Generating communicable linkages for a cloud-based competitive proposal system

Embodiments of the invention are directed to a system, method, or computer program product for generating communicable linkages that collectively provide a cloud-based competitive proposal system. The competitive proposal system generates a user-specific competitive proposal profile containing user preferences, historic trends, and associated resource managers based on information collected from a user and user associated accounts. The competitive proposal system is triggered by the user signaling the system of a proposed transaction. The system requests term change proposals from resource managers that collectively provide a total resource amount required by the merchant to consummate the transaction. The term change proposals are evaluated and ranked by the competitive proposal system before being transmitted as a ranked list to the user device allowing the user to select a preferred term change proposal and complete the transaction.

BACKGROUND

With advancements in communication technology and resource storage, managers of resources are now able to offer a wide variety of terms to fit the needs of users. The terms and/or user needs may continually change over a period of time without adjustments to resource utilization.

BRIEF SUMMARY

Embodiments of the present invention address these and/or other needs by providing an innovative system, method and computer program product for a cloud-based competitive proposal service allowing a user to receive competitive term proposals from one or more resource managers in real time.

In some embodiments, the invention provides a cloud-based system for generating communicable linkages between systems allowing for a competitive proposal process. This invention generates a user-specific competitive proposal profile based on information collected from a user and user-associated accounts. Based on receiving from a user device a total resource amount required by a merchant, the competitive proposal system is triggered to allow resource managers access to the user-specific profile and request term change proposals from the resource managers. The competitive proposal system generates a ranked list of the term change proposals and transmits the ranked list to the user device allowing for user selection of a preferred term change proposal.

Embodiments of the invention relate to systems, methods, and computer program products for generating communicable linkages for a cloud-based competitive proposal service management system, the invention comprising: identifying user resources and one or more resource managers associated with the identified user resources; generating a user-specific competitive proposal profile, wherein the user-specific competitive proposal profile comprises user resources, user preferences, historic resource trends, and resource manager terms for resource use; triggering a communicable linkage with the one or more resource managers based on receiving a determined total resource amount required by a merchant; opening the communicable linkage with the one or more resource managers for resource manager term change proposals for providing the total resource amount to the merchant; receiving term change proposals from the one or more resource managers through the communicable linkage; generating a ranked list of resources from the one or more resource managers for providing the total resource amount to the merchant, wherein the ranked list of resources further comprise an order of preferred term changes relative to the user preferences; transmitting the ranked list of resources from the one or more resource managers to the user device; and allowing user selection of one of the ranked list of resources for providing the total resource amount to the merchant.

In some embodiments, the invention further comprises generating a confidence score of the resources on the ranked list of resources, wherein the confidence score comprises a confidence of the user employing a specific resource for providing the total resource amount to the merchant and completing a transaction, wherein generating the confidence score is based on weighted factors, wherein the weighted factors may include in descending order of weighted value: user preferences, past transaction data, historic trends, and/or location data associated with the user; identifying a first resource on the ranked list of resources with a confidence score that meets or exceeds a predetermined confidence limit; and transmitting, based on identifying the first resource, the first resource on the ranked list of resources to the merchant for providing the total resource amount to the merchant and completing the transaction.

In some embodiments, the one or more resource managers comprise financial institutions that provide a debit card, credit card, and/or line of credit to the user for providing the total resource amount to the merchant and completing the transaction.

In some embodiments, generating the ranked list of resources from the one or more resource managers further comprises analyzing the user preferences, wherein the user preferences include a preferred form of reward, incentive, and/or discount such as cash back, more reward points, lower interest rates, and/or the like provided to the user by an associated resource relative to current terms set forth by the one or more resource managers upon selection of the associated resource to complete the transaction.

In some embodiments, triggering the communicable linkage with the one or more resource managers based on determining the total resource amount required by the merchant further comprises receiving from the user device the determined total resource amount required by the merchant; and in response to receiving from the user device the determined total resource amount required by the merchant, establishing a communication link between the user device and the cloud-based competitive proposal service management system.

In some embodiments, receiving the term change proposals from the one or more resource managers through the communicable linkage further comprises a confidential bidding process, wherein the one or more resource managers submit a single, private proposal of terms for the resource associated with the one or more resource managers for completing a transaction and providing the total resource amount to the merchant.

In some embodiments, receiving term change proposals from the one or more resource managers through the communicable linkage further comprises a public auction, wherein the one or more resource managers can place competing proposals of terms for completing the transaction in response to a public, currently pending proposal of terms for the resource associated with the one or more resource managers for completing a transaction and providing the total resource amount to the merchant.

In some embodiments, generating the user-specific competitive proposal profile comprises pushing a user profile comprising user preference selectable indicators to the user device; receiving selected user preferences from the user device based on the pushing of the user profile; identifying historic trends associated with user accounts; and allowing the user to modify the user specific competitive proposal profile on the user device

In some embodiments, the cloud-based competitive proposal service management system further comprises generating a cloud-based competitive proposal service application associated with the competitive proposal service management, wherein the cloud-based competitive proposal service application allows for communicable linkage between the resource managers systems, the user device, and a merchant point-of-transaction device for integrative transaction completion.

