Multi Card ProblemMulti Card ProblemWhich card do I use when I am at a point of sale to maximize rewards?Which card do I use when I am at a point of sale to maximize rewards?

Choose Randomly ?Choose Randomly ?Build & Solve a complex equation to choose the best ?Build & Solve a complex equation to choose the best ?

Multi-card ProblemMulti-card Problem On average an American card holder has 4 On average an American card holder has 4

different credit cards (and increasing)different credit cards (and increasing) 14% Americans have 6.6 card on average i.e. ~40 million14% Americans have 6.6 card on average i.e. ~40 million It is good to have multiple cards to have better credit It is good to have multiple cards to have better credit

history & higher credit limits.history & higher credit limits. At the same time, the multiplicity of cards should not At the same time, the multiplicity of cards should not

make it difficult for consumer to shop.make it difficult for consumer to shop.

Different cards offer different rewards on Different cards offer different rewards on different kind of purchasesdifferent kind of purchases 60% cards offer some kind of benefits package60% cards offer some kind of benefits package 23% increase in card holder who use credit cards for the 23% increase in card holder who use credit cards for the

rewards over 5 yearsrewards over 5 years Often it is difficult to remember which card offers benefit Often it is difficult to remember which card offers benefit

on which producton which product Foreign transaction fees vary from card to card (lawsuit!)Foreign transaction fees vary from card to card (lawsuit!)

Multi-card ProblemMulti-card Problem How can my cards communicate within How can my cards communicate within

themselves and choose the one among them themselves and choose the one among them that is best for me for the current transaction ?that is best for me for the current transaction ?

Why has it not been solved ?Why has it not been solved ? Challenge:Challenge: How do you get these cards to interact How do you get these cards to interact

with each other to work in the best interest of user?with each other to work in the best interest of user?

Business- Business- Since cards are from different banks, they Since cards are from different banks, they compete instead of co-operating to divide profits instead compete instead of co-operating to divide profits instead of sharing. Also issues of credit risk sharing are involved.of sharing. Also issues of credit risk sharing are involved.

Technology- Technology- Choosing the best card among the cards a Choosing the best card among the cards a user holds requires knowledge gathering and inference user holds requires knowledge gathering and inference mechanisms using based on hand crafted rules.mechanisms using based on hand crafted rules.

The technology component can be made cost-effective with The technology component can be made cost-effective with the use of Artificial Intelligence and Language Technologies.the use of Artificial Intelligence and Language Technologies.

MetaMetaCard Card // // Thinks for you.Thinks for you.11925 / Financial Services / Rohit Kumar11925 / Financial Services / Rohit Kumar

MetaCard- A multi-card unification mechanism which allows you to register all your (supported) cards to a single MetaCard account.

At the time of purchase (online or onsite) you simply use your MetaCard like any other credit card.

The MetaCard transaction processing system identifies the best card among the registered cards based on type of purchase, card contract & rewards, account balance, etc.

Demo / ArchitectureDemo / Architecture

User with multiple cards

MetaCard website

MetaCard signup

Name, Address, etc.List of cards Type (selected from a list), Account info., etc.User Goals (choose from) More return, more miles, better credit rating, etc.

MetaCard AI Agent•Read and understand contract•Read previous statement•Construct credit model•Construct user model

MetaCard Business Expert System

•Check’s user history•Sanity checks

•Verifications

MetaCard

Getting a Meta Card

Demo / ArchitectureDemo / Architecture

User with MetaCard

Store (Website/Physical)

Checkout

MetaCard AI Agent•Uses credit model & user model to find best card to put the transaction on

MetaCard

Using a Meta Card

Transaction processing using common infrastructure

Transaction billed to

MetaCard account

Transaction processingusing common infrastructure

Best card account

T2

T1

Demo / ArchitectureDemo / Architecture

User with MetaCard

Store (Website/Physical)

Checkout

MetaCard AI Agent•Uses credit model & user model to find best card to put the transaction on

MetaCard

Using a Meta Card

Transaction processing using common infrastructure

Transaction billed to

MetaCard account

Transaction processingusing common infrastructure

Best card account

Effective indirect

transaction

T2

T1

Specific Problem AddressedSpecific Problem Addressed

User does not need to remember User does not need to remember credit card contract terms and credit card contract terms and conditions to make best choice of conditions to make best choice of card for each transactioncard for each transaction

User experiences confident User experiences confident shopping knowing that he/she shopping knowing that he/she made the best choice possible to made the best choice possible to maximize return (or minimize cost)maximize return (or minimize cost)

InfrastructureInfrastructure The The MetaMetaCard system is based largely on Card system is based largely on

existing credit card transaction processing existing credit card transaction processing infrastructure. This infrastructure is well infrastructure. This infrastructure is well established and widely accepted around the established and widely accepted around the globe.globe.

On the transaction processing side, significant On the transaction processing side, significant computational infrastructure would be required computational infrastructure would be required to process 1000s of transaction simultaneously to process 1000s of transaction simultaneously and update user/credit models.and update user/credit models.

Computational infrastructure is becoming cheaper and Computational infrastructure is becoming cheaper and common everyday.common everyday.

Effort & ScaleEffort & Scale Designing mechanism to extract information from Designing mechanism to extract information from

contracts and monthly statements and combine with contracts and monthly statements and combine with knowledge to create good user models and credit knowledge to create good user models and credit models.models.

Mechanism to apply above models to transactions to Mechanism to apply above models to transactions to achieve highly accurate recommendations.achieve highly accurate recommendations.

Mechanism to update user models and credit models Mechanism to update user models and credit models efficiently after each transaction.efficiently after each transaction.

Website that provides user interface to let the user sign Website that provides user interface to let the user sign up for up for MetaMetaCard and monitor its use.Card and monitor its use.

Development Scale:Development Scale: I think a team of less than 10 I think a team of less than 10 experts from different areas (like language technologies, experts from different areas (like language technologies, machine learning, finance, user interfaces, developers, machine learning, finance, user interfaces, developers, etc.) can work together and bring up a system in 6 etc.) can work together and bring up a system in 6 months to an year.months to an year.

Future VisionFuture Vision Many other intelligent services can be provided Many other intelligent services can be provided

as an expansion on the basic as an expansion on the basic MetaMetaCard system. Card system. I discuss only a few.I discuss only a few.

Theft HandlingTheft Handling Incase the wallet gets stolen, the thief can use each of Incase the wallet gets stolen, the thief can use each of

your cards to get moneyyour cards to get money Since Since MetaMetaCard is the only card you carry, it can block Card is the only card you carry, it can block

scrupulous activity after one erratic transactionscrupulous activity after one erratic transaction

Personal Finance ManagementPersonal Finance Management Since this single card observe all kinds of transaction Since this single card observe all kinds of transaction

of a person, it can give comprehensive visualization of of a person, it can give comprehensive visualization of expenditures to help the user manage budget expenditures to help the user manage budget effectivelyeffectively

Discussion and QuestionsDiscussion and Questions

Comments from Joshua Kimball @ Mellon BankComments from Joshua Kimball @ Mellon Bank Interesting conceptInteresting concept Credit Risk sharing may keep banks away from thisCredit Risk sharing may keep banks away from this Can be implement at a Charge Clearing HouseCan be implement at a Charge Clearing House

How is this made visible to the customer ?How is this made visible to the customer ? Add-on feature to special cards (like corporate cards)Add-on feature to special cards (like corporate cards)

……