Application programing interface for providing financial-product eligibility quotation

Abstract

A system and method for quoting a customer's eligibility for a financial product are disclosed. According to certain embodiments, the system may include a memory storing instructions. The system may also include a processor configured to execute the instructions to: receive a quotation request from a client device associated with the customer, the quotation request including customer-identifying information; acquire, from a second source, information relating to a level of risk associated with the customer-identifying information; aggregate the customer-identifying information and the information relating to the level of risk; extract a plurality of variables from the aggregated data; determine an eligibility score based on the extracted variables and an eligibility model, the eligibility score indicating a likelihood of being approved for the financial product; and provide the eligibility score to the client device.

1 - 20 . (canceled) 
     
     
         21 . A system for quoting a customer's eligibility for a financial product, the system comprising:
 one or more memories storing instructions; and   one or more processors configured to execute the instructions to perform operations comprising:
 providing an interface for the customer to request a first quotation for a plurality of financial products; 
 receiving a first quotation request via the interface; 
 obtaining customer data related to the first quotation request, the customer data comprising information of the customer received from a credit bureau service; 
 selecting one of a plurality of eligibility models, the eligibility models corresponding to the financial products; 
 determining an eligibility score based on the customer data and the selected eligibility model, the eligibility score indicating a likelihood of being approved for a first one of the financial products; and 
 when the eligibility score is above a predetermined threshold:
 indicating that the customer is eligible for the first one of the financial products. 
 
   
     
     
         22 . The system of  claim 21 , the operations further comprising:
 determining that a request for a second quotation, requested before the first quotation, has been performed for the customer within a predetermined time frame; and   when the second quotation request has been performed for the customer within the predetermined time frame:
 obtaining a second eligibility score, the second eligibility score being associated with the second quotation request; 
 using the second eligibility score as the first eligibility score to determine whether the customer is eligible for the first one of the financial products. 
   
     
     
         23 . The system of  claim 21 , wherein:
 the quotation request comprises customer-identifying information; and   the operations further comprise parsing the customer-identifying information using a text-mining algorithm.   
     
     
         24 . The system of  claim 23 , the operations further comprising:
 aggregating the customer-identifying information and the customer data to form first aggregated data;   wherein determining the eligibility score is based on the first aggregated data and the selected eligibility model.   
     
     
         25 . The system of  claim 23 , wherein the customer-identifying information comprises at least one of:
 a name of the customer;   date of birth of the customer;   an email address of the customer;   a residential address of the customer; or   answers of the customer to one or more questions presented by the processor.   
     
     
         26 . The system according to  claim 21 , wherein:
 the credit bureau service is selected from a plurality of credit bureau services, the selecting being based on at least one of:
 response speeds of the credit bureau services; or levels of credit information of the credit bureau services. 
   
     
     
         27 . The system according to  claim 21 , the operations further comprising:
 acquiring account data relating to one or more financial service accounts held by the customer.   
     
     
         28 . The system according to  claim 27 , the operations further comprising:
 aggregating the account data and the customer data to form second aggregated data; and   wherein determining the eligibility score is based on the second aggregated data and the selected eligibility model.   
     
     
         29 . The system according to  claim 21 , the operations further comprising:
 acquiring risk information related to a level of risk associated with the customer.   
     
     
         30 . The system according to  claim 29 , the operations further comprising:
 aggregate the risk information the data related to the quotation request to form third aggregated data;   wherein determining the eligibility score is based on the third aggregated data and the selected eligibility model.   
     
     
         31 . A computer-implemented method for quoting a customer's eligibility for a financial product, the method comprising:
 providing an interface for the customer to request a first quotation for a plurality of financial products;   receiving a first quotation request via the interface;   obtaining customer data related to the first quotation request, the customer data comprising information of the customer received from a credit bureau service;   obtaining an eligibility score, the eligibility score being based on the customer data and an eligibility model corresponding to a first one of the financial products, the eligibility score indicating a likelihood of being approved for the first one of the financial products; and   when the eligibility score is above a predetermined threshold:
 determining that the customer is eligible for the first one of the financial products; and 
 providing, via the interface, an indication of eligibility. 
   
     
     
         32 . The system of  claim 31 , the operations further comprising:
 determining that a second quotation, requested prior to the first quotation request, has been performed for the customer within a predetermined time frame;   when the second quotation request has been performed for the customer within the predetermined time frame:
 obtaining a second eligibility score, the second eligibility score being associated with the second quotation request; 
 using the second eligibility score as the first eligibility score to determine whether the customer is eligible for the first one of the financial products. 
   
     
     
         33 . The system of  claim 31 , wherein:
 the first quotation request comprises customer-identifying information; and   the operations further comprise parsing the customer-identifying information using a text-mining algorithm.   
     
     
         34 . The system of  claim 33 , the operations further comprising:
 aggregating the customer-identifying information and the data related to the quotation request to form first aggregated data; and   wherein the eligibility score is based on the first aggregated data and the selected eligibility model.   
     
     
         35 . The system according to  claim 31 , wherein:
 the credit bureau service is selected from a plurality of credit bureau services, the selecting being based on at least one of:
 response speeds of the credit bureau services, or 
 levels of credit information of the credit bureau services. 
   
     
     
         36 . The system according to  claim 31 , the operations further comprising:
 acquiring account data relating to one or more financial service accounts held by the customer.   
     
     
         37 . The system according to  claim 37 , the operations further comprising:
 aggregating the account data and the customer data to form second aggregated data; and   wherein the eligibility score is based on the second aggregated data and the selected eligibility model.   
     
     
         38 . The system according to  claim 31 , the operations further comprising:
 acquiring risk information related to a level of risk associated with the customer.   
     
     
         39 . The system according to  claim 39 , the operations further comprising:
 aggregate the risk information and the customer data to form third aggregated data;   wherein the eligibility score is based on the third aggregated data and the selected eligibility model.   
     
     
         40 . A non-transitory computer readable medium storing instructions, which when executed, cause at least one processor to perform operations for quoting a customer's eligibility for a financial product, the operations comprising:
 providing an interface for the customer to request a first quotation for a plurality of financial products;   receiving a first quotation request via the interface;   determining whether a second quotation, requested prior to the first quotation request, has been performed for the customer within a predetermined time frame;   when the second quotation request has been performed for the customer within the predetermined time frame:
 obtaining a first eligibility associated with the second quotation request; 
 when the eligibility score is above a predetermined threshold:
 concluding that the customer is eligible for a first one of the financial products; 
 
 when the eligibility score is not above a predetermined threshold:
 indicating that the customer is not eligible for the first one of the financial products; 
 
   when a second quotation request has not been performed for the customer within the predetermined time frame:
 obtaining customer data related to the first quotation request, the customer data comprising information of the customer received from a credit bureau service;
 selecting one of a plurality of eligibility models, the eligibility models corresponding to the financial products; 
 determining a second eligibility score based on the customer data and the selected eligibility model, the second eligibility score indicating a likelihood of being approved for the first financial product; and 
 when the eligibility score is above a predetermined threshold:
 indicating that the customer is eligible for the first one of the financial products.