Biometric Authentication for Financial Account Access

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Solution Overview

Problem

Individuals, both banked and unbanked, face challenges in accessing financial accounts and services due to lack of identification documents, leading to difficulties in managing accounts and authorizing transactions, especially in emergency situations, and there is a need for efficient identity management solutions that do not rely on traditional credentials.

Innovation Solution

A computing platform that uses biometric authentication, including fingerprint, palm print, voiceprint, retinal scan, iris scan, or vein scan, to authenticate users and manage accounts, allowing access to information and services without requiring additional identifying information, and generates personalized recommendations using a machine learning model.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Ease of operation

If traditional identification documents and credentials are required for account access and transaction authorization, then security and identity verification are maintained, but accessibility and convenience deteriorate for unbanked individuals and those in emergency situations

Engineering Contradiction:

ImproveAccount access convenienceVSAvoidIdentity verification security

Core Design Contradiction:

Ease of operationVSReliability

Solution Approach 1:

The patent replaces traditional mechanical/document-based identification systems (physical IDs, cards, credentials) with a biometric authentication system using fingerprint, facial recognition, or other physiological markers. This substitution enables contactless, document-free authentication that maintains security through unique biological identifiers while dramatically improving accessibility for unbanked individuals and those who have lost their identification documents.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system creates a digital copy or template of the user's biometric data during enrollment, storing it securely for future authentication. This biometric template serves as a permanent, unchangeable identifier that replaces the need for physical identification documents, allowing users to access accounts and authorize transactions without carrying any physical credentials.

Inventive Principle:

Principle #26Copying

2Reliability

If multiple forms of identification and credentials are required for account management, then security is enhanced, but system complexity and user burden increase

Engineering Contradiction:

ImproveAccount securityVSAvoidAuthentication system complexity

Core Design Contradiction:

ReliabilityVSDevice complexity

Solution Approach 1:

The biometric authentication system serves multiple functions simultaneously: it acts as the primary identification method, the authentication mechanism for transactions, and the account access key. This single universal biometric identifier replaces the need for multiple separate credentials (ID cards, passwords, PINs, security questions), simplifying the system while maintaining or enhancing security through the uniqueness of biometric data.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The patent merges multiple authentication functions (identification, authorization, account access) into a single biometric authentication process. Instead of requiring users to present and verify multiple separate credentials, the system combines these functions into one unified biometric check, reducing system complexity and improving user experience while maintaining security through the inherent uniqueness of biometric identifiers.

Inventive Principle:

Principle #5Merging (Combining)

3Adaptability or versatility

If traditional authentication methods are used, then existing security protocols are maintained, but accessibility for unbanked individuals and those without identification documents deteriorates

Engineering Contradiction:

ImproveFinancial service accessibilityVSAvoidUser verification accuracy

Core Design Contradiction:

Adaptability or versatilityVSReliability

Solution Approach 1:

The system replaces document-based verification mechanisms with biometric authentication, enabling financial institutions to serve unbanked individuals who lack traditional identification documents. The biometric scanner captures physiological data (fingerprint, facial structure) that serves as inherent identification, allowing these individuals to open accounts and access financial services without needing passports, driver's licenses, or other formal IDs, thereby expanding financial inclusion while maintaining verification accuracy.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Data Source

PatentUS20240037648A1Account Establishment and Transaction Management Using Biometrics and Intelligent Recommendation Engine

Publication Date: 2024.02.01 BANK OF AMERICA CORP

AI summary

Aspects of the disclosure relate to identity management and recommendation. A computing platform may receive a request to access information associated with one or more user accounts. The computing platform may send a biometric authentication prompt for identifying a user. The computing platform may receive biometric input of the user. The computing platform may retrieve one or more biometric enrollment templates from a database. The computing platform may compare the biometric input to the one or more biometric enrollment templates to determine if a match exists between the biometric input and one of the one or more biometric enrollment templates. Responsive to the user being authenticated based upon a match, the computing platform may retrieve and send information associated with the one or more user accounts. The computing platform may generate and send one or more recommendations associated with usage of the one or more user accounts.