WO2019021311A1 - A cognitive loan automation system and method thereof - Google Patents
A cognitive loan automation system and method thereof Download PDFInfo
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- WO2019021311A1 WO2019021311A1 PCT/IN2018/050485 IN2018050485W WO2019021311A1 WO 2019021311 A1 WO2019021311 A1 WO 2019021311A1 IN 2018050485 W IN2018050485 W IN 2018050485W WO 2019021311 A1 WO2019021311 A1 WO 2019021311A1
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- 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
- G06Q40/03—Credit; Loans; Processing thereof
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- 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
- the present invention is a combination of Provisional Patent Application No. 201721026523 Filed on July 26, 2017 and Provisional Patent Application No. 201721026530 Filed on July 26, 2017.
- the present invention relates to a loan automation system and more particularly it relates to a cognitive or computational loan automation system and method with qualitative matchmaking of similar financial requirement which facilitates the loan or lending services with completely digitalized approach using Decentralized Autonomous Organization (DAO) and Blockchain Technology (BCT), and smoothens out the entire loan process.
- DAO Decentralized Autonomous Organization
- BCT Blockchain Technology
- the traditional or conventional method of loan process is very time- consuming and has loads of paperwork. Moreover, it also requires the person in need of a loan to visit the bank or contact the banker. This is not always possible for any person to spare considerable amount of time.
- the traditional or conventional method for any financial need is completely or partially based on human intervention or interference where, as per the need of the person he or she is guided and suggested. This can be very misleading and becomes a clumsy process over all. Sometimes, people don't remember or recall what will be their next financial requirement or need. Besides, only parameterized search is done in traditional or conventional approach, which is not based out on subjective purpose; hence, no data lake is being generated.
- US20150278941A1 discloses the system, process, and non-transitory computer readable storage medium to automatically determine whether to provide a loan.
- a request for a loan and an identity of the loan applicant is received from a remote user device operated by the loan applicant.
- Several pieces of data are calculated, determined and/or obtained in response to this request, which include at least a trust rating related to the applicant, a kind of external data related to the credit worthiness of the loan applicant, and a kind of data determined by monitoring online usage by the user of the user device. This process then automatically determines whether to provide the requested loan.
- Another prior art document US20020040339A1 describes the workflow engine which accepts web-based loan applications, processes the loan applications programmatically, and renders a loan decision within seconds, where the workflow engine uses checklists to evaluate loan applications.
- the System evaluates loan applications and renders a programmatic loan without human intervention, subject to verification of the application data.
- further prior art document US20140172681A1 describes the process for matching the identity of publicly available data to a potential borrower for a business loan, where a lender can utilize publicly available data in conjunction with other information to make a lending decision.
- document WO2017091530 Al describes Blockchain solution for financial services and other transaction-based industries, which allows a scalable Blockchain solution with respect to accessible memory requirements of distributed ledgers or distributed databases with confidentiality in the shared records as well as accommodating low-latency, high-capacity transaction capabilities.
- the main object of the present invention is to provide a cognitive loan automation system and method.
- Another object of the present invention is to provide a cognitive loan automation system and method with qualitative matchmaking of similar financial requirements which facilitates the lending services with the completely digitalized approach.
- Yet another object of the present invention is to provide a cognitive loan automation system and method which reduces documentation, complex paperwork, and tiresome process, and not only partially but fully automates loan process for everyone, be it from the Bank's perspective or from a person seeking a loan.
- Still another object of the present invention is to provide a cognitive loan automation system and method which, works upon subjective non- parameterized and parameterized information search.
- the further object of the present invention is to provide a cognitive loan automation system and method which creates and generates data lake with the help of data transmission and creates a Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) approach.
- BCT Blockchain Technology
- DAO Decentralized Autonomous Organization
- the further object of the present invention is to provide a cognitive loan automation system and method which helps in risk management, monitors and tracks the transactions, and helps in wealth management.
- the present invention discloses a cognitive loan automation system and method with qualitative match making of similar financial requirement which facilitates the lending services with the completely digitalized approach using Decentralized Autonomous Organization (DAO) and Blockchain Technology (BCT) and smoothens out the loan process.
