PNC Financial Services Group has been granted a patent for a system that manages financial accounts in low cash mode. The system includes a processor, memory, and database to transfer funds between accounts, notify users, and provide transaction controls. 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 May 2024 was 81%. Grant share is based on the ratio of number of grants to total number of patents.
Financial account management system with low cash mode
A recently granted patent (Publication Number: US12014339B1) describes a system that includes a memory storing instructions, a database storing account information, user information, financial card details, and account balance, and a processor executing operations. The system communicates with a user's mobile device, provides a display user interface, and offers transaction controls. It uses machine learning to determine account modes based on various data, automatically providing transaction controls like locking the financial card when necessary. Notifications are sent to the user's mobile device, and different dashboard configurations are displayed based on the account status, ensuring financial security and control.
The system can handle various types of transactions, including pending, scheduled, and anticipated transactions. It can determine potential purchases based on user interactions with merchants and geographic proximity. The processor makes decisions on account modes based on account balance thresholds, ensuring financial stability. Notifications to users can be in the form of emails, text messages, voice calls, push notifications, social media alerts, wearable technology alerts, or network-connected device alerts. Overall, the system aims to provide users with a secure and controlled financial experience, offering transaction controls and notifications tailored to their account status and potential purchases, enhancing financial management and security for users interacting with their financial accounts through mobile devices.
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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.
