WO2001001299A1 - Procede et systeme pour la fourniture de services financiers - Google Patents

Procede et systeme pour la fourniture de services financiers Download PDF

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Publication number
WO2001001299A1
WO2001001299A1 PCT/AU2000/000708 AU0000708W WO0101299A1 WO 2001001299 A1 WO2001001299 A1 WO 2001001299A1 AU 0000708 W AU0000708 W AU 0000708W WO 0101299 A1 WO0101299 A1 WO 0101299A1
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WO
WIPO (PCT)
Prior art keywords
financial
customer
financial service
data
service
Prior art date
Application number
PCT/AU2000/000708
Other languages
English (en)
Inventor
Daniel Sashi Prasad
William Francis Dujmovic
Brian Thomas Clayton
Original Assignee
Bestbid Limited
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by Bestbid Limited filed Critical Bestbid Limited
Priority to AU52031/00A priority Critical patent/AU5203100A/en
Publication of WO2001001299A1 publication Critical patent/WO2001001299A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • This invention relates to a method and system for providing financial services, and is particularly suitable for implementation on a distributed computer network such as the Internet.
  • the current process which most people adopt to select financial services is cumbersome and inefficient.
  • the process normally involves a prospective customer approaching financial service providers separately and each time enquiring as to the financial products available from that particular provider.
  • the process may then involve, for service providers which are deemed to be suitable by the prospective customers, the provision of financial data in a unique manner to meet each of their individual requirements. This can be particularly onerous on the prospective customer as the financial data may need to be replicated a number of times and updated or varied for each submission made to a financial service provider. It is desirable to provide a method and system for alleviating these difficulties or at least provide a useful alternative.
  • a method for providing financial services including the steps of: obtaining from a customer personal and financial data and a specification of at least one required financial service; generating financial indicator data, such as profit and loss, balance sheet and cash flow, from the customer financial data; publishing the financial indicator data to a plurality of financial service providers; receiving competing bids from a plurality of the financial service providers for provision of the at least one required financial service, each competing bid specifying characteristics of the at least one required financial service which the respective financial service provider is prepared to offer on the basis of the financial indicator data; and evaluating the competing bids and selecting a winning bid therefrom.
  • financial indicator data such as profit and loss, balance sheet and cash flow
  • the financial indicator data is published to the financial service providers in an anonymous form.
  • the customer is preferably put directly in contact with the financial service provider, for example by providing the customer personal details including address and/or other contact details to the financial service provider.
  • the required financial service is a lending and/or investment service
  • the characteristics of the competing bids from the financial service providers may include interest or return rate, up-front or establishment fees and annual fees.
  • the required financial service is an insurance service
  • the characteristics of the competing bids from the financial service providers may include annual premium or annuity rates, insurance policy excess fees and no-claim bonus.
  • the preferred implementation of the method involves the use of a distributed computer communications network such as the Internet.
  • a distributed computer communications network such as the Internet.
  • the collection of personal and financial data and specification of the at least one required financial service by the customer can be accomplished through use of an electronic form on the customer's personal computer through a web server or the like.
  • the financial data Once the financial data has been obtained electronically and in a standardised form it may then be possible to automatically generate the financial indicator data, such as profit and loss statement, balance sheet and cash flow statement, using the data processing capabilities of the web server or other computer processor.
  • the financial indicator data can then be published to the financial service providers using a secure web server database which is accessible to the financial service providers by password or the like.
  • a representative of the financial service provider can, by way of a computer linked to the secure web server, view summaries and details of the services which are available for bidding, and may bid by electronically lodging a form specifying the characteristics prepared to be offered. The characteristics bid by different financial service providers can then be compared and a winning bid selected from the comparison.
  • Figure 1 is a flowchart diagram of a procedure for obtaining customer details and financial data and generating financial indicator data
  • Figure 2 is a flowchart diagram of a bidding procedure for financial service providers
  • Figure 3 is a flowchart diagram of a bid collection and selection procedure
  • Figure 4 is a flowchart diagram of a bid selection and finalisation procedure for arranging the provision of a financial service based on a selected winning bid; and
  • Figure 5 is a block diagram of a system for executing the procedure.
  • the system 1 includes a web server system 2 of the service operator which is used to maintain web sites for the operator and a database.
  • the web sites are accessible by customers and providers over a communications network 6. such as the Internet, using remote computer terminals 4 or other access terminals, such as a television 12 or wireless communication devices 14, such as mobile telephones.
  • the service operator system 2 also communicates with computer systems 8 of financial service providers over the network 6.
  • the service operator system 2 includes standard web server and database server software to facilitate the communications and financial services software to execute the procedures described below.
  • the procedures and communications can also be executed at least in part by dedicated hardware circuits, such as ASICs.
  • a flow chart diagram 100 in Figure 1 illustrates a procedure for obtaining customer details and financial data and generating financial indicator data according to a preferred form of the present invention.
