18527188. EVENT-BASED AUTOMATIC TRANSACTION SYSTEM simplified abstract (Wells Fargo Bank, N.A.)

EVENT-BASED AUTOMATIC TRANSACTION SYSTEM

Organization Name

Wells Fargo Bank, N.A.

Inventor(s)

Himanshu Baral of Fremont CA (US)

David J. Hiltgen of Fort Hill SC (US)

Christine Rein of San Francisco CA (US)

Laura B. Smith of San Francisco CA (US)

EVENT-BASED AUTOMATIC TRANSACTION SYSTEM - A simplified explanation of the abstract

This abstract first appeared for US patent application 18527188 titled 'EVENT-BASED AUTOMATIC TRANSACTION SYSTEM

Simplified Explanation

The patent application describes a system for automatically initiating financial transactions on behalf of a user based on the probability of a specific event occurring, as determined by analyzing news information sources.

• The system determines the likelihood of an event happening by analyzing a variety of news sources, and if the probability meets a certain threshold, it initiates a transaction on behalf of the user.
• The system also identifies the location impacted by the event and triggers the transaction if the user is in close proximity to that location.
• The transaction is carried out through a mobile banking client application linked to the user's authorized financial account.

Potential Applications

This technology could be applied in various industries such as finance, insurance, and retail to automate transactions based on real-time events and news information.

Problems Solved

1. Eliminates the need for users to manually monitor news sources and make financial decisions based on current events. 2. Provides a proactive approach to financial management by automatically responding to potential opportunities or risks.

Benefits

1. Increases efficiency by automating financial transactions based on external factors. 2. Enhances user experience by offering timely and relevant financial services. 3. Reduces the risk of missing out on profitable opportunities or failing to react to potential threats.

Potential Commercial Applications

Automated Event-Based Transaction System: Enhancing Financial Decision-Making Through Real-Time Data Analysis

Possible Prior Art

There may be existing systems that use real-time data analysis to trigger financial transactions based on external events, but the specific approach outlined in this patent application may be novel.

How does the system ensure the security and privacy of user financial information during the transaction process?

The patent application does not provide details on the security measures in place to protect user data during the automated transaction process.

What types of events or news sources are considered in the probability calculation, and how are they weighted in the analysis?

The patent application does not specify the criteria for selecting news sources or the algorithm used to determine the probability of an event occurring based on the information gathered.

Original Abstract Submitted

Systems, apparatuses, and methods of an event-based automatic transaction on behalf of a user include and not limited to, determining, based on a plurality of information sources including a plurality of news information sources independent of a particular physical location, a probability of an event occurring, the probability being based on a predetermined percentage of news information sources indicating that the event is going to occur or is occurring, in response to the probability of the event occurring satisfying a predetermined threshold corresponding to the predetermined percentage, determining a location impacted by the event, in response to determining that the location of the user is proximate to the location impacted by the event, initiating a transaction with a mobile banking client application linked to an authorized financial account on behalf of the user, the authorized financial account being associated with the user and provided by the financial institution computing system.