AU2004100534A4 - Financial product application processing system and method - Google Patents
Financial product application processing system and method Download PDFInfo
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- AU2004100534A4 AU2004100534A4 AU2004100534A AU2004100534A AU2004100534A4 AU 2004100534 A4 AU2004100534 A4 AU 2004100534A4 AU 2004100534 A AU2004100534 A AU 2004100534A AU 2004100534 A AU2004100534 A AU 2004100534A AU 2004100534 A4 AU2004100534 A4 AU 2004100534A4
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Description
P/00/011 Regulation 3.2
AUSTRALIA
Patents Act 1990 COMPLETE SPECIFICATION INNOVATION PATENT Invention Title: Financial product application processing system and method The following statement is a full description of this invention, including the best method of performing it known to us: Freehills Carter Smith Beadle Melbourne 004507914 004507862 2 FINANCIAL PRODUCT APPLICATION PROCESSING SYSTEM AND METHOD The present invention relates generally to a system and method for submitting and considering applications made by an applicant to a provider of financial products, such as a financial loan, leasing, hire purchase or general, motor vehicle and life insurance.
Financial product providers may typically include banks or other financial institutions, motor transport dealers, retail stores and the like. Currently, personal loans and other financial products are generally applied for by the applicant contacting either a representative of the loan provider or a financial broker in person or by telephone, and completing a loan application for subsequent consideration by the loan provider. The loan provider then assesses the loan application against a number of lending criteria and approves or disapproves the loan.
Applicants usually compare the costs and features of various possible loans, and so are required to repeat the above described process with a number of different loan providers, in order to select the most advantageous loan. The application process, information required by each lender and loan criteria against which each loan application is judged vary from loan provider to loan provider.
Attempts have been made to automate the application process so that loan applications can be completed and transmitted to loan providers in a simpler manner. Typically, however, this simply involves obtaining a loan application form from each loan provider by electronic means, for example by downloading an electronic loan application form via the loan providers Internet site. The application process then proceeds along traditional lines by the manual completion of the loan application forms, and the separate transmission of each loan application form to a separate loan provider. Offers of loans from loan providers are then received by conventional mail or by electronic means, such as by email or using loan providers' "online" software, from various of the loan providers and the applicant makes a choice as to whether to accept one of these offers.
004507862 3 The loan application process thus remains a relatively complex one, requiring significant human input from the applicant and knowledge of individual loan providers, the loans offered by each loan provider and the information required by each loan provider for each loan.
It would be desirable to provide a loan application method and system that was simple and less cumbersome that current loan application processing systems and methods.
It would also be desirable to provide a financial product application processing system and method that ameliorates or overcomes one or more problems of known financial product application processing systems and methods, or at least provides an alternative thereto.
With this in mind, one aspect of the invention provides a financial product application processing system, comprising: information entry apparatus configured to enable entry of financial product application data from an applicant for a financial product; and information management apparatus operatively connected to the information entry apparatus, the information management apparatus being configured to: process one or more financial product applications from generic financial product application data according to the entered financial product application data and stored application criteria from a plurality of financial products and/or financial product providers; present financial product application processing results to the applicant from one or more of the financial product providers; enable applicant selection of one of the financial product results; generate a completed financial product application form in a financial 004507862 4 product provider specific format for printing and signature by the applicant; the signed form being subsequently sent to the selected financial product provider; and electronically transmit the financial product application data to the selected financial product provider.
The financial product application processing system may also comprise: information presentation apparatus operatively connected to the information entry apparatus, the information presentation apparatus being configured to present financial product application data and related information to the applicant.
The information presentation apparatus may be remote from the information entry apparatus.
The financial product application processing system may also comprise: a communication system for enabling communication between the applicant and a financial product assistant, wherein the financial product assistant acts to enter the financial product application data on behalf of the applicant at the information entry apparatus.
The financial product assistant may be partially or completely automated.
The financial product assistant may be associated with a call centre.
Another aspect of the invention provides a method for processing a financial product application, the method including the steps of: entering financial product application data from an applicant for a financial product into a information entry apparatus; processing one or more financial product applications from generic financial product application data in information management apparatus 004507862 operatively connected to the information entry apparatus, according to the entered financial product application data and stored application data from a plurality of financial products and/or financial product providers; presenting financial product results to the applicant from one or more of the financial product providers; enabling applicant selection of one of the financial product results; generating a completed financial product application form in financial product provider specific format for printing and signature by the applicant; and electronically transmitting the financial product application data to the selected financial product provider.
In order that the invention may be more clearly ascertained, a preferred embodiment will now be described by way of example, with reference to the following drawings in which: Figure 1 is a schematic diagram of a financial product application processing system in accordance with one embodiment of the present invention; and Figure 2 is a flow chart illustrating the operation of the financial product application processing system of Figurel.
