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 set 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 July 2024 was 88%. Grant share is based on the ratio of number of grants to total number of patents.
System for managing financial accounts in 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 switch to a secondary configuration that offers options such as locking the account or permitting specific transactions, thereby providing users with tailored management tools.
Additionally, the system supports various user interfaces, including mobile applications and web-based platforms, to facilitate interaction. Users can receive alerts through multiple channels, including email and social media, regarding their account status and available options. The system also includes features for managing negative account balances and allows users to trigger fund transfers from predetermined accounts. Overall, the patent outlines a comprehensive method for proactive account management that leverages technology to help users maintain financial stability and make informed decisions.
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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.