- DAO Decentralized Autonomous Organization
- BCT Blockchain Technology
- the present invention comprises various system components such as a fetching means which includes a biometric sensor; a visual feed; an interactive wall with a display; and a transmitter, a host or a central computing unit, a storage database, a communication network module, and a platform or cloud. Said the fetching means perform identification process such as retina identification, fingerprint scanner, and face identification through visual feed in order to collect user data.
- the fetching means are interfaced to a processor based the host or the central computing unit.
- the user data further stored and secured in data storage with the help of the host or the central computing unit.
- the data entered by customer or applicant is processed with all relevant financial information as well as other information when customer or applicant enters in for a loan need and applies for any specific loan.
- the respective application is sent for auto filing without human intervention via a smart model.
- the data lake has been created with the help of data transmission and creates a Blockchain Technology (BCT) approach which is the completely automated process.
- BCT Blockchain Technology
- This process is centrally focused with an autonomous process and eases out the work for any person seeking loan or insurance as well as for other side who is providing the loan or insurance.
- a Synergic Connotation score is generated for rating and identifying the loan applicant's profile.
- DAO Decentralized Autonomous Organization
- the system of the present invention also monitors, tracks, and evaluates the disbursed loan for identifying defaulters or any early signals after loan disbursement.
- FIG. 1 is a flow diagram showing the main operational steps of a cognitive loan automation system.
- Fig. 2 is a block diagram showing the main operational components of a cognitive loan automation system.
- Fig. 3 is a block diagram showing the host or central computing system of a cognitive loan automation system.
- Fetching means (12) hereinafter refers to a biometric sensor (12a), a visual feed (12b), an interactive wall with display (12c), and a transmitter (12d).
- a cognitive loan automation system and method according to the present invention comprise various sequences of steps to accomplish the objective of the present invention.
- Figure 1 & 2 show the process flow and components of the completely automated loan process of the present invention.
- a fetching means (12) required by a loan automation system.
- the fetching means (12) comprising a biometric sensor (12a) for identification process like retina identification; fingerprint scanner; and face identification through a visual feed (12b), an interactive wall with display (12c), and a transmitter (12d).
- the fetching means (12) is interfaced to a processor (18) based on a host or a central computing system (13).
- the loan automation system of present invention scraps the Internet and all relevant databases for user information provides from virtual networks, social media, credit card databases, e-wallet transactions, bank statements, deep web search and financial databases.
- Open source web crawler and deep web search are used along with Metadata search for finding the right data.
- the system of the present invention scans the FOREX data (167 Currencies), weather data (Past data in order to formulate/calculate model creation, and future data in order to create forecasting/predictive models), financial data of all public limited firms, financial data for analysis of each firm to create a credit profile from virtual network or social media accounts and news sources, intended for real-time search and historical data.
- a customer or an applicant or any person with the need of a loan would enter into the loan automation system of the present invention and apply for a loan.
- the loan can be any one of the following kind such as a business loan, personal loan, home loan, car loan, education loan and pay-day loan.
- data processing step 4 data is being processed with all relevant financial information as well as other information obtained via advanced processing system. All the raw data are now processed into a predefined configuration. Once a person enters his or her name, data transmission is stored creating a data lake with the help of all relevant databases. Later on, this data lake guides a person to seek any loan, be it for the purpose of personal aspects or for the professional matters.
- the processed data is transferred to a platform or a proprietary cloud (16) via a communication network module (14).
- This platform or cloud (16) will also have access to the storage database (15), which has stored historical data and real time data for future perspective.
- the system of the present invention has to follow the whole process from initial input step 1 to third input step 3. If the system of present invention successfully complete the step 4 of data processing and create data lake, then the loan automation system can proceed towards further steps of the present invention.
- step 5 the applicant's application is further sent for auto filing and reviewal without human intervention via a smart model which is based upon heuristic formulation or calculations.
- This model takes out the various parameters as a set of inputs and executes some distinctively computative process.
