REAL-TIME CREATION OF BANK ACCOUNT AND DISPENSING BANK KIT THROUGH ATM
PCT Application Number : PCT/IB2018/055461 India Patent Application Number : 201741026768
US Patent Application Number : 15983120
In recent years, financial services industry has become increasingly expanded. Financial institutions, such as Banks, now offer a wide variety of products and services which were previously not available to customers. Such expansion of products and services puts the financial institutions under significant pressures to facilitate these products and services to customers. However, nowadays, the customers have very minimal time to manage their money through regular interactions with the financial institutions. To overcome this issue and to facilitate the customers, the financial institutions have introduced a computing machine, in particular an automated teller machine (ATM) into the market. ATM is a computing machine that allows the customers of the financial institutions to perform financial transactions, say, cash withdrawal, cash deposit, account balance check, or retrieval of mini statements, without personally visiting the financial institutions. Thus, ATM offers the convenience of performing faster transactions. Further, ATMs are generally located at multiple locations and provide access to the financial institutions from any part of the world.
Traditionally, to open an account with a financial institution, an applicant must visit at a branch of the financial institution and deals with an appropriate official of the financial institution to complete the procedure of opening the account. Once the procedure for opening account is complete, the financial institution may take about a week to verify the documents and details submitted by the applicant during the procedure of opening the account, and, if everything is found in order, dispatch an account opening envelope to physical address of the applicant. Such procedure of opening an account is very tedious and time consuming. Also, for a large segment of people in our society, it a big challenge to open account and maintain that account by visiting the financial institution or branch office of that institute. In addition to such challenge, it is very difficult for a customer to visit a financial institution within its working hours and, in the financial institution, a customer is generally not entertained by institute’s representative. Accordingly, there is a need of having a system and a method which may assist in opening an account with a financial institution, without any assistance of a human cashier, clerk, teller, or representative, of the financial institution.
Efforts have been made to improve the process of opening an account in a financial institution. For instance, United States Patent 5866889 describes a sales tool which includes a computer and a workstation for use at a bank branch by a personal banker to identify recommended products for a particular customer in a face-to-face session, and to assist in an account opening process. However, business hours of the banks are the biggest constraint. Customers seeks for banking services regardless of time and place using information and communication technologies, such as that developed without being bound by this restriction. Further, even if, a facility of 24 x 7 banking is provided, including facility for creating/opening a bank account, which is very rare, still it has a huge constraint by way of verification of documents submitted by the customer and thereby providing an account opening envelope having ATM card or credit card, associated Pin’s and other documents on the spot.
Hence, in spite of techniques available in the market for creating new bank account either online or by visiting banks, such techniques majorly includes a process in which a tool can be used to create account in a bank branch office for particular customers. However, the above procedures necessitate that applicant/customer visits at a branch office of the bank to open/create an account. Further, it is often a challenge for receiving an account opening envelope, which includes bank associated document such as passbook, Debit/credit card, PIN, cheque book etc. after bank account opening instantly.
Although, there is certainly nothing wrong with the existing techniques for bank account creation mechanism; nonetheless, there still exists a need to overcome the problems as recited above, and a need to enable a bank account creation/opening facility through any accessible, proximate, and convenient systems or devices which further enables to verify in real-time the customer details submitted during the bank account creation and thereby dispense account opening envelope instantly after verification and/or account creation.
US Patent Application Number : 15983120
In recent years, financial services industry has become increasingly expanded. Financial institutions, such as Banks, now offer a wide variety of products and services which were previously not available to customers. Such expansion of products and services puts the financial institutions under significant pressures to facilitate these products and services to customers. However, nowadays, the customers have very minimal time to manage their money through regular interactions with the financial institutions. To overcome this issue and to facilitate the customers, the financial institutions have introduced a computing machine, in particular an automated teller machine (ATM) into the market. ATM is a computing machine that allows the customers of the financial institutions to perform financial transactions, say, cash withdrawal, cash deposit, account balance check, or retrieval of mini statements, without personally visiting the financial institutions. Thus, ATM offers the convenience of performing faster transactions. Further, ATMs are generally located at multiple locations and provide access to the financial institutions from any part of the world.
