Bank of America has been granted a patent for a system that simulates outcomes to guide users in acquiring resources. The system identifies user events, extracts data, generates navigational recommendations, and displays them on a user device. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.

According to GlobalData’s company profile on Bank of America, Virtual banking assistant was a key innovation area identified from patents. Bank of America's grant share as of January 2024 was 87%. Grant share is based on the ratio of number of grants to total number of patents.

System for simulating outcomes in navigating procedures for resource acquisition

Source: United States Patent and Trademark Office (USPTO). Credit: Bank of America Corp

A recently granted patent (Publication Number: US11885630B2) describes a system designed to simulate outcomes for navigating procedures related to resource acquisition. The system includes components such as network communication interfaces, storage devices, and processing devices. These devices work together to identify user-initiated events associated with acquiring resources, extract user data, compile procedures, generate navigational recommendations, and transmit these recommendations to the user's device. Additionally, the system can simulate the acquisition of multiple resources, generate outcomes based on user data and resource acquisition procedures, and provide information on the impact of acquiring one resource on another.

Furthermore, the patent includes details about a computer program product and a computer-implemented method that mirror the system's functionalities. These products and methods involve steps such as identifying user-initiated events, extracting user data, compiling procedures, generating navigational recommendations, and simulating resource acquisitions to provide outcomes. The outcomes can offer insights into how acquiring one resource may affect the acquisition of another. The system, program product, and method aim to streamline the resource acquisition process by providing users with valuable recommendations and simulations through graphical user interfaces, enhancing decision-making and planning in navigating procedures for resource acquisition.

To know more about GlobalData’s detailed insights on Bank of America, buy the report here.

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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.