In some embodiments, the one or more resource managers comprise one or more manufacturers of competing products similar to a product included in a transaction comprising the total resource amount required by the merchant; and wherein the ranked list of resources comprises a ranked list of product proposals from the one or more manufacturers of the competing products similar to the product included in the transaction.

In some embodiments, generating the ranked list of product proposals from the one or more manufacturers of the competing products similar to the product included in the transaction comprises: analyzing the user preferences, wherein the user preferences include a preferred form of reward, incentive, and/or discount such as a lower price, a rebate, a coupon, and/or similar offers provided to the user by a manufacturer of a competing product upon selection by the user to include the competing product in the transaction; generating a confidence score of the product proposals on the ranked list of product proposals, wherein the confidence score comprises a confidence of the user selecting a specific product to include in the transaction, wherein generating the confidence score is based on weighted factors, wherein the weighted factors may include in descending order of weighted value: user preferences, past transaction data, historic trends, and/or location data associated with the user; identifying a first product proposal on the ranked list of product proposals with a confidence score that meets or exceeds a predetermined confidence limit; and transmitting, based on identifying the first product proposal, the first product proposal on the ranked list to the user device.

DETAILED DESCRIPTION OF EMBODIMENTS OF THE INVENTION

Furthermore, as used herein the term “user device” may refer to mobile phones, personal computing devices, tablet computers, wearable devices, and/or any portable electronic device capable of receiving and/or storing data therein.

An “account” is the relationship that a user has with an entity, such as a financial institution. Examples of accounts include a deposit account, such as a transactional account (e.g., a banking account), a savings account, an investment account, a money market account, a time deposit, a demand deposit, a pre-paid account, a credit account, a debit/deposit account, a non-monetary user profile that includes information associated with the user, or the like. The account is associated with and/or maintained by the entity. A “resource” is an account of the user, and/or a payment device associated with an account of the user. Examples of resources may be accounts that have cash or cash equivalents, a credit card and associated credit card account, a debit card and associated banking account, or accounts that are funded with or contain property, such as safety despots box account that jewelry, a trust account that is funded with property, or the like. In some embodiments, a “resource” may also be a goods or services provided by a manufacturer, business, and/or the like to the user.

A “transaction” refers to any communication between a user and the financial institution or other entity monitoring the user's activities. A transaction may refer to a physical or virtual purchase of goods or services, a return of goods or services, a payment transaction, a credit transaction, or other interaction involving a user's account. In the context of a financial institution, a transaction may refer to one or more of: a sale of goods and/or services, initiating an automated teller machine (ATM) or online banking session, an account balance inquiry, a rewards transfer, an account money transfer or withdrawal, opening a bank application on a user's computer or mobile device, a user accessing their e-wallet, or any other interaction involving the user and/or the user's device that is detectable by the financial institution. A transaction may include one or more of the following: renting, selling, and/or leasing goods and/or services (e.g., groceries, stamps, tickets, DVDs, vending machine items, and the like); making payments to creditors (e.g., paying monthly bills; paying federal, state, and/or local taxes; and the like); sending remittances; loading money onto stored value cards (SVCs) and/or prepaid cards; donating to charities; and/or the like.

Embodiments of the present invention address the above needs and/or achieve other advantages by providing apparatuses (e.g., a system, computer program product and/or other device) and methods for providing a cloud-based competitive proposal service allowing a user to receive competitive term proposals from one or more resource managers in real time. The present invention improves the process of a user selecting a resource to complete a transaction by allowing for resource managers to compete for the user's selection thereby ensuring that the resource selected provides the most value to the user according to the user's preferences. Additionally, the present invention allows resource managers the opportunity to potentially procure additional business by offering competitive, user-specific proposals in real-time.

FIG. 1illustrates a competitive proposal system environment200, in accordance with one embodiment of the present invention. As illustrated inFIG. 1, the competitive proposal system208is operatively coupled, via a network201to the user device204, a merchant point-of-transaction device210, and one or more resource manager systems206. In this way, the competitive proposal system208can send and receive information to and from the user device204, the merchant point-of-transaction device210, and the one or more resource manager systems206.FIG. 1illustrates only one example of an embodiment of the system environment200, and it will be appreciated that in other embodiments one or more of the systems, devices, or servers may be combined into a single system, device, or server, or be made up of multiple systems, devices, or servers.

The network201may be a global area network (GAN), such as the Internet, a wide area network (WAN), a local area network (LAN), or any other type of network or combination of networks. The network201may provide for wireline, wireless, or a combination wireline and wireless communication between devices on the network201.

In some embodiments, the user202is an individual or entity initiating a transaction for a product or service using a resource managed by a resource manager. In some embodiments, the user202may have a user device204.FIG. 1also illustrates a user device204. The user device204may be, for example, a desktop personal computer, a mobile system, such as a cellular phone, smart phone, personal data assistant (PDA) wearable device, laptop, or the like. The user device204generally comprises a communication device212, a processing device214, and a memory device216. The processing device214is operatively coupled to the communication device212and the memory device216. The processing device214uses the communication device212to communicate with the network201and other devices on the network201, such as, but not limited to the one or more resource manager systems206and the competitive proposal system208. As such, the communication device212generally comprises a modem, server, or other device for communicating with other devices on the network201.

