Bank of America had 31 patents in internet of things during Q4 2023. Bank of America Corp has filed patents for leveraging augmented reality devices for secure user verification, adjusting self-service kiosk displays based on sensor data, secure payment processing using low-power wide-area network technology, multi-stage biometric-based digital authentication, and dynamically adjusting software operations on mobile devices based on user authentication and location tracking. GlobalData’s report on Bank of America gives a 360-degreee view of the company including its patenting strategy. Buy the report here.

Bank of America grant share with internet of things as a theme is 64% in Q4 2023. Grant share is based on the ratio of number of grants to total number of patents.

Recent Patents

Application: Systems and methods for multi-point validation in communication network with associated virtual reality application layer (Patent ID: US20230418365A1)

The patent filed by Bank of America Corp. focuses on leveraging augmented reality devices to streamline user interactions for complex resource activities requiring high security. The system described in the patent involves verifying a user's identity through a third-party decentralized register, generating an augmented reality session using a dynamic avatar, and transmitting real-time video streams to the augmented reality device. The system is designed to handle sensitive resource account actions like title transfers, notarization, and currency exchanges, ensuring secure and efficient user interactions.

The patent also includes claims for a computer program product and a computer-implemented method that follow similar principles of user verification, augmented reality session generation, and real-time video stream transmission. The use of a machine learning engine, dynamic avatars, and multifactor digital authentication databases enhances the security and user experience during interactions related to resource accounts. By incorporating features like conducting verification transactions on public blockchains and utilizing virtual reality headsets, the system aims to provide a comprehensive solution for conducting complex resource activities securely and efficiently through augmented reality devices.

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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.