Bank of America has recently staked a claim in the future of digital banking services with a fascinating patent, number US20230344520A1. This patent aims to address the persisting issue of errors and server failures within digital banking systems that could pause an entire operation. In terms we can all understand, these problems are akin to getting a flat tire on a road trip standing in the middle of the highway waiting for assistance.
The issues cropping up from these errors and failure of a data server or data center, which are the heart and brain of the digital banking system, are analogous to the potential chaos that could ensue if gridlocked traffic was left unattended. As in the traffic scenario, bank customers may be left stranded and services suspended. The existing process of error recovery lacks automation and largely depends on human intervention. The image one should have in mind is a roadside service engineer flipping through service manuals to diagnose and treat your vehicular mishap while the queue behind you builds up.
The patent suggests a remedy that can be seen as a futuristic form of rescue – self-diagnosis and repair. It proposes a system that is designed to pick up the distress signals and get an automated rescue operation underway, which means your digital banking experience is likely to go smoothly without hitches. It's like using advanced technology to not only alert roadside service about your car breakdown but also tell them what went wrong and how they can fix it before they even arrive.
This is possible through a virtual flood of information transmitted over a special network that can identify and repair faults. What's interesting about this network is that it uses light to transmit information, called Li-Fi, thereby potentially speeding it up. Considering our traffic analogy, this system might be perceived as a competent traffic management system flashing updates to allow cars to navigate around the point of breakdown smoothly.
With this issue addressed and the patent in operation, the world of digital banking could wisen up to an unprecedented level of efficiency. Imagine the road trip where you never worry about your car breaking down because it fixes itself. In real life, it means no glitches for your transactions, smooth banking experiences with no sudden cut-offs, and noticeably quicker corrections of minor issues.
It's important to note that this is a patent, and the real-world manifestation of this technology is still not certain. It might bring in a revolution, or it might quietly recede into the background.
P.S. A patent is typically an exclusive legal right to an invention or process. However, the appearance of this system in the market is not guaranteed. It is filed and serves as a blueprint that lays down the path to a potentially improved system but might not see daylight as a market product.