18466407. SYSTEMS AND METHODS FOR ASSISTING USERS IN ASSESSING COSTS OF TRANSACTIONS simplified abstract (Capital One Services, LLC)

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SYSTEMS AND METHODS FOR ASSISTING USERS IN ASSESSING COSTS OF TRANSACTIONS

Organization Name

Capital One Services, LLC

Inventor(s)

Austin Walters of Savoy IL (US)

Jeremy Goodsitt of Champaign IL (US)

SYSTEMS AND METHODS FOR ASSISTING USERS IN ASSESSING COSTS OF TRANSACTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 18466407 titled 'SYSTEMS AND METHODS FOR ASSISTING USERS IN ASSESSING COSTS OF TRANSACTIONS

Simplified Explanation

The patent application describes a system and method for helping users assess the costs of transactions. Here are the key points:

  • The system determines the cost of a transaction associated with a user.
  • The user is classified into a category based on their consumer interest characteristics and the characteristics associated with the category.
  • A relatable product is identified based on the consumer interest characteristics of the category. This product is commonly purchased by others in the same category.
  • The system calculates a relatable cost value, which represents the cost of the user's transaction using a quantity of the relatable product.
  • The relatable cost value is then presented to the user.

Potential applications of this technology:

  • E-commerce platforms can use this system to provide users with a better understanding of the costs associated with their transactions.
  • Financial institutions can utilize this system to help users assess the costs of their financial transactions, such as loans or investments.
  • Retailers can use this system to offer personalized cost comparisons to customers, helping them make more informed purchasing decisions.

Problems solved by this technology:

  • Users often struggle to accurately assess the costs of their transactions, leading to potential financial difficulties or regretful purchases.
  • This system addresses this problem by providing users with a relatable cost value based on their consumer interest characteristics and the purchasing behavior of others in the same category.

Benefits of this technology:

  • Users can make more informed decisions about their transactions, leading to better financial management.
  • The system helps users understand the true costs of their purchases, reducing the likelihood of unexpected expenses.
  • Businesses can provide personalized cost comparisons, enhancing the user experience and potentially increasing customer satisfaction and loyalty.


Original Abstract Submitted

Systems and methods are disclosed for assisting users in assessing costs of transactions. For instance, method may include: determining a cost value of at least one transaction associated with a user; classifying the user into a category, based on consumer interest characteristics of the user and consumer interest characteristics associated with the category; determining a relatable product based on the consumer interest characteristics associated with the category, the relatable product being a product purchased by a plurality of persons classified in the category; determining a relatable cost value, the relatable cost value being a representation of the cost value of the at least one transaction using a quantity of the respective relatable product; and presenting the relatable cost value to the user.

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