PNC Financial Services Group has patented a system for managing financial accounts in low cash mode. The system includes predictive features based on account history and user data, allowing for seamless fund transfers and notifications to users. AiexpertInter’s report on PNC Financial Services Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to AiexpertInter’s company profile on PNC Financial Services Group, Virtual banking assistant was a key innovation area identified from patents. PNC Financial Services Group's grant share as of April 2024 was 91%. Grant share is based on the ratio of number of grants to total number of patents.
System for managing financial account in low cash mode
A recently granted patent (Publication Number: US11966893B1) discloses a system for displaying a predicted flow, which includes a memory storing instructions, a database storing account information, account history data, aggregated data, history data, non-history data, and a mobile device unique identifier. The system involves at least one processor executing instructions to perform operations associated with a first mode or a second mode. The first mode involves determining an account balance, creating a dashboard panel with real-time account information, predicting expenses using a machine learning algorithm, and determining a predicted balance. If the account enters the second mode, a different dashboard panel is created, allowing limited operations. Notifications and funding options are transmitted to the user's mobile device based on the predicted expenses and balance.
Furthermore, the system includes various features such as monitoring account history data, history data, and non-history data to predict expenses accurately. It also adjusts the machine learning algorithm based on the accuracy metric of predictions. Notifications are sent to the user's mobile device if the account balance is predicted to be negative or below a predetermined threshold. Additionally, the system offers funding options to the user, allowing transfers or deposits based on the user's selection. The method associated with the system involves similar steps, including associating users with accounts, predicting expenses, determining account balance, and creating dashboard panels based on the mode. The method also includes steps for adjusting the machine learning algorithm, sending notifications, and providing funding options to users.
In summary, the patented system and method offer a comprehensive approach to displaying predicted financial flows to users, utilizing machine learning algorithms and various data sources to enhance accuracy. By providing real-time information, predictive insights, and user-friendly interfaces on mobile devices, the system aims to assist users in managing their finances effectively and making informed decisions regarding their accounts.
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AiexpertInter Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