  • the procedure begins with a customer accessing the BankBid service operator web site which provides information material and an electronic application form.
  • the customer accesses the application form using a web browser on a terminal 4 coupled to communicate with the BankBid web server of the system 2, for example by way of an Internet service provider coupled to the communications network 6.
  • the customer enters details into the structured electronic application form at step 106, including personal details such as full name, age, address and other contact information.
  • the customer also enters financial information, such as relating to income, investments, existing loans and insurance policies.
  • the customer completes the electronic application form with details of financial services required by the customer, which may include a loan (e.g. home loan, car loan, investment loan, business loan, etc.), an investment (e.g. interest bearing account, bond, unit trust or the like), or for example an insurance service (e.g. home and contents insurance, vehicle insurance, health insurance or life insurance).
  • a loan e.g. home loan, car loan, investment loan, business loan, etc.
  • an investment e.g. interest bearing account, bond, unit trust or the like
  • an insurance service e.g. home and contents insurance, vehicle insurance, health insurance or life insurance.
  • step 106 is submitted to the BankBid service operator, by communicating the data by way of the Internet 6 to the BankBid web server.
  • the customer may submit the relevant information to the BankBid service operator on a paper form, by facsimile or mail for example, for a BankBid representative to enter into electronic form, however that procedure is not preferred.
  • This data is examined at step 108 to determine if all of the required details have been completed.
  • the procedure passes to step 110 wherein the customer data is stored in a record of a database (DB) of the server system 2.
  • DB database
  • Some checking of the customer details are performed at step 112, such as verifying the name and address of the customer using electoral rolls and telephone directory records, automatically consulted through the Internet upon submission of the electronic application form.
  • the financial data provided by the customer is used to generate financial indicator data such as a profit and loss statement (PL), a balance sheet (BS) and a cash flow statement (CF) this financial indicator data is also stored, and links to them are provided in the customer database record on the database.
  • the financial indicator data can be automatically generated from the customer provided financial data using known accounting techniques executed by accounting software operating on the BankBid web server, for example.
  • the financial indicator data generated at step 114 is then sent to the customer by way of a customer selected preferred method of communication (e.g. electronic mail, fax, post) at step 116.
  • the customer is then able to verify that the details are correct. The customer is informed that if no action is taken the details will be assumed correct within 5 working days, but otherwise the process can be hastened by a positive response from the customer to the BankBid service operator. If the five day time period expires or a positive response is received from the customer (steps 120, 122, 124) then the procedure continues to step 126. If, at step 124 the details are indicated by the customer to be incorrect then the step 128 is executed by the customer contacting the BankBid service operator. At step 128 a BankBid customer service representative then communicates with the customer to make the required changes to the provided information. The procedure 100 then returns to step 114 to recalculate the financial indicator data, as above described.
  • a customer selected preferred method of communication e.g. electronic mail, fax
  • the BankBid service operator publishes a collection of information relating to the customer, the financial indicator data for the customer and the financial services requested.
  • This information is published to a secure web server of the system 2 which is accessible by participating financial service providers.
  • the secure web site publishing the customer information is referred to as the "BankView" web site and preferably has a password protected interface or the like so as to prevent access by persons other than participating authorised financial service providers.
  • the information published to the BankView web site for each customer is preferably anonymous, although it may include some demographic information such as general geographic location and age (if applicable), as well as the financial indicator data such as cash flow, balance sheet and profit and loss.
  • a procedure 200 is illustrated in flow diagram form, which represents a bidding procedure for financial service providers such as banks.
  • representatives from the banks are able to log in to the BankView web site, using a specific password for example, during certain specified hours.
  • the bank representative is presented with a view containing a summary of all of the customer requests which are currently available for bidding at step 204.
  • the banks can have the summary information electronically dispatched to them in a predetermined format. If, based on the summary, the bank wishes to view further details of a particular customer, then the bank representative can then click on that customer summary (step 206), which incurs a viewing fee by the bank payable to the BankBid service operator (step 208).
  • the bank is charged a fee by the service operator for each of the customer summaries provided.
  • the bank is then presented with a detailed view of data for the selected customer at step 210.
  • the detailed view may contain, for example, five pages of data detailing the customer demographic information, profit and loss statement, balance sheet, cash flow statement, and customer required products. If the bank wishes to make a bid for provision of the services desired by the customer based on the information presented in the detailed view then such indication is made at step 212. If the bank is not interested in the selected customer then the bank representative is returned to the summary screen (step 204), otherwise the procedure passes to step 214.
  • the bank representative makes a bid for provision of the financial services required by the selected customer.
  • the bank specifies characteristics of the required financial services which the bank is prepared to offer the selected customer. For example, where the financial services required by the customer relate to a loan the characteristics specified in the competing bid by the bank may include specification of the interest rate, upfront or establishment fees and annual fees. Similarly, where the required financial service is an insurance service, the characteristics of the competing bid may include annual premium or annuity rates, insurance policy excess fess and no claim bonus. These characteristics are specified by the bank representative through the BankView web site interface and are submitted electronically to the BankBid service operator through the Internet.
