17939630. TRANSACTION TAGS FOR ENHANCED SUGGESTIONS simplified abstract (Apple Inc.)

TRANSACTION TAGS FOR ENHANCED SUGGESTIONS

Organization Name

Apple Inc.

Inventor(s)

Michael A. Minar of Palo Alto CA (US)

Yiran Kang of Santa Clara CA (US)

Fadi S. Obeid of Santa Clara CA (US)

Rachel Reddy of Long Island City NY (US)

Rima Kakarla of Cupertino CA (US)

Anuj Chaudhary of Fremont CA (US)

Anish Doshi of South Barrington IL (US)

Julien Barlerin of San Francisco CA (US)

Michael Artemiw of San Jose CA (US)

Richard W. Heard of San Francisco CA (US)

Ashish C. Nagre of Sunnyvale CA (US)

TRANSACTION TAGS FOR ENHANCED SUGGESTIONS - A simplified explanation of the abstract

This abstract first appeared for US patent application 17939630 titled 'TRANSACTION TAGS FOR ENHANCED SUGGESTIONS

Simplified Explanation

The patent application describes a system that analyzes transaction data and assigns tags based on transaction characteristics. It then suggests payment amounts for account balances based on these tagged transactions. The suggested payment amounts are presented to the user on their device.

• Transaction data is analyzed and assigned tags based on transaction characteristics.
• Suggested payment amounts for account balances are determined using the tagged transactions.
• Users are presented with information about suggested payment amounts on their devices.

Potential Applications

This technology can have various applications in the financial industry, including:

• Personal finance management apps can utilize this system to provide users with suggested payment amounts for their account balances.
• Banks and credit card companies can use this system to offer personalized payment recommendations to their customers.
• Budgeting tools can incorporate this technology to help users allocate their funds effectively.

Problems Solved

The technology addresses several challenges in financial management:

• Users often struggle to determine the optimal payment amounts for their account balances.
• Keeping track of transaction characteristics manually can be time-consuming and prone to errors.
• Personalized payment recommendations are not widely available, leading to suboptimal financial decisions.

Benefits

The system offers several benefits to users and financial institutions:

• Users can make more informed decisions about their payments, leading to better financial management.
• The automated tagging of transactions saves time and reduces the risk of errors.
• Financial institutions can enhance customer satisfaction by providing personalized payment recommendations.

Original Abstract Submitted

Transaction data that represents transactions may be associated with one or more generated tags based on characteristics associated with the transactions. A set of suggested payment amounts for paying an account balance may be determined based on the tagged transactions. Information about at least one suggested payment amount may be presented at a user device.