The user device204comprises computer-readable instructions220and data storage218stored in the memory device216, which in some embodiments includes the computer-readable instructions220of a user application222. In some embodiments, the user application222allows a user202to select a resource, communicate with the merchant point-of-transaction device210, and authorize a transaction for completion.

The processing device248is operatively coupled to the communication device246and the memory device250. The processing device248uses the communication device246to communicate with the network201and other devices on the network201, such as, but not limited to the one or more resource manager systems206, the merchant point-of-transaction device210, and the user device204. As such, the communication device246generally comprises a modem, server, or other device for communicating with other devices on the network201.

As further illustrated inFIG. 1, the competitive proposal system208comprises computer-readable instructions254stored in the memory device250, which in one embodiment includes the computer-readable instructions254of a competitive proposal application258. In some embodiments, the memory device250includes data storage252for storing data related to the system environment200, but not limited to data created and/or used by the competitive proposal application258.

Embodiments of the competitive proposal system208may include multiple systems, servers, computers or the like maintained by one or many entities.FIG. 1merely illustrates one of those systems that, typically, interacts with many other systems to form a cloud-based network. In one embodiment of the invention, the competitive proposal system208is operated by an entity that acts as a resource manager to the user. In some embodiments, the competitive proposal system208is operated by an entity that is separate or does not act as a resource manager.

The processing device248is configured to use the communication device246to gather data, such as data corresponding to user information, transactions, or proposals offered by resource managers. The processing device248stores the data that it receives in the memory device250.

In the embodiment illustrated inFIG. 1and described throughout much of this specification, the competitive proposal application258may gather information related to the user and generate a user-specific profile, request term change proposals from resource managers, and create a ranked list of resources to present to the user for completing a transaction.

In some embodiments, the competitive proposal application258identifies resources associated with the user202. Furthermore, the competitive proposal application258may identify the resource managers that are responsible for maintaining, housing, or otherwise managing the resources associated with the user202.

In some embodiments, the competitive proposal application258generates a user-specific competitive proposal profile by first pushing a user profile to the user202in order to acquire user preferences. The competitive proposal application258sends a command signal to a user device204via a network201to display a graphical user interface comprising the user profile wherein the user profile comprises fields to be completed by the user202. In some embodiments, the user profile is transmitted by the competitive proposal application258to a user device204associated with the user202. The user profile is completed by the user202, and upon completion, the user profile is transmitted, via a network201, by the user device and received by the competitive proposal application258. Subsequently, the user profile is processed by the competitive proposal application258, wherein processing the user profile comprises extracting, compiling, and formatting user-inputted data so as to be presented via a graphical user interface.

In some embodiments, the competitive proposal application258uses information contained within the user profile to identify user accounts and one or more resource managers associated with the user accounts. The user accounts may be financial accounts such as a savings account, checking account, credit card account and/or the like. Account information such as account identifying numbers, credit card numbers, account manager and/or the like is obtained from the user profile completed by the user202. In some embodiments, the user202on the user device204authorizes the competitive proposal application258to access the user accounts associated with the user202on the resource manager systems206. The competitive proposal application258receives the account information associated with the user accounts directly from the one or more resource manager systems206via a network201.

In some embodiments of the invention, the competitive proposal application258may be maintained by a financial institution that also manages one or more accounts of the user202, and the account information is already known by the financial institution without the user202needing to provide the account information in the user profile. In some embodiments, the user accounts may be nonfinancial accounts such as social media accounts, wherein the competitive proposal application258gathers nonfinancial information about the user202from a social media account profile associated with the user202.

In some embodiments, the competitive proposal application258stores the user-specific competitive proposal profile on a cloud network301as further illustrated inFIG. 2. In some embodiments, the cloud network is maintained by the competitive proposal application258. In some embodiments, the network201is the cloud network. In other embodiments the competitive proposal application258stores the user-specific competitive proposal profile in the memory device250of the competitive proposal system208. Access to the user-specific competitive proposal profile is provided to the resource manager systems206by the competitive proposal application258via a network201during the competitive proposal process allowing the one or more resource manager systems206access over a network201to the user preferences and historic trends associated with the user202in order for the one or more resource managers to offer a competitive proposal that may be seen as attractive to the user202. In some embodiments of the invention, the user-specific competitive proposal profile is transmitted by the competitive proposal application258via a network201to the one or more resource manager systems206and stored on the resource manager systems206, wherein user-specific competitive proposal profiles stored on the resource manager system206are updated in real-time by the competitive proposal application258via a network201as new information is transmitted to the competitive proposal application258from the user device204via a network201.