  • the bid submitted may also include qualitative data about the bid offered by the bank, such as redraw facilities on home loans, frequent flyer points on credit cards, etc. Such qualitative data is not taken into account by the BankBid service operator in comparing bids, but is communicated to the customer when the best bids are sent to them.
  • FIG. 3 is a flow chart diagram of a bid collection and selection procedure 300 which is carried out by the BankBid service operator.
  • the procedure 300 may be performed, for example, on a secure back-end processor of the system 2 to which the customer and bid data is securely downloaded from the BankBid web server which hosts the BankView web site (302).
  • a selected period of time from the customer details being published to the BankView web site e.g. 1 week
  • bidding for the customer required financial services is closed (304) if bids for that customer have been received from financial service providers (steps 306, 308) then the characteristics of those bids are stored at step 310. If no bids have been received for the customer then the procedure determines whether the customer required financial services have been previously open for bidding (step 314).
  • a message is despatched to the customer stating that no bids have been received but that the services will be opened for bidding again in one week (step 318). If the customer required services have been previously opened for bidding and no bids received (step 316) then a message is despatched to the customer stating that no better deal for the financial services have been located by the BankBid service operator.
  • step 312 of the procedure 300 all of the bids received in respect of a particular customer from various financial service providers are compared. Firstly, it is determined whether the bids received from the banks in fact offer the financial services required by the customer. This is indicated at step 312 as a comparison of an actual product set (which represents the financial services offered by the bank) and a required product set (which is the financial service requested by the customer). The bids made by the banks which meet the requirements of the customer are then compared on the basis of the characteristics of the bids supplied by the banks in order to select a winning bid. Where more than one bidding cycle for the customer is performed, bids received in different cycles are also compared (step 320).
  • Step 320 may also compare the received bids with existing financial services of the customer, for example where the customer wishes to refinance a home loan. If the received bids are no better than the customers existing financial services then the procedure 300 continues to steps 322, 324 and 326 which are carried out in the same manner as the above described 314, 316 and 318. Where a successful received bid is identified at step 320, then the procedure passes to step 402 of procedure 400 which is illustrated in Figure 4 and described herein below.
  • Figure 4 is a flow chart diagram of a finalisation procedure 400 for arranging the provision of a financial service based on a selected winning bid from a financial service provider.
  • the customer is notified by the BankBid service operator of the characteristics of the winning bid or bids received during procedure 300.
  • the notification can be achieved by dispatching information on the winning bid characteristics to the customer by e-mail, for example.
  • a notice can be dispatched to the customer that the information is available for viewing.
  • the customer may be provided with a login and password to a private secure part of the BankBid web site where the bid information for that particular customer is available.
  • a reply accepting or rejecting the bid is requested from the customer (step 404), and if no reply is received (step 406) then a customer service representative of the BankBid service operator contacts the customer (step 410) communication is thus received from the customer indicating whether the selected bid is accepted or rejected by the customer (step 408). If the bid is rejected then the procedure is terminated at step 414. Where the selected bid is accepted by the customer, then the customer details including name and contact details are forwarded to the bank which supplied the winning bid at step 412. This enables the winning bank to provide to the customer all documentation required to: close the customers existing accounts; open the customers new accounts; transfer money from the old to the new accounts.
  • the documentation provided is preferably completed as much as possible by the bank using the customer details already supplied. This process is carried out at step 418. Then, there is a single signing session arranged between the bank and the customer where all paperwork, identification checks etc. are completed (step 420). In the meantime, process step 416 is carried out by the BankBid service operator to ensure completion of the transaction. This involves a BankBid customer service representative (CSR) contacting the customer (e.g. after ten days) to ensure that: the bank has complied with the rates and fees which it supplied in the winning bid; the bank has complied with required service levels and has been generally helpful; and that the conversion of financial services has been completed.
  • CSR BankBid customer service representative
  • the financial service provider is issued with a bill (step 424) from the BankBid service operator for arranging the new business.
  • the BankBid service operator may act as an advocate to resolve consumer issues and ensure bank compliance with required service levels at step 422.
  • the described financial services method is particularly advantageous for financial service customers.
  • the required financial services can be arranged from the customer's home using a computer operating through the Internet, and the required financial services can be obtained having the best characteristics from amongst participating financial service providers using a blind bidding process.
  • the method facilitates a way to obtain additional customers.
  • the financial service provider must bid with financial service characteristics which win in a comparison against the characteristics offered by competing financial service providers, the financial service providers are able to obtain new customers at cheaper costs than most or all of their existing customer origination channels.

