WO2002007043A1

WO2002007043A1 - Electronic application, processing and document retrieval process

Info

Publication number: WO2002007043A1
Application number: PCT/US2001/022114
Authority: WO
Inventors: Geoffrey S. Stiff; Vickey L. Root; Clare L. Frissora
Original assignee: Ge Financial Assurance Holdings, Inc.
Priority date: 2000-07-14
Filing date: 2001-07-16
Publication date: 2002-01-24
Also published as: AU2001280539A1

Abstract

An electronic application, processing and document retrieval process for a customer to use to apply to a product/service provider for purchase of a desired product/service comprises completing an electronic application for the product/service on-line by connecting to the product/service provider's web site (100). The customer electronically submits the completed application to the product/service provider (125). The customer receives confirmation from the product/service provider via e-mail (130). Any paper documents submitted during or after the application process (135) are electronically imaged and then posted to an electronic account thereby making them accessible by the customer and the product/service provider (140).

Description

ELECTRONIC APPLICATION, PROCESSING AND DOCUMENT RETRIEVAL PROCESS

FIELD OF THE INVENTION The present invention relates to an electronic application, processing and document retrieval process for obtaining a service or product. More specifically, the present invention is related to an electronic application, processing and document retrieval process which includes imaging of all application documents and related correspondence and making such imaged documents accessible electronically by the customer and the provider of the product or service.

BACKGROUND OF THE INVENTION

Traditional application processes are cumbersome, paper intensive and time consuming. With the advent of the Internet, many product or service providers through their web sites offer applications that can be completed on-line. In a typical on-line application process the customer logs onto a provider's web site by accessing the Internet through a remote workstation. Upon a successful logon, the customer is taken through an application/interview process wherein the customer is prompted to provide answers to various queries. The application/interview process is facilitated through the use of graphical user interfaces (GUI) which allow the customer to input the needed information into the product/service provider's system.

On-line application processes are less cumbersome than traditional paper applications. However, there are still a number of problems associated with converting application processes for certain types of products/services into processes compatible with the on-line environment. For instance, many application processes require the customer to submit additional paper documents, which are then processed in a non- automated and cumbersome manner. This is especially true with application processes for financial products and services such as loan, credit or insurance application processes, which require the customer to submit additional paper documentation such as documentation relating to the customer's credit history, appraisal reports, collateral for the loan, wages, bank account balances and medical history. Generally, this additional paper documentation is processed manually by humans rather than in an automated manner. Moreover, many on-line application processes do not allow the customer to later access and retrieve the electronic information and additional paper documentation previously submitted by the customer. Additionally, a major barrier to implementation of electronic application processes for a financial product/service provider in the past has been the requirement for the provider to obtain a "wet signature" (i.e., a signature written in ink) of the customer in order to comply with various financial industry regulatory requirements. Since an ink signature may not be accomplished in the on-line environment and/or the customer may not have the technical capability to provide an electronic signature, many financial product/service providers have not implemented electronic or on-line application processes. Finally, there are processes pursuant to which a product/service provider may encrypt sensitive data such as in a contract for electronic transmission via an email to a customer. However, there have not been commercially- acceptable methods for the product/service provider to reconfirm with the customer the delivery to, and execution of, a binding contract by the customer. These and other problems associated with the prior art will become apparent to those skilled in the art from the following description of the process of the present invention.

SUMMARY OF THE INVENTION

It is an object of the present invention to provide a streamlined electronic application, processing and document retrieval process for a customer to obtain a product or service from a provider of such product or service which enables all documents involved in the application process and all subsequent correspondence to be electronically retrievable by both the customer and the provider in a real-time on-line environment. It is another object of the present invention to provide an electronic application, processing and document retrieval process for a customer to obtain a product or service from a product/service provider that provides a permanent electronic record of a paper copy of the application including any notations made by the customer.

It is yet another object of the present invention to provide an electronic application, processing and document retrieval process which produces an electronic image of all paper documents submitted by the customer to the product/service provider during the application process as well as all subsequent correspondence between the customer and the product/service provider and enables the customer and the product/service provider to access and retrieve the electronic images of the submitted documents at all times subsequent to the submission of such documents.

