Analyzing patterns within transaction data

A transaction data, centralized technology, applied in the field of analytical models in transaction data, can solve financial problems and other problems

Inactive Publication Date: 2011-05-18
BANK OF AMERICA CORP
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

As a result, a financial entity may first become aware of a merchant's financial problems only after researching the merchant
Additionally, private merchants may not post sales publicly at all

Method used

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  • Analyzing patterns within transaction data
  • Analyzing patterns within transaction data
  • Analyzing patterns within transaction data

Examples

Experimental program
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Embodiment Construction

[0020] As noted above, there are a number of problems in using market research firms and other related entities to provide services related to analyzing trends in consumer spending habits. Financial institutions store large amounts of transactional data on spending with credit or debit cards. As such, they can leverage that data by providing analytics services directly to consumers and / or merchants related to transaction data.

[0021] According to aspects of the present disclosure, methods, computer readable media, and apparatus are disclosed in which a financial entity analyzes sequences in consumer transaction data. Financial institutions, such as banks, can use aspects of the present disclosure to analyze spatiotemporal patterns in consumer transaction data. To provide this service, the financial entity may provide the analytics processor with its data store of transaction data for use in determining models of consumer spending habits. Examples of models that can be anal...

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Abstract

A transaction data analyzer associated with a financial entity discovers patterns and / or sequences in consumer transaction data. The analyzer may provide businesses with feedback on spatiotemporal patterns in consumer spending habits. In certain embodiments, the transaction analyzer discovers the frequency of a sequence of purchases made at a first merchant immediately followed by purchases made at a second merchant. In another embodiment, the transaction analyzer discovers trends in consumer purchases made during the weekday versus those that are made during the weekend. The results of the analysis may be used in a variety of ways, including, but not limited to, risk mitigation, merchant / consumer prospecting, and targeted promotions.

Description

[0001] This application claims priority to U.S. Patent Application Serial No. 12 / 574,418, filed October 6, 2009, and is related to U.S. Patent Application Serial No. 12 / 475,908, filed June 1, 2009, and filed at US Patent Application Serial No. 11 / 740,130, filed April 25, 2007, is hereby incorporated by reference in its entirety. technical field [0002] Aspects of the invention relate generally to analyzing transactional data. More specifically, aspects of the invention include algorithms for analyzing transaction data to find patterns that can help financial entities provide merchants with recommendations for more profitable use. The algorithm can be used to find consumer demographic patterns, spending trends, and regional ordering of purchases. Background technique [0003] Currently, merchants use market research firms or consulting firms to help identify trends in consumer spending behavior. These companies can cold-call a list of previously registered focus group part...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/00G06Q20/00
CPCG06Q30/0201G07F7/08G06Q20/4016G06Q30/06G06Q20/00G06Q20/20
Inventor 德巴希斯·戈施萨德什纳·巴纳杰希巴·马丹斯里德维·甘穆卢里戴维·乔亚
Owner BANK OF AMERICA CORP
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