The bank of america service provider (NYSE: BAC) of Charlotte, NC, is one of america’s greatest banking and monetary features companies and an immense participant within the fields of wealth administration and funding banking. The enterprise is at present at the core of a collection of investigations within the united states, Europe and Asia regarding allegations that the institution intentionally manipulated overseas currency markets. another BoA felony case became delivered to the docket of the U.S. Supreme court with regards to voiding second mortgages on a house that's “underwater,” which might have colossal implications for the nation’s real property industry. in terms of its personal real property, financial institution of the united states has closed forty two branches across the country over the past three months, the most within the nation over that period, whereas best opening one department, despite the fact this doubtless has greater to do with the unfold of on-line banking capabilities than any indications of company drawback.
IPWatchdog’s companies They follow sequence has profiled BoA’s innovations on a few occasions during the past. in this edition, they found a few patent functions filed with the U.S. Patent and Trademark workplace to protect applied sciences for customer loyalty rewards courses, including one imaginative equipment for encouraging account holders to obtain lengthy-term desires. an extra patent software would offer protection to a expertise designed to establish opportunities for business mergers or acquisitions. They additionally talk about one patent utility filed to offer protection to a platform for disseminating carbon credit score statistics in line with own transactions.
Social networking platforms have been on the core of a couple of patents lately issued to bank of the us, together with one invention intended to support find abilities social networking opportunities based on economic transactions. a couple of cybersecurity applied sciences, including one for keeping apart an contaminated client device to stop of the spread of a virulent disease within a community, are additionally featured. They were additionally intrigued to share a patent protecting a way of featuring vehicle suggestions of interest to someone who may additionally want to buy a automobile by capturing a video feed of that vehicle.
bank of the united states’s Patent applications: client Loyalty classes, picking out Mergers and Broadcasting Carbon credits
The area of financial expertise, also known as “fintech” in some trade circles, has been turning out to be swiftly in contemporary years thanks to first rate funding on behalf of the bank of america and a lot of other main banking corporations. within the five year length between 2008 and 2013, global project funding in fintech startups tripled from about $1 billion to simply beneath $three billion. an awful lot of this investment has been prompted with the aid of the need for many economic agencies to tackle considerations posed through facts safety and regulatory challenges. bank of america holds its personal two-day summit in Silicon Valley where BoA presents challenges to expertise developers and listen to answers to those solutions proposed through those developers; about 17 p.c of the tech groups that participate during this summit end up fitting expertise vendors for the bank.
service provider loyalty rewards classes are at the core of a couple of the bank of america applied sciences which they see evidenced in patent functions filed by way of the enterprise. concepts for assisting valued clientele obtain lengthy-term loyalty rewards are discussed inside U.S. Patent application No. 20140279799, which is titled presenting Rewards Buckets and discounts in opposition t selected desires. The patent application would protect a equipment of presenting a rewards program that involves a processor which is configured to observe that a client has achieved an motion, similar to a social media motion or a fiscal institute relationship transaction. This system is designed to song a consumer’s long-term progress in opposition t a purpose, similar to saving up satisfactory cash to purchase a car or making a definite number of purchases from a single merchant, that an organization may are looking to reward to increase consumer loyalty. strategies of enticing valued clientele to take part in loyalty rewards programs is on the heart of U.S. Patent application No. 20140279008, entitled featuring an offer in line with Enrolling a Debit Account into a service provider-certain Account. The invention is intended to inspire individuals of rewards classes to register debit account tips with the program to increase the convenience of funding money owed and finishing purchases. The gadget that might be blanketed gives a proposal to a consumer for linking a monetary account with a service provider-certain prepaid or credit account, the present usually together with a discount present for a latest or future transaction. a technique for reaping more cost from rewards courses for users who're enrolled in these classes is disclosed by using U.S. Patent software No. 20140279505, filed below the title Recommending car for price based on Social community statistics. This patent utility claims a equipment for picking out all fee automobiles attainable to a user for completing a transaction; the system tracks social media connections between the consumer and merchant to verify a lot of charge cars. via this system, a customer can identify strategies of buying a transaction which are available to them, together with strategies which may end up in loyalty facets or travel mile rewards, that can assist engender client loyalty to a business.
The financial institution of the united states has additionally developed a few different systems apart from rewards classes that are supposed to aid companies construct more suitable relationships with valued clientele and enterprise partners. A novel method for leveraging the price of publicly available monetary tips to increase consumer relationships is the focal point of U.S. Patent application No. 20140278751, which is titled device and method for settling on rapidly-growing to be business consumers. This patent utility claims a equipment for storing enterprise transaction statistics for a plurality of purchasers and a few processing modules configured to access financial suggestions which is available publicly for entities conducting enterprise transactions; the system is extra configured to determine from the publicly obtainable facts if an entity’s salary has improved. This technology is designed to permit organizations to more desirable comprise and make the most of tips publicly published in Dun & Bradstreet or U.S. Securities and change fee filings. a different formulation of leveraging public statistics to pursue improved company wealth is featured inside U.S. Patent software No. 20140278752, titled gadget and formula for choosing expertise Mergers and Acquisitions. This gadget of storing business transaction counsel includes evaluation of public economic facts to check if a company consumer has revenues that exceed a predetermined portion of the total earnings of that consumer. This device is designed to enable monetary associations to stronger advise investment banking organizations in determining merger and acquisition pursuits.