Traditionally, to open an account with a financial institution, an applicant must visit at a branch of the financial institution and deals with an appropriate official of the financial institution to complete the procedure of opening the account. Once the procedure for opening account is complete, the financial institution may take about a week to verify the documents and details submitted by the applicant during the procedure of opening the account, and, if everything is found in order, dispatch an account opening envelope to physical address of the applicant. Such procedure of opening an account is very tedious and time consuming. Also, for a large segment of people in our society, it a big challenge to open account and maintain that account by visiting the financial institution or branch office of that institute. In addition to such challenge, it is very difficult for a customer to visit a financial institution within its working hours and, in the financial institution, a customer is generally not entertained by institute’s representative. Accordingly, there is a need of having a system and a method which may assist in opening an account with a financial institution, without any assistance of a human cashier, clerk, teller, or representative, of the financial institution.
Efforts have been made to improve the process of opening an account in a financial institution. For instance, United States Patent 5866889 describes a sales tool which includes a computer and a workstation for use at a bank branch by a personal banker to identify recommended products for a particular customer in a face-to-face session, and to assist in an account opening process. However, business hours of the banks are the biggest constraint. Customers seeks for banking services regardless of time and place using information and communication technologies, such as that developed without being bound by this restriction. Further, even if, a facility of 24 x 7 banking is provided, including facility for creating/opening a bank account, which is very rare, still it has a huge constraint by way of verification of documents submitted by the customer and thereby providing an account opening envelope having ATM card or credit card, associated Pin’s and other documents on the spot.
Hence, in spite of techniques available in the market for creating new bank account either online or by visiting banks, such techniques majorly includes a process in which a tool can be used to create account in a bank branch office for particular customers. However, the above procedures necessitate that applicant/customer visits at a branch office of the bank to open/create an account. Further, it is often a challenge for receiving an account opening envelope, which includes bank associated document such as passbook, Debit/credit card, PIN, cheque book etc. after bank account opening instantly.
Although, there is certainly nothing wrong with the existing techniques for bank account creation mechanism; nonetheless, there still exists a need to overcome the problems as recited above, and a need to enable a bank account creation/opening facility through any accessible, proximate, and convenient systems or devices which further enables to verify in real-time the customer details submitted during the bank account creation and thereby dispense account opening envelope instantly after verification and/or account creation.
How it works:
Individuals can go to ATM and fill the form on ATM (or like dedicated machines) on the screen. The required documents will be scanned by ATM and the cards like PAN card/Aadhar card etc... can be submitted as proof by inserting in the dedicated Card slot in the ATM then the ATM will scan those cards. Once scan is completed, the card will be come out to collect by the customer (likewise customers should do this exercise to upload all the required documents to open a new bank account) finally the scanned docs are attached to the application form. User signature and bio-metric details can be captured in the ATM itself by the respective devices such as digital-Slate/Pen etc….ATM will capture the user bio-metrics such as finger prints and IRIS and attached to the account application.
Once the application is submitted then the user will get the NAOTP (New account one time password) and should be entered in the ATM form. Upon documents Verification done by the ATM/bank (through automation programs) the account will be activated automatically. If automated verification is done the instant bank kit will be dispensed through ATM itself then and there or else if verification is pending and whenever the account is activated the ASOTP (Account Status OTP) will be sent to the registered mobile number then user should enter the same ASOTP in the same bank ATM to receive the instant account kit (Debit card, PIN, Cheque book, Passbook etc...) from the ATM itself.
Please provide your valuable suggestions and comments on this article.
Disclaimer: Chances are there that some one may have patents on the similar innovative ideas but all these concepts are my own individual thoughts.
Thanks,
SPCS
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