Referring now to Figure 1, there is shown generally a financial product application processing system 1 comprising information entry apparatus 2, information management apparatus 3 and information presentation apparatus 4.
A printer 5 is associated with the information presentation apparatus 4. The information entry apparatus 2, information management apparatus 3 and information presentation apparatus 4 are operatively interconnected by a data communications network 6, such as the Internet. Various financial product providers, such as those referenced 7 to 10 are also operatively interconnected to the information management apparatus 3 via the data communications network 6.
004507862 6 The information management apparatus 3 includes a cluster 11 of servers, in this case represented by the exemplary primary server 12 and back-up server 13. The back-up server 13 replicates the functionality of the primary server 12, and is used only in cases where the primary server 12 fails. Data files used by the information management apparatus 3 are maintained in a data storage device 14, in this example a disk array, which can be independently accessed by either the primary server 12, or the back-up server 13 in cases where the primary server 12 fails.
The servers 12 and 13 respectively include loan application assessment software modules respectively referenced 15 and 16, and front end software modules respectively referenced 17 and 18. The information management apparatus 3 acts to perform all processing operations of the financial product application processing system 1, whereas the information entry apparatus 2 and information presentation apparatus 4 act as clients to enable the input of data on behalfof an applicant and presentation of data to the applicant.
The information entry apparatus 2 includes a computing device 19 interconnected to the data communications network 6 via a modem 20. Similarly, the information presentation apparatus 4 includes a computing device 21 interconnected to the data communications network 6 via a modem 22. In order to ensure secure communications between the information entry apparatus 2 and the information management apparatus 3, a Virtual Private Network (VPN) where deemed appropriate is established between these two entities.
Accordingly, the information management apparatus 3 includes a Private Internet Exchange (PIX) 23 interconnecting the server cluster 11 to the data communications network 6. The PIX 23 authenticates connections to and from the information entry apparatus 2 independently using a Remote Authentication Dial- In User Server (RADIUS) respectively referenced 24 and 25 installed on the server cluster 11 for the primary server 12 and back-up server 13, to allow accurate traffic logging from the connected information entry apparatus.
Whilst the information entry apparatus 2 includes, in most cases, a VPN 004507862 7 client 26, communication between the server cluster 11 and the information presentation apparatus 4 is also encrypted due to the confidential information transmitted to and presented to an applicant at the information presentation apparatus 4.
The financial product application processing system 1 further comprises a communications system 27 including a first communications terminal 28, geographically proximate the information presentation apparatus 4 and intended for use by an applicant for a financial product. The communications system 27 also includes a second communications device 29, geographically proximate the information entry apparatus 2, intended for use for a call centre operative or financial adviser. The two communication devices 28 and 29 are interconnected by means of a telecommunications network 30. Alternatively, an automated or semi- automated communications device 31, such as an Interactive Voice Response (IVR) unit, may be accessible from the first communications device 28 via the telecommunications network 30, and may provide automated data input to the information entry apparatus 2.
The data storage device 14 maintains application criteria from a plurality of loan or other financial product providers, as well as related financial product data.
The stored data enables assessment of loan and other financial product applications according to lending criteria from each of the financial product providers, and enables a "score" to be given based upon the matching of data provided by a financial product applicant and each financial product providers criteria.
The software module 17 and 18 act as a front end to the software modules 15 and 16 by causing introductory information to be displayed to an applicant at the information presentation apparatus 4, displaying some initial "knockout" questions that provide an initial filtering of applicants before financial product providers criteria are applied to applicant specific information, and completes a generic loan application for each applicant. The software modules 17 and 18 also submit the completed generic loan application to the software modules 15 and 16 for processing and assessment against the credit reference database and stored 004507862 8 application criteria from the plurality of financial product providers for which application criteria are stored. The software module 17 and 18 then enable an applicant to be presented with financial product application processing results from the plurality of financial product providers, enable an applicant to make a selection of one of the financial product application processing results, and complete the financial product application process.
The financial product application processing system 1 typically includes a number of information presentation apparatus, such as that referenced 4, in a variety of point-of-sale locations. Initially, once an applicant has gone through preliminary off-line procedures, a connection is established between the information presentation apparatus 4 and the information entry apparatus 2 via the data communications network 6. An applicant also establishes a connection using the first communication device 28, to a call centre operative at the second communications device 29. The call centre operative proceeds to input applicant related data into the information entry apparatus 2 according to the information conveyed to them by the applicant. The applicant need not enter information directly, but are able to view the information entered by the call centre operative via the information presentation apparatus 4. An advantage of this arrangement is that information is entered correctly into the information entry apparatus 2 without applicant error, whilst providing an applicant with a level of comfort as to the correctness of the information being entered.