The electronic application, processing and document retrieval process of the present invention is advantageous because it streamlines the application process and thereby renders it more efficient. It further ensures full data integrity of all of the information contained in the documents submitted by the customer to the product/service provider. Moreover, the process provides for a permanent electronic record of all of the documents submitted by the customer to the product/service provider and all correspondence between the parties. The process of the present invention allows easy, post-submission access to and retrieval by the customer of the application documents and other related documents and correspondence by posting them in an electronic account associated with the customer. This is quite beneficial to the customer. For example, the customer can electronically access the posted documents and can download these documents to the workstation for use in connection with future on-line applications or communications with the product/service provider. Other objects, features and advantages of the process of the present invention will be set forth or will be apparent to a person skilled in this art from the description of the invention that follows.

To achieve the foregoing objects, and in accordance with the purposes of the invention as embodied and broadly described herein, there is provided an electronic application, processing and document retrieval process for a customer to use to apply to a product/service provider for purchase of a desired product/service comprising the steps of transmitting an access request from a workstation of the customer to a host server for the product/service provider over a general purpose network; permitting the customer to interact with the product/service provider inside a firewall of the host server; serving to the customer, within the host server for the product/service provider, an electronic application for completion by the customer; completing the electronic application on-line at the customer workstation by inputting information in response to a plurality of queries included in the electronic application via a graphical user interface; submitting the completed electronic application to the host server for further processing by the product/service provider; confirming receipt of the transmitted completed electronic application by the host server, the receipt confirmation being sent electronically from the host server to the workstation of the customer; printing and signing a hard copy of the completed electronic application by the customer; submitting the hard copy of the completed electronic application and any additional requested documents or a payment from the customer to the product/service provider via facsimile or regular mail; electronically imaging all of the documents submitted by the customer to the product/service provider following the submission of the completed electronic application; posting the electronically imaged documents in an electronic account stored in a memory of the host server, the electronic account being unique to the customer; permitting access to the documents posted in the electronic account by the customer at any time subsequent to the posting by using a unique customer logon ID and password for the customer.

The process of the present invention further includes securing the documents posted in the electronic account and prohibiting alteration of the documents posted in the electronic account by either one of the customer or the product/service provider without receiving permission from the other one of the customer or the product service provider. According to one embodiment of the invention, the electronic application process further includes the step of issuing a contract for provision of the requested product/service by the product/service provider to the customer upon receipt of the signed, hard copy of the electronic application by the product/service provider and any additional requested documents or the payment. The contract may be encrypted and delivered to the customer via email. Upon receipt of the contract, the process of the present invention further includes the step of instructing the customer to access the customer's electronic account and requesting the customer to positively confirm receipt of the contract; and, upon the customer's confirmation of receipt of the contract, commencing a free trial period for use of the contracted-for product/service by the customer; and enabling the customer to cancel the contract on-line during the free trial period without penalty from the customer workstation to the host server. If the customer does not cancel the contract during the free trial period and the free trial period has expired, the process then includes the step of informing the customer via an e-mail transmission from the host server to the workstation of the customer, that the free trial period has terminated and that the contract is binding. The accompanying drawings, which are incorporated in and constitute a part of this specification, illustrate one embodiment of the invention and, together with the description, serve to explain the principles of the invention. BRIEF DESCRIPTION OF THE DRAWINGS

Figure 1 is flowchart illustrating one embodiment of the electronic application, processing and document retrieval process of the present invention; and

Figure 2 is a simplified block diagram of a system useful for implementing the electronic application, processing and document retrieval process according to one embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

The purpose and advantages of the present invention will be apparent to those of skill in the art from the following detailed description in conjunction with the appended drawings in which like reference characters are used to indicate like elements. While, the present invention is described primarily in relation to use of the Internet and the World Wide Web as a general purpose network suitable for practice of the process, the process may also be practiced using other general purpose networks such as wide area networks (WANs), intranets, or other public local area networks (LANs). The present invention is an electronic application, processing and document retrieval process that benefits both the product/service provider and the customer. The product/service provider benefits from having a streamlined process that is compliant with all applicable regulations. Moreover, the process of the present invention maintains full data integrity of the submitted documents, including any hard copy documents as well as electronic documents submitted to the product/service provider by the customer by providing a permanent electronic image of the submitted documents including any notations made by the customer on such submitted documents that would otherwise be uncaptured in the electronic version of the application. The customer benefits from having access to and use of a process that is convenient, expedient and which enables the customer to have post-submission access to the submitted documents. The electronic application, processing and document retrieval process of the present invention is particularly suitable for use in connection with applications for obtaining financial products or services offered by financial institutions, such as banking and investment banking institutions, savings and loan associations, insurance companies and insurance agencies, mortgage companies and brokerage houses. The financial services may include, for example, loans or insurance. Traditionally, applications for such financial services have been available in paper form only. Review and processing of such paper documents is a time consuming and labor intensive process for the product/service provider. The process of the present invention streamlines the application process and facilitates the review and storing of the documents associated with the application.

