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Bank of America has 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.
Bank of America patents
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.
With only 3 Financial Institutions in the top 100 its interesting to see what the direction of travel is for main stream banks.
As the infographic shows, payments have a prominence in BofA’s strategy and its protecting that IP with patents.
“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, the bank has more than 7,300 inventors across 42 US states and 14 countries, with 26% of them being 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 its digital solutions.
Today, 57 million clients leverage BofA digital capabilities to help manage their financial lives. Last year, its clients digitally connected with their finances a record 23.4 billion times, an 11% increase year-over-year.
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