In some embodiments, the competitive proposal application258allows the user202to modify the user-specific competitive proposal profile on the user device204associated with the user202ensuring that the user-specific competitive proposal profile contains current user preferences, historic trends, and resource managers associated with the user202. Upon request by the user202, the user-specific competitive proposal profile may be transmitted by the competitive proposal application258via a network201to the user device204. Upon the user202updating the user-specific competitive proposal profile on the user device204, the user-specific profile is transmitted back by the user device204and received by the competitive proposal application258and stored on the cloud network maintained by the competitive proposal application258. In some embodiments of the invention, the user-specific profile may be stored on the user device204and received by the competitive proposal system208upon the user202updating the user-specific profile, wherein the user-specific profile with the current user preferences, historic trends, and resource managers associated with the user202may be transmitted to the resource manager systems206during the competitive proposal process. In some embodiments, the competitive proposal application258may automatically transmit the user-specific profile to the user device204in response to a predefined period of user inactivity, wherein the competitive proposal system208prompts the user202to update the user-specific profile and/or confirm that all user preferences, historic trends, and resource managers associated with the user202are current. Upon the user202updating and/or confirming the user-specific profile, the user-specific profile is transmitted via a network201by the user device204and received by the competitive proposal application258, wherein the user-specific profile with the current user preferences, historic trends, and resource managers associated with the user202may be transmitted to the resource manager systems206during the competitive proposal process.

In some embodiments, the competitive proposal application258may receive from the user device204a total resource amount required by the merchant for the transaction between the user202and the merchant at a merchant location. Upon all items contributing to the total resource amount required by the merchant being scanned by the merchant, the user device204communicates via radio frequency (RF) communication or some other wireless communication method with a merchant point-of-transaction device210and triggers a payment process. In response to the triggering of the payment process, the total resource amount is transmitted by the user device204over a network201and received by the competitive proposal application258.

In some embodiments, the competitive proposal application258is triggered to establish a communicable linkage with the resource manager systems206in response to receiving the total resource amount required by the merchant for the transaction between the user202and the merchant at the merchant location. The communicable linkage between the resource manager systems206and the competitive proposal application258is established in order to acquire term change proposals from the one or more resource managers, wherein the competitive proposal application258and the one or more resource manager systems206transmit and receive data from one another via a network201during the competitive proposal process.

The competitive proposal application258requires all systems and devices participating in the competitive proposal process to implement an application program interface (API) and an accessible cloud service with appropriate security capable of sending and/or receiving proposals as defined by a manager of the competitive proposal management system.

In some embodiments, the competitive proposal application258generates a ranked list of the resources associated with the term change proposals from the one or more resource managers. In some embodiments of the invention, generating a ranked list of resources from the one or more resource managers further comprises analyzing the user preferences, wherein the user preferences include a preferred form of reward, incentive, and/or discount such as cash back, more reward points, lower interest rates, and/or the like provided to the user202by an associated resource relative to current terms set forth by the one or more resource managers upon selection of the associated resource to complete the transaction.

In some embodiments of the invention, generating a ranked list of the resources associated with the term change proposals from the one or more resource managers comprises generating a confidence score for each of the resources on the ranked list, wherein the confidence score comprises a confidence of the user employing a specific resource for providing the total resource amount to the merchant and completing the transaction. The confidence score is based on weighted factors, wherein the weight factors may include in descending order of weight value: user preferences, past transaction data, historic trends, and/or location data associated with the user202.

In some embodiments, the competitive proposal application258transmits the ranked list of resources to the user device204associated with the user202via a network201. The competitive proposal application258transmits a command signal to the user device204causing it to display a graphical user interface containing the ranked list of resources.

In some embodiments, the competitive proposal application258allows the user to select a resource from the ranked list of resources on the graphical user interface to provide the total resource amount to the merchant and complete the transaction. In some embodiments of the invention, the competitive proposal application258automatically selects a first resource on the ranked list and transmits the first resource to the merchant point-of-transaction device210via a network to complete the transaction. In other embodiments of the invention, the competitive proposal system208identifies a first resource on the ranked list of resources with a confidence score that meets or exceeds a predetermined confidence limit and transmits the first resource on the ranked list to the merchant point-of-transaction device210for providing the total resource amount to the merchant and completing the transaction.

In some embodiments, the competitive proposal application258transmits the ranked list of resources to the user device204associated with the user202. The competitive proposal application258transmits a command signal to the user device204causing it to display a graphical user interface containing the ranked list of resources and allowing for the user202to select a resource from the ranked list and complete the transaction.

As illustrated inFIG. 1, the merchant point-of-transaction device210generally comprises a communication device272, a processing device274, and a memory device276, wherein the processing device274is operatively coupled to the communication device272and memory device276. Further, the memory device276comprises data storage278computer-readable instructions280, which in some embodiments includes the computer-readable instructions280of a merchant application282. The merchant point-of-transaction device210may use the communication device272to communicate over the network201with other systems and servers in the system environment200, such as the user device204, the resource manager systems206, and the competitive proposal system208. In some embodiments, the merchant application282allows the merchant point-of-transaction device210to communicate with the user device204, and other systems in order to receive a resource for completion of a transaction and to complete the processing of the transaction.

