving the account application transmitted by the second processor; and
(b) transmitting the account application status message to the second processor.
12 . The system of claim 10 further comprising:
a second processor associated with a provider terminal computing device;
a data storage device including a computer-readable medium having computer readable code for instructing the second processor; and
wherein the first processor is further configured to perform the operations of:
(a) receiving the account application transmitted by the second processor; and
(b) transmitting the account application status message to the second processor.
13 . The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, the operation of screening the customer information against a database of individuals or entities known to present an increased risk to the provider.
14 . The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, an account ownership verification analysis.
15 . The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, a historical account analysis.
16 . The system of claim 10 wherein the first processor is further configured to perform as part of the verification analysis, a due diligence analysis.
17 . A system for processing an account application comprising:
a first processor associated with a provider;
a data storage device including a computer-readable medium having computer readable code for instructing the first processor, and when executed by the first processor, the first processor performs operations comprising:
(a) monitoring customer account activity data associated with a customer account;
(b) performing a historical account analysis utilizing customer account activity data;
(c) creating an account application containing a request to upgrade or downgrade a customer account;
(d) storing the account application to a database in the provider computing device;
(e) performing a recommendation analysis; and
(f) generating an account application status message indicating an approval or disapproval of the account application.
18 . The system of claim 17 wherein the first processor is further configured to perform a verification analysis before performing the recommendation analysis.