- Loan automation system of the present invention is using a computation accelerator (17) to take down heavy mathematical computation making this whole process faster and smoother.
- step 6 data has been transmitted from the data lake which is generated from the past data as well as the recent approach as described in above-mentioned step 4, where all information of a person is gathered. A person then fills up a form where his or her basic information is collected and updated automatically by smart retrieval system of the present invention.
- a synergic connotation score is generated for qualitative matchmaking via said smart retrieval system for rating and identifying. This score is helpful for a bank, an organization, an institute, and an applicant. The banks or the organizations or the institutes approach the person or applicant only after the filtration and suggestion based on this process. It can be vice versa as well, where the person or applicant itself can approach the bank, organization or institute. Additionally, on the basis of this process, more financial needs or requirements are given by synergic search and gives discounts and offers. Hence, this synergic connotation score helps in any loan or insurance process.
- step 7 if synergic connotation score is not generated, then the system of the present invention has to follow the previous step 6, wherein useful data has been transmitted from data lake. If the system of the present invention successfully generates the synergic connotation score, then the loan automation system can proceed towards further steps of the present invention.
- BCT Blockchain Technology
- DAO Decentralized Autonomous Organization
- a person seeking loan receives necessary financial needs advice as per the filtration done by said homomorphic encryption.
- the Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) plays out a major role in providing the best and/or smart score for getting loan or insurance on the basis of purpose.
- BCT Blockchain Technology
- DAO Decentralized Autonomous Organization
- the person receives the loan with maturity time duration just by filling up the name and the purpose.
- the automation process helps for risk management, monitors and tracks the transactions and helps out in wealth management.
- bank searches the profile using their databases, analyses the loan application, scans and verifies the loan application, then activates an account for loan purpose, and disburses the loan automatically duly signed with the smart or digital contract.
- the loan is first disbursed to a digital wallet and then goes to a newly created account in the bank but the account is not activated. Then, banks carry our e-KYC using a scheduler and account gets activated. In this way, Enterprise resource Planning (ERP) patch or free Software as a Service (SAAS) based Enterprise Resource Planning (ERP) or a cookie is used to monitor the loan applicant during the whole tenure till maturity. This way, there will be a reduction in non-performing assets and can easily identify loan defaulters by early signals. All these tasks are done with automation. Now, the person's loan approval and disbursement process are complete, and in case, he or she wants to seek for another loan, then this process is completed by the automation process.
- SAAS Software as a Service
- the concerned bank or venture capital can come to the system of the present invention when a bank or a venture capital has to complete their amount of loans & insurances.
- BCT Blockchain Technology
- DAO Decentralized Autonomous Organization
- system of present invention is not limited to the loan disbursement.
- system of the present invention also monitors, tracks, and evaluates the disbursed loan for identifying defaulters or any early signals.
- loan monitoring, loan tracking, and loan valuation are done post disbursement with the help of smart/digital Internet of Things (IoT).
- IoT Internet of Things
- step 11a the loan automation is complete and successful if the loan taken by any person repays the loan amount on time according to the post disbursement loan tracking records. Further at step lib, if he or she does not repay the loan amount on time, red flag alerts and early warnings are sent via Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO).
- BCT Blockchain Technology
- DAO Decentralized Autonomous Organization
- the loan automation system of the present invention is using said computation accelerators (17) to take down heavy mathematical computation, which makes this whole process faster and smoother.
- the host or central computing system (13) have been used which shown in figure 3.
- the whole system of the present invention is processor-based.
- the processor (18) is interfaced with the plurality of computation accelerators (17).
- both the processor (18) and the computation accelerator (17) share a common memory (19).
- the system of present invention uses the data transmission with this hardware and this is used to form or create data lake.
- application software (20) first cognitive decision making based on information filtering system pre-fetch the data from the memory (19). This data is useful in training the model of the present invention.
- the system of present invention is advantageous over the existing loan automation system.