The resource manager systems206generally comprise a communication device236, a processing device238, and a memory device240, wherein the processing device238is operatively coupled to the communication device236and memory device240. Further, the memory device240comprises data storage242computer-readable instructions244, which in some embodiments includes the computer-readable instructions244of a resource manager application246. The resource manager systems206may use the communication device236to communicate over the network201with other systems and servers in the system environment200, such as the user device204, the merchant point-of-transaction device210, and the competitive proposal system208. In some embodiments, the resource manager application246allows the resource manager systems206to communicate with the competitive proposal system208in order to receive proposal requests and transmit proposals. The resource manager system206is associated with a resource manager that provides a resource with established terms to the user202, wherein a resource is an account of the user, and/or a payment device associated with an account of the user such as accounts that have cash or cash equivalents, a credit card and associated credit card account, a debit card and associated banking account, and the like. In some embodiments, the resource manager may be a manufacturer, business, and/or the like, wherein a resource may be goods or services.

FIG. 2illustrates a cloud-based competitive proposal system environment300, in accordance with some embodiments of the invention. In some embodiments, a cloud network301is maintained and managed by the competitive proposal system208. The cloud network301comprises the competitive proposal system208, user device204, merchant point-of-transaction device210, and the resource manager systems302. As illustrated inFIG. 1, in some embodiments, the cloud network can comprise one or more resource manager systems, wherein the one or more resource manager systems are operated and maintained by different resource managers. In other embodiments, a resource manager may provide multiple resource manager systems302to be included in the cloud network301. Through the cloud network301, the competitive proposal system208may provide access to networks, servers, processing capabilities, storage, services, and the like for other systems on the network201. In some embodiments, information can be stored and processed on the cloud network301instead of a local computing device such as the user device204, wherein memory and processing capabilities of the local computing device remain unaffected.

FIG. 3provides a high level process flow for completing a transaction between a user and a merchant using a cloud-based competitive proposal service management system100, in accordance with one embodiment of the present invention. As illustrated by block102, a competitive proposal system208identifies resources associated with the user202. Furthermore, the competitive proposal system208may identify the resource managers that are responsible for maintaining, housing, or otherwise managing the resources associated with the user202. In some embodiments of the invention, the one or more resource managers are financial institutions that provide and manage one or more credit cards, debit cards, lines of credit and/or the like to the user202. In some embodiments, the resources are the one or more credit cards, debit cards, lines of credit and/or the like that the financial institutions provide to the user202. For example, a resource manager may be a bank or a credit card company that provides and manages a credit card to the user202.

In some embodiments, the one or more resource managers may be manufacturers of a product, wherein the resources are offers for products that the one or more manufacturers produce, wherein the offers could be discounts, coupons, and/or the like associated with the products. In some embodiments of the invention, the resource managers associated with the user202are identified by receiving communication from the user202. In other embodiments, the resources associated with the user202are identified from accounts associated with the user202extracted and/or identified by the competitive proposal system208.

As illustrated by block104ofFIG. 3, the competitive proposal system208generates a user-specific competitive proposal profile.

The generation of a user-specific competitive proposal profile is further illustrated inFIG. 4. As illustrated inFIG. 4which provides a process flow for generating a user-specific competitive proposal profile600, the competitive proposal system208generates the user-specific competitive proposal profile in block602by first pushing a user profile to the user202in order to acquire user preferences as illustrated in block604. The user profile comprises fields to be completed by the user202. For example, the user profile may contain fields for user input such as a name, address, phone number, email address, social media account information, preferred form of reward or incentive, financial account information and/or the like. In some embodiments, the user profile is transmitted by the competitive proposal system208to a user device204associated with the user202. The user profile is completed by the user202, and upon completion, the user profile is transmitted and received by the system from the user device204. Subsequently, the user profile is processed by the competitive proposal system208, wherein processing the user profile comprises extracting, compiling, and formatting user-inputted data so as to be presented via a graphical user interface.

As illustrated by block606inFIG. 4, the competitive proposal system208processes the user profile and receives the user preferences, wherein the user preferences comprise preferences of the user202for a specific form of reward, incentive, and/or discount such as cash back, reward points, lower interest rates, and/or the like. For example, the user202may state in response to a prompt in the user profile that he/she prefers to receive cash back rather than reward points for a transaction. In some embodiments the form of reward could be a coupon, rebate, and/or the like provided by a manufacturer of a product for the product associated with the manufacturer that is included in the transaction between the user202and the merchant. For example, the user202may state in response to a prompt in the user profile that he/she prefers to receive a coupon that can be immediately applied to the transaction instead of a mail-in rebate.

As illustrated in block608inFIG. 4, the process600continues by identifying user accounts and resource managers associated with the accounts. As such, the competitive proposal system208uses information contained within the user profile to identify user accounts and one or more resource managers associated with the user accounts. The user accounts may be financial accounts such as a savings account, checking account, credit card account and/or the like. Account information such as account identifying numbers, credit card numbers, account manager and/or the like is obtained from the user profile completed by the user202. For example, the user202may complete the user profile and provide information regarding a credit card associated with the user202and a credit card company that manages an account associated with the credit card. In some embodiments, the user202authorizes the competitive proposal system208to access the user accounts associated with the user202, and the competitive proposal system208receives the account information associated with the user accounts directly from the one or more resource managers. In some embodiments of the invention, the competitive proposal system208may be maintained by a financial institution that also manages one or more accounts of the user202, and the account information is already known by the financial institution without the user202needing to provide the account information in the user profile. In some embodiments, the user accounts may be nonfinancial accounts such as social media accounts, wherein the competitive proposal system208gathers nonfinancial information about the user202from a social media account profile associated with the user202.

