Bank of America Sets Record for Patents Granted During First Half of 2022
September 7, 2022 at 10:00 AM Eastern
Today the bank is announcing it has recorded the most patents granted in the first half of any year in the company’s history. The U.S. Patent Office granted Bank of America 341 patents during the first half of 2022, which is a 50% increase, year over year. Patents granted include client focused innovations related to security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning, and mobile banking. The bank has more U.S. patents than any other financial services company.
“The diversity of our patent-winning portfolio represents the diverse experiences and unique perspectives of more than 6,500 inventors around the world,” said Aditya Bhasin, Bank of America’s Chief Technology and Information Officer. “Their desire to address client needs, safeguard client information and create new solutions that helps clients build better financial lives drives our record-breaking patents streak.”
Global Information Security teammate and retired Marine Corps Reservist Michael Young, a top company inventor, has filed 65 patents that span across cybersecurity, artificial intelligence, data security and more.
“The bank has fostered a culture of innovation, and patents are just one way for technologists to express our creativity,” he said. “While I am passionate about inventing, the best part is the opportunity to collaborate with talented teammates across the organization.”
Other companies often cite Bank of America patents as influencing their efforts. So far in 2022, the bank has been cited by more than 2,400 patents and applications from a variety of industries, including well-known technology companies. Historically, the bank has been cited more than 43,000 times.
2022 First Half Breakdown - Bank of America Patents Granted
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 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, register for email news alerts.
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
Technology categories for the 341 patents granted
September 7, 2022 at 10:00 AM Eastern
Bank of America Sets Record for Patents Granted During First Half of 2022
Today the bank is announcing it has recorded the most patents granted in the first half of any year in the company’s history. The U.S. Patent Office granted Bank of America 341 patents during the first half of 2022, which is a 50% increase, year over year. Patents granted include client focused innovations related to security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning, and mobile banking. The bank has more U.S. patents than any other financial services company.
“The diversity of our patent-winning portfolio represents the diverse experiences and unique perspectives of more than 6,500 inventors around the world,” said Aditya Bhasin, Bank of America’s Chief Technology and Information Officer. “Their desire to address client needs, safeguard client information and create new solutions that helps clients build better financial lives drives our record-breaking patents streak.”
Global Information Security teammate and retired Marine Corps Reservist Michael Young, a top company inventor, has filed 65 patents that span across cybersecurity, artificial intelligence, data security and more.
“The bank has fostered a culture of innovation, and patents are just one way for technologists to express our creativity,” he said. “While I am passionate about inventing, the best part is the opportunity to collaborate with talented teammates across the organization.”
Other companies often cite Bank of America patents as influencing their efforts. So far in 2022, the bank has been cited by more than 2,400 patents and applications from a variety of industries, including well-known technology companies. Historically, the bank has been cited more than 43,000 times.
2022 First Half Breakdown - Bank of America Patents Granted
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 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, register for email news alerts.
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
Technology categories for the 341 patents granted
.jpg/_jcr_content/renditions/original){kind=logo}
Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. These materials are for informational purposes only. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “ MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp.
Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
| Are Not Deposits | Are Not Insured by Any Governmental Agency | Are Not a Condition to Any Banking Service or Activity |
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.
Company goals are aspirational and not guarantees or promises that all goals will be met. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards.
Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2024 Bank of America Corporation. All rights reserved.
.jpg/_jcr_content/renditions/original){kind=logo}
