- Committed to client-focused innovation, Bank of America now
holds nearly 6,600 patents.
- Most U.S. patents of any financial services company in the
country
- More than 7,300 inventors around the world
- Nearly 1 out of 5 patents granted last year related to AI
and machine learning innovations.
CHARLOTTE, N.C., March 6,
2024 /PRNewswire/ -- Bank of America today announced
a record year for its patent portfolio, which has grown to nearly
6,600 granted patents and pending patent applications – a
year-over-year increase of 13%, and an increase of nearly 70% since
2019. A record 644 patents were granted to the company last year,
an increase of 54% compared to the total number of patents granted
in 2019. As a result, the company rose from 75th to now
64th on the Intellectual Property Owners Association's
Top 300 list of patent owners.
"Technology helps us deliver world-class capabilities to
clients, enabling them to manage their finances efficiently and
securely and to interact with us when, where and how they want,"
shared Aditya Bhasin, Chief Technology and Information
Officer for Bank of America. "We innovate to meet and anticipate
our clients' needs. As our pace of innovation accelerates, we're
continually listening to clients and building solutions to improve
and simplify their experiences."
Technology categories in which new patents were granted to Bank
of America last year include information security, artificial
intelligence (AI), machine learning, online and mobile banking,
payments, data analytics and a new category: augmented and virtual
reality.
This record year of patents granted was made possible by
Bank of America inventors around the world, who mirror the
diversity of the bank's clients. Bank of America has more than
7,300 inventors across 42 U.S. states and 14 countries, with 26% of
them being women. Worldwide, fewer than 17% of inventors are
women.
Bank of America spends $12 billion
annually on technology, of which $3.8
billion will be allocated to new technology initiatives in
2024. Over the last decade, the company has spent $32 billion on new technology initiatives. These
ongoing investments – combined with our high-tech, high-touch
approach – continue to enhance the client experience across all
channels, and to drive operational efficiencies across our
company.
One of the greatest measures of success is the degree to which
clients engage with our digital solutions. Today, 57 million
clients leverage our digital capabilities to help manage their
financial lives. Last year, our clients digitally connected with
their finances a record 23.4 billion times, an 11% increase
year-over-year.
Bank of America patents have been cited by other companies in
the financial services and technology industries more than 53,000
times, further demonstrating the company's influence on technology
and innovation.
Melissa Gordon Glenn
Global Information Security executive and Bank of America patent
holder
"Having the ability to ideate and collaborate
with other bank teammates on functionality that could enhance our
clients' interactions and experiences is inspiring. It was a proud
moment for me when my first patent was granted," shared
Melissa. "In addition to the great work my team achieves daily,
I want them to be empowered to innovate and be personally connected
to how our company supports Responsible Growth. To do so, I
encourage each of my team members to identify at least one idea for
patent consideration annually."
Bank of America
Bank of America is one of the world's
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 69 million consumer and small
business clients with approximately 3,800 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 57 million
verified digital users. Bank of America is a global leader in
wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC).
Reporters May Contact:
Alex Lawson, Bank of America
Phone: 1.704.387.8291
alex.lawson@bofa.com
Catherine Page, Bank of
America
Phone: 1.704.519.7314
catherine.page@bofa.com
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SOURCE Bank of America Corporation