Patent published on January 23, 2024

Capital One's Patent: Guessing Your Purchases from Ads

Capital One's Patent Revolutionizes Consumer Insights from Ads

In an increasingly digitized world, understanding consumer behavior has become crucial for businesses to tailor their marketing strategies effectively. Capital One Services, a renowned financial institution, has recently unveiled a groundbreaking patent that addresses a long-standing issue faced by conventional financial institutions: the lack of access to detailed item level information in transactions. This hindrance limits their ability to provide customers with insights into their purchase history and offer more meaningful search capabilities.

Patent number US11880852B2, titled "Merchant Advertisement Informed Item Level," introduces a revolutionary system known as the Transaction Insight Analyzer. This cutting-edge technology harnesses the power of big data to predict the items consumers purchase based on the ads they come across. By analyzing patterns in payment transactions and correlating them with advertised prices, Capital One's patent allows individuals to discover what items they most likely bought.

The core problem being solved by this patent is the limited knowledge financial institutions possess regarding the specifics of individual items within transactions. While they may gather transaction-level information such as account numbers, transaction amounts, dates, and billing addresses, they often lack access to item level details. Consequently, customer insights remain relatively limited, hindering tailored marketing and personalized consumer experiences.

Capital One's invention strives to bridge this information gap. By predicting item level data from merchant advertisements, the patented system enhances computer processing by securely sharing data between merchants and the financial institution. Leveraging publicly available merchant advertisement information and corresponding tax rates, the system increases the accuracy and efficiency of predictions. This innovative approach enables the financial institution to offer valuable insights into transaction details, empowering customers to better understand their own spending habits.

The advantages of this patent extend far beyond improving the quality and efficiency of transaction data processing. By providing likely item level transaction information as options to the user and receiving feedback, the prediction system enhances its accuracy, customization, and user experience. Customers gain a deeper understanding of their own purchasing patterns, allowing for more meaningful searches through their purchase history.

Envision a world where individuals can effortlessly track their spending habits and understand their consumer choices better. Imagine having a digital companion that helps interpret the "why" behind every purchase. Capital One's patent offers a glimpse into this future, where consumers can seamlessly connect their advertisements with their buying decisions.

Real-life examples of this innovative technology include scenarios like a person seeing an electronic advertisement for a digital camera and later discovering that the predicted item they bought was indeed a camera. Another example involves someone encountering an advertisement for a new smartphone and realizing that their expected purchase aligns with the advertised item. Capital One's patent predicts and connects these shopping patterns, providing users with a comprehensive view of their transaction history.

It is important to note that as a patent, the implementation of Capital One's system is not guaranteed. Though this technological breakthrough promises valuable insights into consumers' purchase habits, its future availability in the market remains uncertain. However, the potential impact of such an invention on consumer understanding and marketing strategies is undeniable.

In conclusion, Capital One's patent, titled "Merchant Advertisement Informed Item Level," introduces a novel system that predicts consumers' purchases based on the ads they view. By tackling the challenge of limited access to item level information in transactions, this invention opens doors to a world of enhanced consumer insights. Imagine a future where individuals can effortlessly understand their spending patterns and connect their purchases to the ads that influenced them, allowing for more informed decisions and personalized experiences.

P.S. Please note that this article is based on a patent and there is no guarantee that the technology described will be available on the market.

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