Bank of America had 50 patents in mobile during Q1 2024. Bank of America Corp has filed patents for innovative methods of banking using mobile devices at automated teller machines (ATMs), capturing user data for operational adjustments in mobile apps, performing transactions using LoRaWAN protocol on user-wearable devices, and real-time adjustment of resource allocation based on usage mapping via an artificial intelligence engine. These patents aim to enhance user experience, improve operational efficiency, and optimize resource allocation in banking services. GlobalData’s report on Bank of America gives a 360-degree view of the company including its patenting strategy. Buy the report here.
Smarter leaders trust GlobalData
Bank of America grant share with mobile as a theme is 38% in Q1 2024. Grant share is based on the ratio of number of grants to total number of patents.
Recent Patents
Application: Banking at a screen-less atm using a mobile device (Patent ID: US20240104533A1)
The patent filed by Bank of America Corp. describes a screen-less automated teller machine (ATM) that interacts with a mobile device for banking transactions. The ATM automatically detects the presence of a mobile device in its vicinity and prompts the user to access banking services using the mobile device. The user's permission is verified through user identification information submitted via the mobile device, enabling access to banking services and viewing account-related information on the mobile device. The method involves short-range wireless communication, user authentication, and the use of a mobile application for interaction with the ATM.
The claims detail the process of enabling banking transactions at a screen-less ATM using a mobile device, including options for deposits and withdrawals. The method involves short-range wireless communication technologies like NFC or Bluetooth, multi-factor authentication for user permission verification, and the use of a mobile application for accessing banking services. Additionally, the ATM can monitor security using the mobile device's camera and accept deposits or dispense withdrawals based on user requests. The patent also covers the functionality of the ATM, which includes providing access to banking services, verifying user permission, and enabling user interaction with the ATM using a mobile device, all without the need for a physical screen on the ATM.
To know more about GlobalData’s detailed insights on Bank of America, buy the report here.
Data Insights
From
The gold standard of business intelligence.
Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.
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.
