Boston, MA 01/03/2014 (wallstreetpr) – Bank of America Corp (NYSE:BAC) is on the point of developing some unique applications aimed on servicing its customers, their patent applications reveal. Patents were always the main domain of technology and biotechnology firms. While these firms spend a lot of time and money on research and development, non technology firms also are looking out for ways to improve their services and products. Such research and development is then patented so that it remains in the company’s domain only.
Recent Patent Applications of Bank Of America
Bank of America Corp (NYSE:BAC) is developing some unique and hi tech solutions to aid its customers in their day to day life. This can be gauged from their patent applications. One of the application deals with a way the customers will be assisted in their choice of payment methods. Customers have various sources for making payments; they have credit cards, debit cards, check facility or may even use loans to finance their purchases. All these attract different financial charges and also other charges like interest, penalties, processing fees among others. Most of us are not so financially savvy that we can reach a correct decision instantaneously. Bank of America is developing software which will analyze the options available and suggest the best method of payment. At least three of the best options can be displayed and the application can also work on a mobile phone.
Another Patent on Cloud Computing
Clod computing has been embraced by all the industries. Financial sector is also moving ahead with the adoption of this platform; Bank of America Corp (NYSE:BAC) being one of them This raises a host of security concerns as well as opens a lot of potential for such a diversified bank. The second patent attempts to address some of the issues.
The third one is aimed at the business community and would aid in strengthening their customer relationship. A customer who has a previous experience with the bank would be more open to utilizing its services again. This patent makes the information available at the fingertips.
All the three as well as others not discussed here are attempts to showcase the progressive nature of Bank of America Corp (NYSE:BAC).