- the loan automation system of the present invention works as path- breaking for overall finance or FinTech world. As it not only helps and guides for filling up details and information but, it also creates and generates data lake with the help of data transmission, and creates a Blockchain Technology (BCT) approach which is completely automated process. This process is centrally focused with autonomous process and eases out the work for any person who is seeking loan or insurance and the person who is providing loan or insurance.
- BCT Blockchain Technology
- the verification process is also automatized as user itself been identified with biometric data with supported video feed and compared with the database.
- Interactive walls connected with the computing system which assist user in filing loan application and accessing prerequisite for loan application.
- Whole system of present invention would improve current loan processing, by automating current processes for filing complex paperwork.
- user can interact with interactive wall displays to enter signature and biometric for added security.
- proposed loan processing system is faster, smoother than current loan processing system.
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Abstract
The present invention discloses cognitive loan automation system and method which comprises various components like fetching means (12), host/central computing unit (13), communication network module (14), storage database (15), and platform/cloud (16). Fetching means (12) collects user data which is stored in storage database (15) via host/central computing unit (13). The data lake is created by processing user data after the person applies for a loan, and synergic connotation score is generated after sending loan application for auto filing, in order to accomplish qualitative matchmaking of applicant's profile. Bank approaches person seeking a loan or vice versa after obtaining the best match. Accordingly, the digital contract has been signed for loan disbursement, and further loan has been monitored and tracked by loan automation system of present invention. Early warnings are sent if the applicant fails to repay loan amount. The present invention is completely based on the digitalized approach using Decentralized Autonomous Organization (DAO) and Blockchain Technology (BCT).
Description
A COGNITIVE LOAN AUTOMATION SYSTEM AND METHOD THEREOF
The present invention is a combination of Provisional Patent Application No. 201721026523 Filed on July 26, 2017 and Provisional Patent Application No. 201721026530 Filed on July 26, 2017.
Field of the invention The present invention relates to a loan automation system and more particularly it relates to a cognitive or computational loan automation system and method with qualitative matchmaking of similar financial requirement which facilitates the loan or lending services with completely digitalized approach using Decentralized Autonomous Organization (DAO) and Blockchain Technology (BCT), and smoothens out the entire loan process.
Background of the invention
The traditional or conventional method of loan process is very time- consuming and has loads of paperwork. Moreover, it also requires the person in need of a loan to visit the bank or contact the banker. This is not always possible for any person to spare considerable amount of time. The traditional or conventional method for any financial need is completely or partially based on human intervention or interference where, as per the need of the
person he or she is guided and suggested. This can be very misleading and becomes a clumsy process over all. Sometimes, people don't remember or recall what will be their next financial requirement or need. Besides, only parameterized search is done in traditional or conventional approach, which is not based out on subjective purpose; hence, no data lake is being generated.
In the world of Finance, where works have been performed by traditional approach, say a person does not have any financial knowledge or awareness. This person may enter into risk of impending huge financial loss or lack of financial guidance which is a huge loss ultimately. Hence, an opinion-based approach is extremely needed, which is highly defined by the distinctively designed completely automated process in order to eradicate and reduce this finance risk with the help of wealth management. The current conventional approach uses various criterion selection-based approaches for matchmaking.
Various prior arts have been disclosed describing automated loan processing. The prior art document US20150278941A1 discloses the system, process, and non-transitory computer readable storage medium to automatically determine whether to provide a loan. In this prior art, a request for a loan and an identity of the loan applicant is received from a remote user device operated by the loan applicant. Several pieces of data are calculated, determined and/or obtained in response to this request, which include at least a trust rating related to the applicant, a kind of external data related to the
credit worthiness of the loan applicant, and a kind of data determined by monitoring online usage by the user of the user device. This process then automatically determines whether to provide the requested loan.