The imaging of the submitted documents can be accomplished using any well- known method such as, for instance, optical scanning. The imaging step can be performed by the product/service provider or by a third party associated with the product/service provider. According to one embodiment of the present invention, the third party may image the submitted documents received from the customer and forward a CD-ROM or floppy disk containing the imaged documents stored thereon to the product/service provider. The third party may also send the imaged documents to the product/service provider via electronic means.

According to one embodiment of the process of the present invention, a customer may complete an application or an interview process on-line and may electronically transmit the completed application to the product/service provider. The product/service provider immediately confirms receipt of the submitted, completed electronic application from the customer by transmitting an electronic confirmation of receipt of the completed electronic application form. The customer prints out a hard copy of the completed electronic application form, signs the hard copy of the completed application and mails or transmits via facsimile the signed hard copy of the completed application to the product/service provider. The product/service provider may make an electronic image of the signed hard copy of the completed application and may make the image of the signed hard copy of the completed application electronically available and easily accessible to the customer for the lifetime of the contract. The product/service provider also may make electronic images of all other documents submitted by the customer during the application process and may also make such electronic images electronically available and easily accessible to the customer for the lifetime of the contract. The steps involved in practicing the process of the present invention are illustrated in Figure 1. In step 100, a customer who desires to purchase a particular product or service may transmit an access request from a workstation to a host server for a particular product/service provider that offers the desired product or service via a general purpose network such as the Internet. Once access is granted, in step 105, the customer must open an account with the product/service provider and selects or is assigned a unique logon ID and Personal Identification Number (PIN) or password for subsequent verification of the customer's identity. Such unique logon ID may be the customer's account number, the customer's social security number or some other similar number or identifier which is unique to each individual customer. The customer may then make a decision as to the particular product or service he/she desires to purchase. In step 110, after the customer inputs the desired product or service he/she wishes to purchase, the host server of the product/service provider may retrieve from a memory in the host server an electronic application, which electronic application is served to the customer. The customer may use such electronic application to apply for provision of the desired product/service from the product/service provider. It is preferable that the electronic application served to the customer is presented in an easy-to-understand, user-friendly format by use of graphical user interfaces or the like. The customer may then complete the electronic application on-line by inputting information in response to a plurality of queries included in the application.

At step 120, the completed electronic application is presented to the customer for review to determine if the information contained therein is accurate. If the information contained in the completed electronic application is not accurate, the process branches back to step 110 and the customer may correct the previously inputted information and then re-review the completed electronic application in step 115. If, on the other hand, upon review of the completed electronic application, the customer finds that the information contained therein is accurate and is in good order, then the customer proceeds to step 125 wherein the customer submits the completed application to the host server of the product/service provider via the general purpose computer network. Upon submission of the completed application to the product/service provider, at step 130, the product/service provider immediately sends an e-mail communication back to the customer confirming receipt of the transmitted completed electronic application. The product/service provider may also include in the e-mail communication instructions for additional information or documents needed from the customer. The instructions may vary depending on the nature of the desired product or service. For instance, some financial products require a "wet signature" of the customer on the application. Therefore, in step 130, the customer may be instructed to print out a hard copy of the completed electronic application, to sign the hard copy of the completed application, and to mail or transmit via facsimile the signed hard copy of the completed application back to the product/service provider together with any other additional required documents. In step 135, the customer will comply with the instructions provided in step 130. The customer may also submit a first payment to the product/service provider at this step.

