October 23, 2024 at 9:05 AM Eastern
A I Patents at B of A Increase ninety four percent Since 2022
Company’s Patent Portfolio Includes Nearly 1,100 A I and Machine Learning Patents
CHARLOTTE, North Carolina, LONDON, and HONG KONG – Bank of America is dedicated to the use of innovative technology to best meet the needs of its clients and employees. This commitment to innovation has led to a ninety four percent increase in artificial intelligence (A I) and machine learning (M L) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 A I and M L patents and pending applications in its portfolio, with more than half having already been granted.
Overall, the bank holds nearly 7,000 granted patents and pending patent applications, and the most granted patents of any financial services company. This is thanks to the creativity of its more than 7,500 talented inventors based in 14 countries and 42 U S states, and a culture that empowers teammates to explore and develop innovative solutions for individuals and businesses around the world.
“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,” said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. “Such has been the case with our approach to A I, machine learning, and related technology for many years – the use of which centers on the benefits to our clients and employees.”
In addition to artificial intelligence and machine learning, other technology categories in which new patents have been granted to Bank of America this year include information security, online and mobile banking, payments, data analytics, and augmented and virtual reality.
Bank of America spends over twelve billion dollars and zero cents annually on technology, of which approximately four billion dollars and zero cents will be directed to new technology initiatives in 2024. These ongoing investments continue to enhance client experiences and to drive operational efficiencies.
Bank of America’s approach to A I includes human oversight, transparency, and accountability for all outcomes. A few examples of how A I and machine learning are being used responsibly across the company to benefit clients and employees include:
Listed clockwise:
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 3,700 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 58 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 (N Y S E B A C).
Matt Card, Bank of America
Phone: one two zero two five seven nine six eight seven nine
matthew.card@bofa.com
Catherine Page, Bank of America
Phone: one seven zero four five one nine seven three one four
catherine.page@bofa.com
October 23, 2024 at 9:05 AM Eastern
A I Patents at B of A Increase ninety four percent Since 2022
Company’s Patent Portfolio Includes Nearly 1,100 A I and Machine Learning Patents
CHARLOTTE, North Carolina, LONDON, and HONG KONG – Bank of America is dedicated to the use of innovative technology to best meet the needs of its clients and employees. This commitment to innovation has led to a ninety four percent increase in artificial intelligence (A I) and machine learning (M L) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 A I and M L patents and pending applications in its portfolio, with more than half having already been granted.
Overall, the bank holds nearly 7,000 granted patents and pending patent applications, and the most granted patents of any financial services company. This is thanks to the creativity of its more than 7,500 talented inventors based in 14 countries and 42 U S states, and a culture that empowers teammates to explore and develop innovative solutions for individuals and businesses around the world.
“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,” said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. “Such has been the case with our approach to A I, machine learning, and related technology for many years – the use of which centers on the benefits to our clients and employees.”
In addition to artificial intelligence and machine learning, other technology categories in which new patents have been granted to Bank of America this year include information security, online and mobile banking, payments, data analytics, and augmented and virtual reality.
Bank of America spends over twelve billion dollars and zero cents annually on technology, of which approximately four billion dollars and zero cents will be directed to new technology initiatives in 2024. These ongoing investments continue to enhance client experiences and to drive operational efficiencies.
Bank of America’s approach to A I includes human oversight, transparency, and accountability for all outcomes. A few examples of how A I and machine learning are being used responsibly across the company to benefit clients and employees include:
Listed clockwise:
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 3,700 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 58 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 (N Y S E B A C).
Matt Card, Bank of America
Phone: one two zero two five seven nine six eight seven nine
matthew.card@bofa.com
Catherine Page, Bank of America
Phone: one seven zero four five one nine seven three one four
catherine.page@bofa.com
.jpg/_jcr_content/renditions/original){kind=logo}