Another prior art document US20020040339A1 describes the workflow engine which accepts web-based loan applications, processes the loan applications programmatically, and renders a loan decision within seconds, where the workflow engine uses checklists to evaluate loan applications. The System evaluates loan applications and renders a programmatic loan without human intervention, subject to verification of the application data. Similarly, further prior art document US20140172681A1 describes the process for matching the identity of publicly available data to a potential borrower for a business loan, where a lender can utilize publicly available data in conjunction with other information to make a lending decision. Moreover, document WO2017091530 Al describes Blockchain solution for financial services and other transaction-based industries, which allows a scalable Blockchain solution with respect to accessible memory requirements of distributed ledgers or distributed databases with confidentiality in the shared records as well as accommodating low-latency, high-capacity transaction capabilities.
Above mentioned prior arts do not apparently describe opinion based approach by relevant financial data stored in a data lake, and there is no clarity regarding Decentralized Autonomous Organization (DAO) and
Blockchain Technology (BCT), especially for loan automation system and matchmaking of financial requirements.
Therefore, it would be highly desirable to have a completely digitalized and automated loan automation system, which provides centrally focused autonomous process easing out the work for any person seeking loan or insurance, for other side that is providing the loan or insurance, and the system which reduces documentation, complex paperwork, and tiresome process.
Today, in the age of the digital world, one of the necessities each and everyone encounters is a need of "Loan" be it a business loan, personal loan, home loan, car loan and pay-day loan because everyone is moving towards the completely automated and digitally focused approach. Any person gets a bit nervous due to its long tiresome process as well as documentation required which makes any person start panicking just by hearing the word "Loan". Hence, an optimal solution of "Loan Automation" has been introduced in the present invention which works as a savior for each and every one in order to eradicate this situation.
Object of the invention
The main object of the present invention is to provide a cognitive loan automation system and method.
Another object of the present invention is to provide a cognitive loan automation system and method with qualitative matchmaking of similar financial requirements which facilitates the lending services with the completely digitalized approach.
Yet another object of the present invention is to provide a cognitive loan automation system and method which reduces documentation, complex paperwork, and tiresome process, and not only partially but fully automates loan process for everyone, be it from the Bank's perspective or from a person seeking a loan.
Still another object of the present invention is to provide a cognitive loan automation system and method which, works upon subjective non- parameterized and parameterized information search.
The further object of the present invention is to provide a cognitive loan automation system and method which creates and generates data lake with the help of data transmission and creates a Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) approach.
Yet, the further object of the present invention is to provide a cognitive loan automation system and method which helps in risk management, monitors and tracks the transactions, and helps in wealth management.
Summary of the Invention
The present invention discloses a cognitive loan automation system and method with qualitative match making of similar financial requirement
which facilitates the lending services with the completely digitalized approach using Decentralized Autonomous Organization (DAO) and Blockchain Technology (BCT) and smoothens out the loan process.
The present invention comprises various system components such as a fetching means which includes a biometric sensor; a visual feed; an interactive wall with a display; and a transmitter, a host or a central computing unit, a storage database, a communication network module, and a platform or cloud. Said the fetching means perform identification process such as retina identification, fingerprint scanner, and face identification through visual feed in order to collect user data. The fetching means are interfaced to a processor based the host or the central computing unit. The user data further stored and secured in data storage with the help of the host or the central computing unit. Further, the data entered by customer or applicant is processed with all relevant financial information as well as other information when customer or applicant enters in for a loan need and applies for any specific loan. The respective application is sent for auto filing without human intervention via a smart model. The data lake has been created with the help of data transmission and creates a Blockchain Technology (BCT) approach which is the completely automated process. This process is centrally focused with an autonomous process and eases out the work for any person seeking loan or insurance as well as for other side who is providing the loan or insurance. Afterward a Synergic Connotation score is generated for rating and identifying the loan applicant's profile. As soon as the scrutiny
process is over, the person only has to fill in the purpose of the loan, which is implemented on the basis of Decentralized Autonomous Organization (DAO). In the same way, everything is filled up by this automation process. The system of the present invention also monitors, tracks, and evaluates the disbursed loan for identifying defaulters or any early signals after loan disbursement.
Brief Description of the Drawings Fig. 1 is a flow diagram showing the main operational steps of a cognitive loan automation system.
Fig. 2 is a block diagram showing the main operational components of a cognitive loan automation system.