In step 140, the product/service provider or a third party may image all of the hard copy documents submitted by the customer in step 135 including the signed application and may then post the imaged documents to an electronic account stored in a memory of the host server. The electronic account is a unique one associated with the customer. Additionally, if there is any post-application correspondence between the customer and the product/service provider, all such post-application correspondence may also be imaged and posted to the customer's electronic account. The electronic account is accessible by the customer through the customer's electronic logon ID and password. If a third party is to be used for imaging the submitted documents, the customer may be instructed to send via mail or facsimile the signed hard copy of the completed application and any other required paper documents to the third party instead of to the product/service provider. The third party may store an electronic copy of the imaged documents in an electronic storage medium such as a CD-ROM or floppy disk and send them to the product/service provider through the mail or may transmit such imaged documents to the product/service provider via e-mail, or similar electronic means. The product/service provider will then match the imaged documents to the corresponding customer account and post them to the customer's electronic account. Alternatively, the product/service provider may store the customer's imaged documents in a separate storage medium. In step 145, the product/service provider reviews the submitted applications (electronic and hard copy applications) and related documents. If this review indicates that the submitted applications are in good order, in step 150, the product/service provider sends an e-mail communication to the customer including a contract for provision of the requested product/service. In step 155, the product/service provider posts the contract to the customer's electronic account. If the review conducted in step 145 indicates, however, that the submitted applications are not in good order, the process branches to step 162, where the product/service provider contacts the customer to obtain additional information or correction of the application. Alternatively, if the customer's documents were stored in a separate storage medium, then instead of the customer accessing the electronic account, the customer would place a telephone call or send an e-mail communication to the product/service provider requesting a copy of a particular document. The product/service provider may then retrieve the requested imaged document from the separate storage medium and transmit it to the customer.

Following step 155, upon the customer's next attempt to access the customer's account, in step 160, the customer may positively confirm receipt of the contract from the product/service provider. (Alternatively, in some jurisdictions, this confirmation step may not be required. In such cases, the process may branch from step 155 to step 170 and may skip steps 160 and 165.) In step 165, a determination is made as to whether or not the customer has confirmed receipt of the contract. If the customer has confirmed receipt of the contract, then in step 170, the product/service provider may offer to provide the desired product or service to the customer for a free trial period. The product/service provider may release funds from suspense during the free trial period. On the other hand, if the customer is unable to confirm receipt of the contract in step 165, then the process branches to step 175 where the customer is instructed to contact the product/service provider to resolve the contract delivery issue. In step 180, if the customer requests cancellation of the contract during the free trial period, the product/service provider will attempt to contact the customer to request reconsideration of the cancellation, preferably within 24 hours after the cancellation request. In step 185, if the efforts of the product/service provider in step 180 are successful, and the customer reconsiders the cancellation, or if the customer does not request cancellation of the contract during the free trial period in step 180, then the free trial period ends and the contract becomes permanent or "binding". The product/service provider sends an e-mail communication to the customer to reconfirm delivery and execution of the contract. In step 205, after the free trial period ends, the product/service provider establishes the contract as binding. If, on the other hand, the efforts of the product/service provider in step 180 are not successful, the product/service provider will cancel the customer's contract in step 210. In step 215, following such cancellation, the product/service provider then returns to the customer any payments previously made by the customer to the product/service provider. Referring now to Figure 2, a block diagram of a computerized system 200 for implementing the electronic application process of the present invention is shown. System 200 includes a plurality of remote customer workstations 210, each of which is connected to a host server 204 via a general purpose network 206, such as the Internet. It should be appreciated, however, that the general purpose network 206 can take a variety of other forms, such as a wide area network, a local area network, a satellite communications network, a commercial value added network, ordinary telephone lines, or private leased lines. The host server 204 includes a central processor 205 having a program for implementing and controlling the electronic application process of the present invention. The host server 204 can be any modern computer system having the capability of handling a real-time, multi-tasking, remote-access database application. The host server 204 and the workstations 210 are connected to the network 206 through a variety of well-known network connection devices 203.

Central processor 205 includes means for receiving an electronic application submitted from one of the workstations 210 connected to the host server 204 over the general purpose network 206, and means for analyzing the transmitted electronic application and for sending a decision over the general purpose network 206 to the workstation 210. Host server 204 further includes a database 207 operably connected to the processor 205 for processing and storing information about each submitted electronic application in an electronic account 209 for the customer. The host server 204 further includes imaging means operably connected to the processor 205 and database 207 for scanning and transforming paper documents into electronic documents and for posting them to the respective electronic account 209 for the customer. For example, the imaging means may include an optical scanner (not shown) or other similar means. It should be appreciated that the various components of the host server 204 do not have to be located at the same office location or operated by the same entity. For instance, the imaging means can be operated by a different entity from the product/service provider. According to this alternative embodiment, which is illustrated by the broken lines of Figure 2, the customer may forward paper copies of the application documents via mail or facsimile 212 to an imaging company 216 which images the documents and then transmits the imaged documents via communication means 214 to the product/service provider's host server 204. Communication means 214 could be any of many well-known methods of communication. For example, the imaging company 216 may store the imaged documents for one or more customers on a diskette or a CD-ROM and then mail them to the product/service provider. Alternatively, the imaging company 216 may electronically transmit the imaged documents to the product/service provider.