As seen in Figure 2, an applicant is initially presented with introductory information at step 51 via the information presentation apparatus 4. This introductory information includes privacy statements, off-line calculators and tools, a check list of items required to complete a loan or other financial product application, as well as a first round of "knockout" questions in order to enable an applicant to quickly determine whether they meet basic criteria required for such an application.
At step 52, a connection is established to the information management apparatus 3 via the data communications network 6 and in many cases the VPN.
The applicant also establishes a connection to a call centre operative. The call 004507862 9 centre then welcomes the applicant, and establishes a connection from the information entry apparatus 2 to both the information management apparatus 3 and information presentation apparatus 4. The call centre operative thus establishes "screen mirroring" whereby applicants are able to instantaneously view information subsequently entered in the information entry apparatus 2 by the call centre operative. On-line privacy forms and on-line finance calculators are then presented to the applicant.
The applicant is next presented with a product selector for choosing the preferred type of loan or other financial product. Once a particular financial product has been selected, the call centre operative assists the applicant to complete a generic financial product application form at step 53. The generic application form that is completed collects all information required by the various financial product providers for which application criteria is stored in the data storage device 14.
Once the generic application form has been completed, the generic application form is processed according to the entered financial product application data and the stored application data criteria maintained in the data storage device 14 for each of the financial product providers. The generic application processing occurs at step 54 by initially performing a credit reference check on the applicant, and then passing the applicant specific financial product application data through each financial product provider's credit policies and score cards.
At step 55, the results of this process are then displayed to the applicant by showing financial product application processing results from one or more of the financial product providers. The information presented may typically show to the applicant the financial product provider, logo, product, interest rate, initial fees, ongoing fees, Government legislated comparison rates, special offers and other related details of the displayed financial product application processing results.
At step 56, an applicant selects one of the financial product application processing results,, and expanded details of the selected financial product are 004507862 displayed to the applicant at the information presentation apparatus 4. Also displayed is a loan comparison chart, should this be deemed necessary in the jurisdiction in which the information is displayed. An applicant then provides the remaining financial product provider specific financial product application data via the information entry apparatus.
At step 57, a template corresponding to the selected financial product provider's application form is retrieved from the data storage device 14 and populated with information from the generic application form completed in step 53 and the specific financial application data provided prior to step 57. The completed financial product provider specific application form is again displayed to the applicant at the information presentation apparatus 4.
At step 58, the call centre operator initiates a command at the information entry apparatus 2, causing the completed financial product application form to be printed at the printer 5 locally connected to the information presentation apparatus 4. In addition, a loan schedule, comparison rate schedule, loan completion instructions, and if required a one hundred point identification form and other financial product application specific documents may also be printed out at this step, all populated with the applicant's details and customised to the selected financial product provider's format.
At step 59, the applicant signs the completed financial product application forms at point-of-sale and, along with supporting documentation such as pay slips, tax returns or other requested documents, transmits the completed and executed documents directly to the financial product provider's processing system. The completed and executed forms may be transmitted by surface mail, facsimile or other electronic means, for example by scanning the executed documents and transmission as an attachment to an encrypted email.
At step 60, financial product application data from the completed application form is also electronically transmitted from the information management apparatus 3 in the financial product provider's nominated format to the selected financial product provider for electronic data processing.
004507862 11 At step 61, the financial product provider's processing system receives the completed documentation from the applicant to support the application, which application has already been received electronically, and verifies details before approving an offer of finance. The applicant is then contacted directly according to the financial product provider's own internal procedures.
It will be appreciated from the foregoing that the above described financial product application processing system advantageously provides a range and choice of financial product providers to an applicant and enables a direct comparison to be made between different product offerings. Evaluation of the financial product application, approval and document completion are all able to occur within a limited time. Moreover, the applicant is able to complete all aspects of the application process at a single point-of-sale and at a single occassion.
In an alternative to the above described arrangement, the call centre operator may be replaced by a partially or completely automated financial product assistant, such as the interactive voice response system 31. The interactive voice response system 31 may act to enter data to the information entry apparatus 2 according to voice prompts and other commands received from the applicant via the first communications terminal 28.
In other embodiments of the invention, the information entry apparatus may be located in a remote location or at the premises of a service provider, such as a financial adviser, and the applicant may be physically present with the financial adviser during the application process. In this case, the information entry apparatus 2 may also provide the functionality of the information presentation apparatus 4 so that information entered by the financial adviser may be directly displayed to the applicant. In this case, the communications system may not be required since the applicant is able to directly communicate to the financial adviser. Moreover, the completed application form and other documentation may be directly printed from the information entry apparatus 2.