Fig. 3 is a block diagram showing the host or central computing system of a cognitive loan automation system.
Detailed description of the Invention
The nature of the invention and the manner in which it works is clearly described in the complete specification. The invention has various elements and they are clearly described in the following pages of the complete specification. Before explaining the present invention, it is to be understood that the invention is not limited in its application.
Before explaining the present invention, it is to be understood that the term Fetching means (12) hereinafter refers to a biometric sensor (12a), a visual feed (12b), an interactive wall with display (12c), and a transmitter (12d).
A cognitive loan automation system and method according to the present invention comprise various sequences of steps to accomplish the objective of the present invention. Figure 1 & 2 show the process flow and components of the completely automated loan process of the present invention.
As shown in figures 1 and 2, at an input step 1 in starting with the process, all relevant data or information of a person such as historical data, real-time data, biometric data etc., are fetched via a fetching means (12) required by a loan automation system. The fetching means (12) comprising a biometric sensor (12a) for identification process like retina identification; fingerprint scanner; and face identification through a visual feed (12b), an interactive wall with display (12c), and a transmitter (12d). The fetching means (12) is interfaced to a processor (18) based on a host or a central computing system (13). The loan automation system of present invention scraps the Internet and all relevant databases for user information provides from virtual networks, social media, credit card databases, e-wallet transactions, bank statements, deep web search and financial databases. Open source web crawler and deep web search are used along with Metadata
search for finding the right data. For the purpose of retail and corporate loans, the system of the present invention scans the FOREX data (167 Currencies), weather data (Past data in order to formulate/calculate model creation, and future data in order to create forecasting/predictive models), financial data of all public limited firms, financial data for analysis of each firm to create a credit profile from virtual network or social media accounts and news sources, intended for real-time search and historical data.
At the input step 2, all relevant data or information fetched via the fetching means (12) is stored in a storage database (15) of the loan automation system via the host or the central computing system (13). This huge data gets stored in the distributed databases across the world. This is based on highly combinatorics formulation and calculation-based data mining. It includes storing and scrapping of Metadata as well. Furthermore, the stored data is secured via a virtual network, financial databases, transactions, statements and a secured private key.
At the input step 3, a customer or an applicant or any person with the need of a loan would enter into the loan automation system of the present invention and apply for a loan. Here, the person has to enter his or her name. The loan can be any one of the following kind such as a business loan, personal loan, home loan, car loan, education loan and pay-day loan.
At the data processing step 4, data is being processed with all relevant financial information as well as other information obtained via advanced processing system. All the raw data are now processed into a predefined configuration. Once a person enters his or her name, data transmission is stored creating a data lake with the help of all relevant databases. Later on, this data lake guides a person to seek any loan, be it for the purpose of personal aspects or for the professional matters. This is all gathered along government ministry's databases which has information or details of the specific person. Thus, there will be an information filtering system which helps in making a decision for a person seeking the loan. The processed data is transferred to a platform or a proprietary cloud (16) via a communication network module (14). This platform or cloud (16) will also have access to the storage database (15), which has stored historical data and real time data for future perspective. At this step, if the data has not been processed and data lake can- not be created, then the system of the present invention has to follow the whole process from initial input step 1 to third input step 3. If the system of present invention successfully complete the step 4 of data processing and create data lake, then the loan automation system can proceed towards further steps of the present invention.
After data processing, at step 5, the applicant's application is further sent for auto filing and reviewal without human intervention via a smart model which is based upon heuristic formulation or calculations. This model takes out the various parameters as a set of inputs and executes some
distinctively computative process. Loan automation system of the present invention is using a computation accelerator (17) to take down heavy mathematical computation making this whole process faster and smoother. Furthermore, at step 6, data has been transmitted from the data lake which is generated from the past data as well as the recent approach as described in above-mentioned step 4, where all information of a person is gathered. A person then fills up a form where his or her basic information is collected and updated automatically by smart retrieval system of the present invention. Hence, once a person fills up the name and purpose, it generates results with the best feasible cognitive approach for a decision on the basis of this data lake. Furthermore, useful data or information is transmitted from the data lake when needed. After completing this process, an automation process is carried forward which helps in finding out best likely fit scheme.