As is apparent from the above detailed description, the present invention enables realization of a more efficient and quicker application process because the application and any associated documents can be made available for review electronically as soon as they are imaged. The application and associated documents may be more quickly assessed by the product/service provider for a determination of whether they are in good order. Additionally, the product/service provider may be in a better position to be able to meet any mandated and/or regulatory application/approval cycle time requirements. Finally, by reducing the time required for the application and approval process, the product/service provider may be able to collect payment more quickly.

The present invention has been described with particular reference to preferred embodiments which are intended to be illustrative rather than restrictive. Alternative embodiments will become apparent to those skilled in the art to which this invention pertains without departing from its spirit and scope. Thus, variations and modifications of the present invention can be effected within the spirit and scope of the following claims.

Claims

CLAIMSWHAT IS CLAIMED IS:

1. An electronic application, processing and document retrieval process for a customer to use to apply to a product/service provider for purchase of a desired product/service comprising the steps of:

(a) transmitting an access request from a workstation of the customer to a host server for the product/service provider over a general purpose network;

(b) permitting the customer to interact with the product/service provider inside a firewall of the host server;

(c) serving to the customer, within the host server for the product/service provider, an electronic application for completion by the customer;

(d) completing the electronic application on-line at the customer workstation by inputting information in response to a plurality of queries included in the electronic application via a graphical user interface;

(e) submitting the completed electronic application to the host server for further processing by the product/service provider;

(f) confirming receipt of the transmitted completed electronic application by the host server, the receipt confirmation being sent electronically from the host server to the workstation of the customer;

(g) printing and signing a hard copy of the completed electronic application by the customer;

(h) submitting the hard copy of the completed electronic application and any additional requested documents or a payment from the customer to the product/service provider via facsimile or regular mail;

(i) electronically imaging all of the documents submitted by the customer to the product/service provider following the submission of the completed electronic application;

(j) posting the electronically imaged documents in an electronic account stored in a memory of the host server, the electronic account being unique to the customer; (k) permitting access to the documents posted in the electronic account by the customer at any time subsequent to the posting by using a unique customer logon ID and password for the customer;

(1) securing the documents posted in the electronic account and prohibiting alteration of the documents posted in the electronic account by either one of the customer or the product/service provider without receiving permission from the other one of the customer or the product/service provider; and

(m) issuing a contract for provision of the requested product/service by the product/service provider to the customer upon receipt of the signed, hard copy of the completed electronic application by the product/service provider and any additional requested documents or the payment.

2. The electronic application, processing and document retrieval process as claimed in claim 1, further comprising the steps of: instructing the customer to access the customer's electronic account and requesting the customer to positively confirm receipt of the contract; upon the customer's confirmation of receipt of the contract, commencing a free trial period for use of the contracted-for product/service by the customer; enabling the customer to cancel the contract on-line during the free trial period without penalty from the customer workstation to the host server; and upon the end of the free trial period, reconfirming the delivery and execution of a binding contract.

3. The electronic application, processing and document retrieval process as claimed in claim 1, further comprising the steps of: matching the mailed completed hard copy of the completed electronic application and the other submitted and imaged documents to the corresponding customer electronic account.

4. The electronic application, processing and document retrieval process as claimed in claim 1, wherein said application is for obtaining a financial service or product from a financial institution.

5. The electronic application, processing and document retrieval process as claimed in claim 1, wherein said application is for obtaining a loan from a financial institution.

6. The electronic application, processing and document retrieval process as claimed in claim 1, wherein said application is for obtaining insurance coverage from an insurance carrier.

7. The electronic application, processing and document retrieval process as claimed in claim 1, wherein said imaging step includes optically scanning a submitted document.

8. The electronic application, processing and document retrieval process as claimed in claim 1 wherein instead of posting the electronically imaged documents in an electronic account, the electronically imaged documents are saved in a separate storage medium.