PNC Financial Services Group has patented a system for managing financial accounts in low cash mode. The system includes transferring funds between accounts, setting thresholds, and enabling specific transaction controls based on account balance. Notifications are sent to users throughout the process. 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 February 2024 was 91%. Grant share is based on the ratio of number of grants to total number of patents.
System for managing financial account in low cash mode
A recently granted patent (Publication Number: US11928656B1) outlines a system that includes a memory storing instructions, a database storing account information, user information, and account balances, and a processor executing operations in two modes. In the first mode, a mobile device is associated with an account, and a setup dashboard is provided for setting a threshold for the second mode. Once the account balance meets the threshold, the system switches to the second mode, enabling specific transaction controls and notifications. Users can manage default payments and exit the second mode when the account balance rises above the threshold.
The system also includes features such as toggle controls for canceling transactions, transferring funds between accounts, paying transactions, accelerating deposits, and obtaining personal loans. An application on a mobile device allows users to interact with the system, set thresholds, and manage transactions. The system predicts future account balances based on current balances and transactions, determining whether the account should be in the second mode. Notifications are sent to users regarding the mode status, and specific transaction controls are enabled or disabled accordingly. Overall, the system aims to provide users with a streamlined and efficient way to manage their accounts and transactions, ensuring control and flexibility in their financial activities.
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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.
