PNC Financial Services Group. has been granted a patent for a system that manages financial accounts in a low cash mode. The system utilizes machine learning to predict account balance dips, provides user notifications, and facilitates fund transfers between accounts to maintain balance above a threshold. GlobalData’s report on PNC Financial Services Group gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on PNC Financial Services Group, Virtual banking assistant was a key innovation area identified from patents. PNC Financial Services Group's grant share as of June 2024 was 88%. Grant share is based on the ratio of number of grants to total number of patents.
Financial account management system for low cash mode
The patent US12020223B1 describes a sophisticated system for account management that utilizes machine learning algorithms to enhance user experience and financial oversight. The system comprises distributed servers that communicate over a wide area network, executing instructions stored in memory to manage user accounts in two distinct modes. When an account is determined to be in the second mode—indicating potential financial risk—the system generates predictions about the account balance based on user spending habits, personal account balance, and geolocation data. This predictive capability allows the system to disable a standard dashboard configuration and automatically enable a secondary configuration that offers options such as locking the account, processing checks, or managing scheduled payments. Users can interact with the system through a mobile application or web interface, receiving alerts via various communication channels.
Additionally, the system includes features for monitoring account balances and implementing user-selected options in response to real-time data. The first dashboard configuration provides multiple transaction management options, including the ability to approve or deny transactions, manage negative balances, and prioritize payments. The method also incorporates geolocation monitoring to facilitate transactions in familiar spending locations, thereby enhancing user control over their financial activities. Overall, this patent outlines a comprehensive approach to account management that leverages technology to provide users with timely insights and actionable options to maintain financial stability.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
