BofA Files Patents on ‘Social Impact’ and ‘Smartphone Video’, Aims to Revolutionize...

BofA Files Patents on ‘Social Impact’ and ‘Smartphone Video’, Aims to Revolutionize Mobile Banking

Bank of America's wild patents on live-video analysis could reinvent mobile banking, shopping and more

Bank of America has applied for several patents on mobile technologies namely augmented reality, object recognition and video stream analysis. The bank has also filed for patents on determining the ‘social impact’ of the product you are about to purchase.

Bank of America's wild patents on live-video analysis could reinvent mobile banking, shopping and moreThe bank from North Carolina, known in the banking industry for its innovations and research and development have been busy the past couple of years developing useful mobile tools for the average consumer. Research and development head Matthew Calman together with Erik Ross of MIT’s Media Lab has come up with new tools that can revolutionize mobile banking.

These patent applications from Bank of America show that the company knows the mobile banking is the future especially the use of the cameras of mobile devices to interact with objects around them.

A spokesperson from Bank of America however declined to comment on the patents. Many major companies often explore new technologies and apply patents for them however this is not an assurance that these technologies will be used commercially.

Many of the patents that Bank of America has applied for centers on video analysis for reward offers, sports movements, medical savings plans, and real estate listings.

From the filing: “Consumers are also increasingly interested in the social impact of the products they purchase and the businesses they frequent. For example, many consumers are interested in the environmental impact created by the manufacture and sale of the products and services they purchase, some consumers are interested in purchasing goods and services produced locally or from a specific geographic location, others desire to purchase goods that have not been manufactured with child labor or that incorporate resources from a specific geographic location. It can be difficult for consumers to identify the social impact of specific products and businesses at the point where (and when) most purchasing decisions are made, such as when comparing products in a store or walking down a street and trying to determine which service provider’s store to enter.”

Source: baltimoresun.com

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How will emerging technologies focused on mobile banking change the way people not only bank but also shop?  How disruptive are those tech innovations from Bank of America?  Is it enough to change the US residents perception of the banking behemoth and minimize interest in new -fresh and appealing- players such as simple or movenbank?

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