BofA Files Patents Related to Mobile Banking & Video ATM Terminals

Given the rise of mobile banking services and the associated cybersecurity risks, Bank of America wants to come up with more innovative banking methodologies. BofA has apparently filed new patents in order to come up with next generation solutions, as reported by IP WatchDog.

Here are some of the relevant patents:

  • One of the patents is related to personal security and involves a method which is intended to provide smartphone owners and other mobile device users with an augmented reality service for identifying unwanted home intrusions, and offer them options for contacting authorities.
  • An enhanced treasury management system which is optimized for small electronic devices like smartphones, which have limited screen sizes.
  • A system that allows a consumer to utilize funds associated with multiple gift cards using a single payment method through an associated user account.

A particular patent highlights that BofA is also looking at leveraging live video feeds to connect consumers to bank tellers at ATMs. The patent mentions a method of detecting an error associated with a transaction made by a user at a video transaction device. The method involves identifying a video agent terminal with video and audio functionalities to service the transaction error and send instructions to print an error receipt containing contact information and a transaction error identifier, so that the user may rectify the problem.

The idea of heading to your nearby branch for banking services is becoming a thing of the past. With large scale digitization and the wide presence of mobility, banks are changing the way customers can access banking services. Now you can have the option of fulfilling all your banking needs from the palm of your hands. Banks are coming up with new concepts every day to replace their old brick-and-mortar physical branches. Banks like Barclays, TD Bank, and PNC Bank have incorporated the use of self-service stations at branches featuring iPads that can help perform all kinds of banking operations.

Financial institutions are using the concept of a ‘Pop-Up Branch’ in order to test new permanent locations, provide low cost transactional support, and implement special event engagement. In simple terms, these branches are kind of a No-Teller branch where the primary focus is on implementation of new banking technologies to enable enhanced customer experiences.