Bank of America Sets Record-Breaking Year for Patents Granted in 2022
CHARLOTTE, NC. - Bank of America announced a record-breaking year for patents received in 2022 with 608 patents granted, a 19% increase year over year. The patents represent innovation across many areas including artificial intelligence, machine learning, information security, data analytics, mobile banking, and payments. This record was achieved as the United States Patent and Trademark Office issued about 1% fewer patents overall in 2022. Bank of America also rose to 75th from 86th on the Intellectual Property Owners Association’s Top 300 list of patent owners (PDF).
“Our culture of innovation is driven by our inventors’ passion for ideating, developing and patenting meaningful capabilities for our clients and teammates,” says Aditya Bhasin, Chief Technology and Information Officer for Bank of America. “Over $10B in annual investment in these innovations earned our company a patented portfolio of solutions that spans artificial intelligence (AI), cybersecurity, payments, and other technologies that help our clients live better financial lives.”
2022 breakdown - BofA Patents Granted
Technology categories for the 608 patents granted (clockwise)
14 percent are Payment Technology
11 percent are Online, Mobile and Consumer Banking
6 percent are Data Analytics
4 percent are Blockchain
27 percent are Information Security
21 percent are Artificial Intelligence and Machine Learning for Financial Services
17 percent are Programming Technology
A key driver of the bank’s patent growth is its diverse workforce. More than 6,700 inventors across 42 states and 14 countries are inventors on the bank’s 5,837 patents. Of Bank of America’s inventors 26% are women, while fewer than 17% of inventors worldwide are women.
Victoria Dravneek, a Deposits and Payments Integration executive, is one of the company’s female inventors. She has 52 patents filed with 43 of those granted, which span categories including global treasury, fraud, and digital banking.
One of her recent patent publications is related to customization of client interfaces within multiple banking channels and she leads a team responsible for new product development.
“I originally came from the world of start-ups, where ideas were fast and furious,” she said. “At Bank of America, I'm encouraged to leverage the same mindset to dream big, identify new opportunities and new ways to leverage technology to help our clients better manage their financial lives.”
By making innovation every teammate’s responsibility, the company reinforces its commitment to a diverse workforce that represents its diverse clients. Ensuring diverse viewpoints are incorporated throughout the innovation and technology development life cycle allows clients to bank how and when they prefer, securely.
“Bank of America’s philosophy toward patents is unique and purposeful, as we do not rely on an innovation lab or R&D group to invent,” said Joe Castinado, Merchant Services Technology executive. “Any teammate can innovate and patent, leveraging our diverse perspectives to drive client focused solutions.”
How did you become an inventor at Bank of America?
JOE CASTINADO: My first invention and my first patentable idea came many, many years ago.
I've been working for Bank of America for 13-and-a-half years and it came about out of a design session where there were probably 20 of us in a room working on a business need and the collaboration in that room took over – and the excitement took over and we just started to create a really unique idea. And by the end of that session, I was so excited and I said, I think we can patent this. I didn't understand our patent process, but our Intellectual Property team here at the bank made it very easy.
What do you want people to know?
I want to make sure that people know that you don't have to stay up all night to try to come up with an idea or the patent has to be an earth-shattering idea to become a patent.
How does diversity play a part in patent efforts?
Diversity plays a very strong role in looking at patents. We all come from diverse backgrounds. I'm Mexican American. I'm very proud of my heritage and the culture that I grew up with as a young adult, and even as a child, brings diversity of thought into all the things I look at.
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 3,900 retail financial centers, approximately 16,000 ATM and award-winning digital banking with approximately 56 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.
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Alex Lawson, Bank of America
Catherine Page, Bank of America