As illustrated in block610ofFIG. 4, the competitive proposal system208extracts information contained within the user profile to identify historic trends associated with the user accounts. The system208may extract transaction purchase amounts, date and time of a transaction, location of a transaction, items included in a transaction and the like associated with a user account in order to identify historic trends.

Historic trends may include, for example, but are not limited to a proclivity of the user202for purchasing a specific brand of an item, a frequency that the user202shops at a merchant location, an average total amount of money spent by the user202while shopping at a merchant location, other behavioral tendencies of the user202, and/or the like. For example, the competitive proposal system208may recognize from past transactions associated with a user account that the user202has travelled a certain number of times over a time period and associate a tendency to travel with the user202. In some embodiments, wherein the user account is a social media account, the competitive proposal system208may identify trends from a social media account associated with the user202by recognizing words or phrases frequently employed by the user202, wherein the words or phrases may be a product brand name, a merchant name or location, and/or the like. The competitive proposal system208may also identify trends from the social media account associated with the user202by recognizing pages on a social media platform associated with the social media account that have been made favorite by the user202. For example, the competitive proposal system208may identify a proclivity of the user202for a certain brand of a product by recognizing that the user202“liked” the page on the social media platform associated with the certain brand of the product.

As illustrated in block612ofFIG. 4, the competitive proposal system208uses collected information associated with the user202to generate a user-specific competitive proposal profile for the user202based on the user preferences, historic trends, and the one or more resource managers associated with the user202. Access to the user-specific competitive proposal profile is provided to the one or more resource managers by the competitive proposal system208during a competitive proposal process.

As seen in block614ofFIG. 4, the process600continues by storing the user-specific competitive proposal profile on a cloud network301as seen inFIG. 2. In some embodiments, the cloud network301is maintained by the competitive proposal system208. Access to the user-specific competitive proposal profile is provided to the resource manager systems206by the competitive proposal system208during the competitive proposal process allowing the one or more resource managers access to the user preferences and historic trends associated with the user202in order for the one or more resource managers to offer a competitive proposal that may be seen as attractive to the user202. In some embodiments of the invention, the user-specific competitive proposal profile is transmitted to the one or more resource managers and stored on the resource manager systems206, wherein user-specific competitive proposal profiles stored on the resource manager system206are updated in real time by the competitive proposal system208as new information associated with the user becomes available to ensure that the one or more resource managers are able to provide competitive proposals that may be seen as attractive to the user202based on recent information associated with the user202. In other embodiments, aspects of the user-specific competitive proposal profile is kept private from the resource managers. The competitive proposal system208may not allow the resource managers to access the user preferences and instead matches the user-specific competitive profile to received offers from the resource managers.

As illustrated in block616ofFIG. 4, the competitive proposal system208allows the user202to modify the user-specific competitive proposal profile on the user device204associated with the user202ensuring that the user-specific competitive proposal profile contains current user preferences, historic trends, and resource managers associated with the user202. Upon request by the user202, the user-specific competitive proposal profile may be transmitted by the competitive proposal system208to the user device204. Upon the user202updating the user-specific competitive proposal profile on the user device204, the user-specific profile is received by the competitive proposal system208and stored on the cloud network301maintained by the competitive proposal system208. In some embodiments of the invention, the user-specific profile may be stored on the user device204and received by the competitive proposal system208upon the user202updating the user-specific profile, wherein the user-specific profile with the current user preferences, historic trends, and resource managers associated with the user202may be provided to the resource manager systems206during the competitive proposal process. In some embodiments, the competitive proposal system208may automatically transmit the user-specific profile to the user device204in response to a predefined period of user inactivity, wherein the competitive proposal system208prompts the user202to update the user-specific profile and/or confirm that all user preferences, historic trends, and resource managers associated with the user202are current. Upon the user202updating and/or confirming the user-specific profile, the user-specific profile is received by the competitive proposal system208, wherein the user-specific profile with the current user preferences, historic trends, and resource managers associated with the user202may be provided to the resource manager systems206during the competitive proposal process.

Referring back toFIG. 3, as illustrated in block106, after generating the user-specific competitive proposal profile104, the process100continues by receiving at the competitive proposal system208from the user device204a total resource amount required by the merchant for the transaction between the user202and the merchant at a merchant location. Upon all items contributing to the total resource amount required by the merchant being scanned by the merchant, the user device204communicates with a merchant point-of-transaction device210and triggers a payment process. In response to the triggering of the payment process, the total resource amount is received by the competitive proposal system208from the user device204via network communication. In some embodiments of the invention, the communication between the user device204and the merchant point-of-transaction device210may be a wireless radio frequency (RF) communication or other wireless communication method.