At step 7, a synergic connotation score is generated for qualitative matchmaking via said smart retrieval system for rating and identifying. This score is helpful for a bank, an organization, an institute, and an applicant. The banks or the organizations or the institutes approach the person or applicant only after the filtration and suggestion based on this process. It can be vice versa as well, where the person or applicant itself can approach the bank, organization or institute. Additionally, on the basis of this process, more financial needs or requirements are given by synergic search and gives discounts and offers. Hence, this synergic connotation score helps in any loan
or insurance process. Here at step 7, if synergic connotation score is not generated, then the system of the present invention has to follow the previous step 6, wherein useful data has been transmitted from data lake. If the system of the present invention successfully generates the synergic connotation score, then the loan automation system can proceed towards further steps of the present invention.
At further step 8, the score has been reviewed by Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) after generating the synergic connotation score. These technologies work on the approach of having a fully automated system and/or process. Once a person or applicant fills his or her name, above-mentioned technologies perform the subjective parameterized and non-parameterized information search to provide best feasible optimal opinion or suggestion. After completion of approaching the best option suggested by said subjective parameterized and non-parameterized information search, the process is being carried forward by said Decentralized Autonomous Organization (DAO) to bank and/or organization and/or institute. Hence, the Blockchain Technology (BCT) creates a homomorphic encryption. Further, a person seeking loan receives necessary financial needs advice as per the filtration done by said homomorphic encryption. The Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) plays out a major role in providing the best and/or smart score for getting loan or insurance on the basis of purpose. Hence, the person receives the loan with maturity time
duration just by filling up the name and the purpose. Moreover, the automation process helps for risk management, monitors and tracks the transactions and helps out in wealth management. At step 9, bank searches the profile using their databases, analyses the loan application, scans and verifies the loan application, then activates an account for loan purpose, and disburses the loan automatically duly signed with the smart or digital contract. The loan is first disbursed to a digital wallet and then goes to a newly created account in the bank but the account is not activated. Then, banks carry our e-KYC using a scheduler and account gets activated. In this way, Enterprise resource Planning (ERP) patch or free Software as a Service (SAAS) based Enterprise Resource Planning (ERP) or a cookie is used to monitor the loan applicant during the whole tenure till maturity. This way, there will be a reduction in non-performing assets and can easily identify loan defaulters by early signals. All these tasks are done with automation. Now, the person's loan approval and disbursement process are complete, and in case, he or she wants to seek for another loan, then this process is completed by the automation process. If there is a need for say insurance then, this is also carried out by in-built information fetched by data transmission. In certain cases, the concerned bank or venture capital can come to the system of the present invention when a bank or a venture capital has to complete their amount of loans & insurances. Next, by filling up the purpose can easily seek out for such synergic approach as the required assessment is done by distinctively designed Blockchain Technology (BCT)
and Decentralized Autonomous Organization (DAO). Then, based on the past data history the bank or the organization is given suggestion for such analogous/identical proposals easing out their task of filling and searching out for their targets. This way they easily fetch out their beneficiary and work more quickly.
Furthermore, the system of present invention is not limited to the loan disbursement. At the next step 10, the system of the present invention also monitors, tracks, and evaluates the disbursed loan for identifying defaulters or any early signals. However, loan monitoring, loan tracking, and loan valuation are done post disbursement with the help of smart/digital Internet of Things (IoT).
At step 11a, the loan automation is complete and successful if the loan taken by any person repays the loan amount on time according to the post disbursement loan tracking records. Further at step lib, if he or she does not repay the loan amount on time, red flag alerts and early warnings are sent via Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO).