The evolution of carbon credit score markets as a means for encouraging consumers to make environmentally friendly selections in fiscal transactions has spurred a little analysis and building at bank of america. They had been capable of see some of this activity reflected in U.S. Patent utility No. 20140317182, filed beneath the title Social Badging for Electronification of Paper. The patent software would protect an apparatus for social badging that comprises a memory, a processor and a module for tracking user interactions with an entity, ranking the environmental impacts of that interaction and broadcasting that score on a social community. The know-how is meant to serve the need for making a depended on platform that aggregates and analyzes carbon credit score data linked to buying an energy-effective car or deciding on electronic and never paper receipts, to identify two examples.
We had been also intrigued by the know-how developed via BoA to establish and notify account holders of customer enhancement alternatives whereas travelling a vicinity with which they're unfamiliar, mentioned inside U.S. Patent application No. 20140279003, which is titled Enhancement of consumer Affinity event based on Messaging concerning a Geographic enviornment. This innovation is intended to enrich strategies of featuring suggestions on principal buyer experiences which may be of activity to a consumer journeying a geographic area, but who may also even be unaware of the existence of that event within that area. The system for enhancing consumer affinity event that might be protected comprises a topic notification module which receives vicinity data from a cellular gadget and determines that an affinity object exists within a geographical region.
Issued Patents of word: From Cybersecurity to Social Networking
amongst economic corporations, financial institution of the us has been awesome for its electricity of intellectual property development during the last few years. The employer was a hundred and thirtieth common amongst entities receiving U.S. patent gives you all over 2013; its 262 patents that 12 months became a rise of 58.8 % over the previous 12 months’s totals, according to the highbrow home owners association. Their latest survey of the business’s patents currently issued by the USPTO uncovered an assortment of applied sciences for data protection and social networking tools, amongst other innovations which we’ll focus on in additional element below.
protection from cyber hazards has been a controversy of growing to be significance in the expertise sector, which they mentioned in their contemporary insurance of the Cybersecurity Partnership meeting at the USPTO’s Silicon Valley workplace. That’s why they felt it became crucial to share a few patents these days assigned to bank of the united states for technologies during this container. methods of combating fraudulent actions inside organizational networks are disclosed and protected by means of U.S. Patent No. 8880435, which is titled Detection and tracking of Unauthorized laptop access attempts. The invention is designed to improve upon strategies of monitoring cyber fraud by utilizing honeytokens, or bogus accounts and different false assistance that may also be monitored within a company; any use of that assistance indicates that fraudulent pastime has been tried. The patent protects a technique of tracking unauthorized desktop entry makes an attempt involving honeytokens that detects an invalid login effort and analyzes the attempt to check information concerning the celebration attempting unauthorized entry. strategies of addressing safety risks among mobile devices and other terminals are described with the aid of U.S. Patent No. 8874706, issued beneath the title Quarantine device. The patent protects a technique for quarantining a devices which can be out of compliance with community regulations by means of locating the gadget and making an attempt to log into the device to change the class identity of the community interface for a device to an remoted popularity. This technique become developed to examine the unfold of viruses across a network when these viruses come from a consumer device which interfaces with a network.
We had been intrigued to observe a few patents which symbolize a fresh R&D focal point on social networking equipment inside financial institution of the united states. for example, BoA was recently issued U.S. Patent No. 8838498, which is titled Social network Platform for Underwriting, protects a expertise that seems to be making an attempt to establish a facebook-trend carrier for loan servicing amongst social contacts. The patent claims a system for featuring a social networking platform for underwriting which receives financial provider requests from users, evaluates the fiscal risk of extending service to the consumer and requests to poll the social networks of a user to assess candidates for underwriting economic requests. This system is supposed to help those that have experienced issues finding willing lenders while theoretically decreasing the risk of loss via sociological and psychological principles of reciprocation; along with loans, this provider can be used to identify candidates inclined to underwrite a considerable number of assurance guidelines. A social network for shoppers of a monetary institution is the center of attention of U.S. Patent No. 8874674, which is titled device for Optimizing Social Networking. This patent protects an apparatus configured to optimize social networking services by offering social networking alternatives to clients in line with studies of person financial debts. The technology is meant to supply a device for uncovering skills social networking opportunities based on economic transactions; an example given in the patent discusses a motorcycle membership which might promote for brand spanking new contributors amongst account holders who have just bought a motorbike.
strategies of creating more suitable relationships between valued clientele and customer provider representatives all the way through incoming consumer provider calls are disclosed within U.S. Patent No. 8867732, entitled Aggregating mobilephone Numbers for Contact. The patent protects a device for aggregating cellphone numbers for a consultant working to bring together a fee in arrears that may affiliate a cell quantity with the contact checklist of a client and that consumer’s fiscal money owed. This gadget helps to supply customer service representatives with advice bearing on the client as that consumer calls, cutting back the need to ask questions establishing a customer’s reason for calling the consumer service number, which will also be time drinking.
finally these days, they had been drawn to a digital device developed by way of financial institution of the us which may aid account holders straight away receive counsel a few vehicle of activity in the event that they could be considering the fact that an auto buy. U.S. Patent No. 8873807, issued under the title vehicle awareness, protects a method for vehicle recognition which contains receiving a video stream from a cellular gadget which captures a component of a automobile and selecting the automobile from the video information. The components further comprises the presentation of suggestions bearing on the automobile, together with upkeep history and estimated month-to-month payments, to a person by means of superimposing that suggestions over the video feed.
Steve Brachmann is a contract journalist discovered in Buffalo, manhattan. He has labored professionally as a freelancer for more than a decade. He writes about expertise and innovation. His work has been published by The Buffalo information, The Hamburg solar, USAToday.com, Chron.com, Motley idiot and OpenLettersMonthly.com. Steve also provides web site copy and documents for a considerable number of enterprise shoppers and is available for research initiatives and freelance work.