As illustrated in block108ofFIG. 3the competitive proposal system208is triggered to establish a communicable linkage with the resource manager systems206in response to receiving the total resource amount required by the merchant for the transaction between the user202and the merchant at the merchant location. The communicable linkage between the resource manager systems206and the competitive proposal system208is established in order to acquire term change proposals from the one or more resource managers, wherein term change proposals comprise changes to pre-established payment terms between the user202and the one or more resource managers such as interest rates, amount of cash back earned by the user202, amount of reward points earned by the user202, and/or the like. For example, a resource manager may propose to the user202a lower interest rate for the transaction relative to a pre-established interest rate in return for the user202choosing to complete the transaction using a credit card associated with the resource manager.

The competitive proposal system208requires all systems and devices participating in the competitive proposal process to implement an application program interface (API) and an accessible cloud service with appropriate security capable of sending and/or receiving proposals as defined by a manager of the competitive proposal management system.

As illustrated in block112, the competitive proposal system208generates a ranked list of the resources associated with the term change proposals from the one or more resource managers. In some embodiments of the invention, generating a ranked list of resources from the one or more resource managers further comprises analyzing the user preferences, wherein the user preferences include a preferred form of reward, incentive, and/or discount such as cash back, more reward points, lower interest rates, and/or the like provided to the user202by an associated resource relative to current terms set forth by the one or more resource managers upon selection of the associated resource to complete the transaction. For example, if the user-specific competitive proposal profile states that the user202prioritizes lower interest rates over cash back, the competitive proposal system208will rank a resource that provides a lower interest rate over a resource that provides cash back.

In some embodiments of the invention, generating a ranked list of the resources associated with the term change proposals from the one or more resource managers comprises generating a confidence score for each of the resources on the ranked list, wherein the confidence score comprises a confidence of the user employing a specific resource for providing the total resource amount to the merchant and completing the transaction. The confidence score is based on weighted factors, wherein the weight factors may include in descending order of weight value: user preferences, past transaction data, historic trends, and/or location data associated with the user202.

As illustrated in block114, the competitive proposal system208transmits the ranked list of resources to the user device204associated with the user202. The competitive proposal system208transmits a command signal to the user device204causing it to display a graphical user interface containing the ranked list of resources.

As illustrated in block116, the competitive proposal system208allows the user to select a resource from the ranked list of resource to provide the total resource amount to the merchant and complete the transaction. In some embodiments of the invention, the competitive proposal system208automatically selects a first resource on the ranked list and completes the transaction. In some embodiments of the invention, the competitive proposal system208identifies a first resource on the ranked list of resources with a confidence score that meets or exceeds a predetermined confidence limit and transmits the first resource on the ranked list to the merchant for providing the total resource amount to the merchant and completing the transaction.

In some embodiments of the invention, the merchant may be allowed to enter the competitive proposal process by incentivizing the user202to complete the transaction through a real-time, direct transfer of cash to a financial account associated with the merchant from a financial account associated with the user202, wherein third party resource managers are not required to complete the transaction. By not including the third party resource managers, the merchant is able to avoid any potential processing fees associated with the third party resource managers, and cost of completing the transaction for the merchant is reduced. Additionally, risk of crime for the merchant such as robbery is reduced as all cash is transferred electronically and not located at the merchant location. In some embodiments, the merchant may incentivize the user202to complete the transaction through the real-time, direct transfer of cash by offering a discount to the total resource amount required by the merchant, in-store credit, gift cards and/or the like. In some embodiments, the merchant's depository information is transmitted directly to the competitive proposal system208by the merchant point-of-transaction device210, while in another embodiment, the user device204receives the merchant's depository information from the merchant point-of-transaction device210and transmits the information to the competitive proposal system208. In some embodiments, the communication between the user device204and the merchant point-of-transaction device210may be accomplished through near-field communication (NFC) or other wireless communication technology. In some embodiments, the merchant may be notified by the competitive proposal system208of competing term change proposals offered by the resource managers to the user202. In other embodiments, the merchant is unaware of the competing term change proposals offered by the resource managers to the user202.

In some embodiments of the invention, the one or more resource managers comprise one or more manufacturers of competing products similar to a product to be included in the transaction, wherein the ranked list of resources comprises a ranked list of product proposals from the one or more manufacturers of the competing products similar to the product to be included in the transaction between the user202and the merchant. Upon identifying the product has been selected by the user202to be included in the transaction, the competitive proposal system208generates the ranked list of product proposals from the one or more manufacturers of competing products similar to the product to be included in the transaction.

FIG. 5provides a process flow for requesting, receiving, and transmitting term change proposals from the resource managers700. As illustrated in block702, the competitive proposal system208is triggered to establish a communicable linkage with the resource manager systems206in response to receiving the total resource amount required by the merchant for the transaction between the user202and the merchant at the merchant location. The communicable linkage between the resource manager systems206and the competitive proposal system208is established in order to acquire term change proposals from the one or more resource managers, wherein term change proposals comprise changes to pre-established payment terms between the user202and the one or more resource managers such as interest rates, amount of cash back earned by the user202, amount of reward points earned by the user202, and/or the like. In some embodiments, the one or more resource managers are manufacturers of a competing product similar to a product to be included in the transaction, wherein the term change proposals are proposed price changes, discounts, coupons, rebates and/or other like incentives for a product offered by a manufacturer of a product in return for including the product in the transaction.

