March 6, 2024 at 9:04 AM Eastern
B of A Patents Increase Nearly seventy percent in 5 Years
CHARLOTTE, North Carolina – 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 thirteen percent, and an increase of nearly seventy percent since twenty nineteen. A record 644 patents were granted to the company last year, an increase of fifty four percent compared to the total number of patents granted in twenty nineteen. As a result, the company rose from 75th to now 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners (PDF).
“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 (A I), machine learning, online and mobile banking, payments, data analytics and a new category: augmented and virtual reality.
Listed clockwise:
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 twenty-six percent of them being women. Worldwide, fewer than seventeen percent of inventors are women.
Bank of America spends twelve billion dollars annually on technology, of which three point eight billion dollars will be allocated to new technology initiatives in twenty twenty four. Over the last decade, the company has spent thirty-two billion dollars 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 eleven percent 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.”
Bar graph of total number of patents from twenty nineteen to twenty twenty three.
Text: “Total B of A Patents. Over the last 5 years, patent portfolio has grown nearly seventy percent to 6,582.” Data (values from twenty nineteen to twenty twenty two are approximate): twenty nineteen, 3,300; twenty twenty, 3,800; twenty twenty one, 4,600; twenty twenty two, 5,500; twenty twenty three, 6,582.
Bar graph of number of patents granted from twenty nineteen to twenty twenty three.
Text: “Patents Granted. 644 patents granted to B of A in twenty twenty three, fifty-four percent increase compared to twenty nineteen.” Data (values from twenty nineteen to twenty twenty two are approximate): twenty nineteen, 350; twenty twenty, 370; twenty twenty one, 460; twenty twenty two, 600; twenty twenty three, 644.
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 U S, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A T Ms (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 U S, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C).
Catherine Page, Bank of America
Phone: one seven zero four five one nine seven three one four
catherine.page@bofa.com
March 6, 2024 at 9:04 AM Eastern
B of A Patents Increase Nearly seventy percent in 5 Years
CHARLOTTE, North Carolina – 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 thirteen percent, and an increase of nearly seventy percent since twenty nineteen. A record 644 patents were granted to the company last year, an increase of fifty four percent compared to the total number of patents granted in twenty nineteen. As a result, the company rose from 75th to now 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners (PDF).
“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 (A I), machine learning, online and mobile banking, payments, data analytics and a new category: augmented and virtual reality.
Listed clockwise:
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 twenty-six percent of them being women. Worldwide, fewer than seventeen percent of inventors are women.
Bank of America spends twelve billion dollars annually on technology, of which three point eight billion dollars will be allocated to new technology initiatives in twenty twenty four. Over the last decade, the company has spent thirty-two billion dollars 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 eleven percent 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.”
Bar graph of total number of patents from twenty nineteen to twenty twenty three.
Text: “Total B of A Patents. Over the last 5 years, patent portfolio has grown nearly seventy percent to 6,582.” Data (values from twenty nineteen to twenty twenty two are approximate): twenty nineteen, 3,300; twenty twenty, 3,800; twenty twenty one, 4,600; twenty twenty two, 5,500; twenty twenty three, 6,582.
Bar graph of number of patents granted from twenty nineteen to twenty twenty three.
Text: “Patents Granted. 644 patents granted to B of A in twenty twenty three, fifty-four percent increase compared to twenty nineteen.” Data (values from twenty nineteen to twenty twenty two are approximate): twenty nineteen, 350; twenty twenty, 370; twenty twenty one, 460; twenty twenty two, 600; twenty twenty three, 644.
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 U S, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 A T Ms (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 U S, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (N Y S E B A C).
Catherine Page, Bank of America
Phone: one seven zero four five one nine seven three one four
catherine.page@bofa.com
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