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Strategic Management (AREA)
  • Technology Law (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)

Abstract

L'invention concerne un procédé de fourniture de services financiers (par exemple, prêt, investissement et/ou assurance), qui consiste : à recueillir auprès de la clientèle des données personnelles et financières et la spécification d'au moins un service financier demandé; à établir des indicateurs financiers (par exemple, profits et pertes, bilan et trésorerie) à partir des données financières recueillies; à publier les indicateurs pour les besoins de plusieurs prestataires de services financiers; à recevoir les offres de plusieurs prestataires de services financiers pour la fourniture d'au moins un service financier demandé, chaque offre fournissant les critères du ou des services demandés que le prestataire est disposé à assurer sur la base des indicateurs; à évaluer les offres et à sélectionner un prestataire parmi les soumissionnaires. Le procédé est mis en oeuvre sur un réseau de communication réparti, du type Internet.
PCT/AU2000/000708 1999-06-24 2000-06-23 Procede et systeme pour la fourniture de services financiers WO2001001299A1 (fr)

Priority Applications (1)

Application Number Priority Date Filing Date Title
AU52031/00A AU5203100A (en) 1999-06-24 2000-06-23 Method and system for providing financial services

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
AUPQ1182A AUPQ118299A0 (en) 1999-06-24 1999-06-24 Method and system for providing financial services
AUPQ1182 1999-06-24

Publications (1)

Publication Number Publication Date
WO2001001299A1 true WO2001001299A1 (fr) 2001-01-04

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PCT/AU2000/000708 WO2001001299A1 (fr) 1999-06-24 2000-06-23 Procede et systeme pour la fourniture de services financiers

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Cited By (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2002041213A1 (fr) * 2000-11-17 2002-05-23 Gunnar Bretvin Systeme et procede permettant d'etablir et de gerer un portefeuille de polices d'assurance-credit
TWI381326B (fr) * 2008-06-25 2013-01-01
TWI451350B (zh) * 2008-12-03 2014-09-01 Shacom Com Inc Investment-based health and injury insurance
US10475126B1 (en) 2013-12-16 2019-11-12 Little Bear Enterprises, LLC Insurance quote system

Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO1999013425A1 (fr) * 1997-09-12 1999-03-18 Imx, Inc. Systeme interactif assurant l'information sur les prets hypothecaires et les prets, et les transactions en temps reel
JPH11175616A (ja) * 1997-12-09 1999-07-02 Hitachi Ltd 顧客情報配布方法及びその実施システム
US5966699A (en) * 1996-10-11 1999-10-12 Zandi; Richard System and method for conducting loan auction over computer network

Patent Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US5966699A (en) * 1996-10-11 1999-10-12 Zandi; Richard System and method for conducting loan auction over computer network
WO1999013425A1 (fr) * 1997-09-12 1999-03-18 Imx, Inc. Systeme interactif assurant l'information sur les prets hypothecaires et les prets, et les transactions en temps reel
JPH11175616A (ja) * 1997-12-09 1999-07-02 Hitachi Ltd 顧客情報配布方法及びその実施システム

Non-Patent Citations (1)

* Cited by examiner, † Cited by third party
Title
DATABASE WPI Derwent World Patents Index; Class T01, AN 1999-434691/37 *

Cited By (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
WO2002041213A1 (fr) * 2000-11-17 2002-05-23 Gunnar Bretvin Systeme et procede permettant d'etablir et de gerer un portefeuille de polices d'assurance-credit
TWI381326B (fr) * 2008-06-25 2013-01-01
TWI451350B (zh) * 2008-12-03 2014-09-01 Shacom Com Inc Investment-based health and injury insurance
US10475126B1 (en) 2013-12-16 2019-11-12 Little Bear Enterprises, LLC Insurance quote system

Also Published As

Publication number Publication date
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