As illustrated in block704ofFIG. 5, based on the triggering the establishment of the communicable linkages with the resource manager systems206, the competitive proposal system208requests the term change proposals from the resource manager systems206for the resources associated with the one or more resource managers and the user202. The competitive proposal system208allows the one or more resource managers to access the user-specific competitive proposal profile stored in the cloud and to use the information contained within the user-specific profile to offer attractive and competitive proposals to the user202. In some embodiments of the invention, the competitive proposal system208also requests offers from one or more resource managers not associated with the user202to compete with the term change proposals provided by the one or more resource managers already associated with the user202. For example, the competitive proposal system208may request an offer for terms associated with a new credit card from a credit card company not already associated with the user202to compete with the term changes provided by credit card companies already associated with the user202, wherein the user202may sign-up for the new credit card and complete the transaction with the new credit card.

As illustrated in block706ofFIG. 5, the competitive proposal system208receives the term change proposals transmitted from the one or more resource managers. In some embodiments of the invention, receiving the term change proposals from the one or more resource managers through the communicable linkage between the competitive proposal system208and the resource manager systems206comprises a confidential bidding process, wherein the one or more resource managers submit a single, private term change proposal for a resource associated with the user202for completing the transaction between the user202and the merchant. The one or more resource managers are unaware of offers proposed by competitor resource managers during the competitive proposal process. In some embodiments, receiving the term change proposals from the one or more resource managers through the communicable linkage between the competitive proposal system208and the resource manager systems206comprises a public auction, wherein, after offering initial term change proposals, the one or more resource managers may be notified of a currently pending term change proposal from a competitor resource manager. In response, the one or more resource managers not offering the currently pending term change proposal for completing the transaction between the user202and the merchant and providing the total resource amount to the merchant may offer additional term change proposals to compete with the currently pending term change proposal.

As illustrated in block708, the competitive proposal system208generates a ranked list of the resources associated with the term change proposals from the one or more resource managers.

FIG. 6further illustrates the process of generating a ranked list of resources provided by the one or more resource managers800, wherein the process is used to generate the ranked list as seen in block802. The process begins with the competitive proposal system208first comparing term change proposals provided by the resource managers to the user preferences contained within the user-specific competitive proposal profile as seen in block804. As illustrated in block806, the system208attempts to match the user-specific competitive proposal profile with term change proposals offered by the one or more resource managers based on the user preferences. After determining a match, the competitive proposal system208in block808determines the term change proposals that offer the highest amount of user-preferred incentive based on the user preferences. For example, if the user202specified a preference for a rebate on a product as a preferred form of incentive, the system208will determine the term change proposal that provides the highest rebate amount. As illustrated in block810, based on comparing the term change proposals with the user preferences and determining which matched term change proposals offer the highest amount of user-preferred incentive, the competitive proposal system208ranks the term change proposals provided by the resource managers and subsequently generates a list of the ranked term change proposals as illustrated in blocks810and812respectively.

In some embodiments of the invention, generating a ranked list of resources from the one or more resource managers further comprises analyzing the user preferences, wherein the user preferences include a preferred form of reward, incentive, and/or discount such as a lower price, a rebate, a coupon, and/or similar offers provided to the user by a manufacturer of a competing product upon selection by the user to include the competing product in the transaction. For example, if the user-specific competitive proposal profile states that the user202prioritizes a lower price over a rebate, the competitive proposal system208will rank a resource that provides a lower price over a resource that provides a rebate.

In some embodiments of the invention, generating a ranked list of the resources associated with the term change proposals from the one or more resource managers comprises generating a confidence score for each of the resources on the ranked list, wherein the confidence score comprises a confidence of the user selecting a specific product to include in the transaction and is based on weighted factors. The weighted factors may include in descending order of weight value: user preferences, past transaction data, historic trends, and/or location data associated with the user. Based on generated confidence scores for the product proposals, the competitive proposal system208may identify a first product proposal on the ranked list of product proposals that possesses a confidence score that meets or exceeds a predetermined confidence limit. The first product proposal on the ranked list of product proposals may be transmitted to the user device204.

In some embodiments of the invention, the competitive proposal system208transmits an in-store location of a first product associated with the first product proposal to the user device204with the first product proposal. For example, the user202may choose a first brand of milk to be included in the transaction between the user202and the merchant. Upon identification that the user202has selected the first brand of milk, the competitive proposal system208may request product proposals from manufacturers of other brands of milk in competition with the first brand. The competitive proposal system208may generate a ranked list of the product proposals from the manufactures of the other brands of milk and generate confidence scores for each of the product proposals. Based on the ranked list and the confidence scores, the competitive proposal system208would transmit a first product proposal and in-store location for a second brand of milk to the user device204, wherein there may be an incentive to add the second brand of milk to the transaction instead of the first brand of milk such as a lower price, a discount, and/or the like.

Referring back toFIG. 5, as illustrated in block710, the competitive proposal system208transmits the ranked list of resources to the user device204associated with the user202. The competitive proposal system208transmits a command signal to the user device204causing it to display a graphical user interface containing the ranked list of resources.