The above described arrangement advantageously enables applicants to instantaneously view information being inputted by a call centre operator or 004507862 12 financial adviser. In the case where a remote financial product assistant is used to input data into the information entry apparatus 2, the information presentation apparatus 4 provides "screen mirroring" so that the applicant is able to verity information entered in relation to the financial product application. In addition, application forms are able to be printed and executed at the nominated location.
The financial product application processing system also enables multiple financial products to be evaluated and selected by an applicant through a same single process. Assessment of an application, including credit assessment and credit criteria evaluation for multiple lenders is able to be performed within a very short time frame. Loan repayment rates, comparison rates and fees applicable are able to be formulated in a standardised format for presentation to an applicant, to enable convenient comparison of financial product offerings.
It is to be understood that various modifications and/or additions may be made to the above described financial product application processing system and method without departing from the spirit or ambit of the present invention.
Claims (5)
1. A financial product application processing system, comprising: information entry apparatus configured to enable entry of financial product application data from an applicant for a financial product; and information management apparatus operatively connected to the information entry apparatus, the information management apparatus being configured to: process one or more financial product applications from generic financial product application data according to the entered financial product application data and stored application criteria from a plurality of financial products and/or financial product providers; present financial product application processing results to the applicant from one or more of the financial product providers; enable applicant selection of one of the financial product results; generate a completed financial product application form in a financial product provider specific format for printing and signature by the applicant; the signed form being subsequently sent to the selected financial product provider; and electronically transmit the financial product application data to the selected financial product provider.
2. A financial product application processing system according to claim 1, and further comprising: information presentation apparatus operatively connected to the information entry apparatus, the information presentation apparatus being configured to present financial product application data and related information to the applicant. 004507862 14
3. A financial product application processing system according to claim 2, wherein the information presentation apparatus is remote from the information entry apparatus.
4. A financial product application processing system according to any one of the preceding claims, and further comprising: a communication system for enabling communication between the applicant and a financial product assistant, wherein the financial product assistant acts to enter the financial product application data on behalf of the applicant at the information entry apparatus.
5. A financial product application processing system according to claim 4, wherein the financial product assistant is partially or completely automated. FINANCE NOW PTY LIMITED By its Registered Patent Attorneys Freehills Carter Smith Beadle 2 July 2004
Priority Applications (1)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2004100534A AU2004100534A4 (en) | 2003-07-04 | 2004-07-02 | Financial product application processing system and method |
Applications Claiming Priority (3)
| Application Number | Priority Date | Filing Date | Title |
|---|---|---|---|
| AU2003903485A AU2003903485A0 (en) | 2003-07-04 | 2003-07-04 | Financial product application processing system and method |
| AU2003903485 | 2003-07-04 | ||
| AU2004100534A AU2004100534A4 (en) | 2003-07-04 | 2004-07-02 | Financial product application processing system and method |
Publications (1)
| Publication Number | Publication Date |
|---|---|
| AU2004100534A4 true AU2004100534A4 (en) | 2004-10-28 |
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| Application Number | Title | Priority Date | Filing Date |
|---|---|---|---|
| AU2004100534A Ceased AU2004100534A4 (en) | 2003-07-04 | 2004-07-02 | Financial product application processing system and method |
Country Status (1)
| Country | Link |
|---|---|
| AU (1) | AU2004100534A4 (en) |
Cited By (1)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| CN111105304A (en) * | 2019-11-19 | 2020-05-05 | 泰康保险集团股份有限公司 | Data processing method and device, storage medium and electronic terminal |
-
2004
- 2004-07-02 AU AU2004100534A patent/AU2004100534A4/en not_active Ceased
Cited By (2)
| Publication number | Priority date | Publication date | Assignee | Title |
|---|---|---|---|---|
| CN111105304A (en) * | 2019-11-19 | 2020-05-05 | 泰康保险集团股份有限公司 | Data processing method and device, storage medium and electronic terminal |
| CN111105304B (en) * | 2019-11-19 | 2023-06-02 | 泰康保险集团股份有限公司 | Data processing method and device, storage medium and electronic terminal |
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Legal Events
| Date | Code | Title | Description |
|---|---|---|---|
| DA3 | Amendments made section 104 |
Free format text: THE NATURE OF THE AMENDMENT IS: ADD PRIORITY DETAILS 2003903485 04 JUL 2003 AU |
|
| FGI | Letters patent sealed or granted (innovation patent) | ||
| MK22 | Patent ceased section 143a(d), or expired - non payment of renewal fee or expiry |