The loan automation system of the present invention is using said computation accelerators (17) to take down heavy mathematical computation, which makes this whole process faster and smoother. In this present invention, the host or central computing system (13) have been used which
shown in figure 3. As shown in fig. 3, the whole system of the present invention is processor-based. The processor (18) is interfaced with the plurality of computation accelerators (17). Here, both the processor (18) and the computation accelerator (17) share a common memory (19). The system of present invention uses the data transmission with this hardware and this is used to form or create data lake. In application software (20), first cognitive decision making based on information filtering system pre-fetch the data from the memory (19). This data is useful in training the model of the present invention. For training purpose said model uses the processor (18) as for taking out critical functional processes, while the computation accelerator (17) takes out parallel processing and computation. Memory management is carried out by the processor (18). Finally, the saved data is stored to user- specific data upon completion of training. The system of present invention is advantageous over the existing loan automation system. The loan automation system of the present invention works as path- breaking for overall finance or FinTech world. As it not only helps and guides for filling up details and information but, it also creates and generates data lake with the help of data transmission, and creates a Blockchain Technology (BCT) approach which is completely automated process. This process is centrally focused with autonomous process and eases out the work for any person who is seeking loan or insurance and the person who is providing loan or insurance. The system of present invention provides automated advisory for wealth management. The verification process is also
automatized as user itself been identified with biometric data with supported video feed and compared with the database. Interactive walls connected with the computing system which assist user in filing loan application and accessing prerequisite for loan application. Whole system of present invention would improve current loan processing, by automating current processes for filing complex paperwork. For any authentication procedure user can interact with interactive wall displays to enter signature and biometric for added security. Hence, proposed loan processing system is faster, smoother than current loan processing system.
While various elements of the present invention have been described in detail, it is apparent that modification and adaptation of those elements will occur to those skilled in the art. It is expressly understood, however, that such modifications and adaptations are within the spirit and scope of the present invention as set forth in the following claims.
Claims
A process of a cognitive loan automation system, comprising the steps of: a) fetching the user data by fetching means (12); b) storing and securing the user data in storage database (15) of said cognitive loan automation system by communication network module (14); c) creating a data lake by processing the user data by an advanced processing system after customer or applicant applies for a loan; d) sending the loan application for auto filing and reviewal by smart model; e) generating a synergic connotation score by intelligent retrieval system; f) making a profile match after reviewing said synergic connotation score by Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO);
g) approaching of bank, organization, and institute by the person seeking a loan or vice versa, on the basis of said qualitative matchmaking; h) signing a smart or digital contract for loan disbursement; i) monitoring, and tracking the loan after loan disbursement; and j) sending the red flags and early warnings by Blockchain Technology (BCT) and Decentralized Autonomous Organization (DAO) when loan repayment is not done timely.
The process of a cognitive loan automation system as claimed in claim 1, wherein said user data includes historical data, real-time data, and biometric data.
The process of a cognitive loan automation system as claimed in claim 1, wherein said fetching means (12) comprises a biometric sensor (12a), a visual feed (12b), an interactive wall with display (12c), and a transmitter (12d).
The process of a cognitive loan automation system as claimed in claim 3, wherein said biometric sensors (12a) further comprise retina
identification, a fingerprint scanner, and face identification through a visual feed.
The process of a cognitive loan automation system as claimed in claim 1, wherein said data lake is being generated from the past data as well as the Blockchain Technology (BCT) approach.
The process of a cognitive loan automation system as claimed in claim 1, wherein said the smart model is based upon heuristic formulation or calculations which takes out the various parameters as a set of inputs and executes some distinctively computative process.
The process of a cognitive loan automation system as claimed in claim 1, wherein said synergic connotation score is generated for rating and identifying the loan applicant's profile.
The process of a cognitive loan automation system as claimed in claim 1, wherein said monitoring, and tracking of loan is done by the Internet of Things (IoT).
A cognitive loan automation system, comprising:
a fetching means (12) for fetching user data;
a host or a central computing unit (13), to store the user data in storage database (15), wherein said host or central computing unit (13) further comprising:
computation accelerator (17), processor (18), memory (19), and application software (20);
a communication network module (14), to transfer processed data to platform or cloud (16); and
a platform or cloud (16), to store the data for future perspective.
A cognitive loan automation system configured to operate the steps as claimed in claims 1 - 9.
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