Last year, Bank of America earned 418 patents from the United States Patent Office – more than in any other year in the history of the company. This represents a 31 percent increase over 2018.
These milestones reinforce the culture of innovation at Bank of America. For seven consecutive years, Bank of America has been the top financial services institution on the Intellectual Property Owners Association’s annual list of 300 organizations granted the most U.S. patents, and is in the top 15 of all holders of U.S. banking-related patents and applications.
“There are few measures available that determine how innovative companies are, and the number of patents is one of them,” said Chief Operations and Technology Officer Cathy Bessant. “Innovation is at the heart of all we do. The sustainable development and deployment of emerging technologies play an important role in making our clients’ financial lives easier.”
The top three inventors — meaning employees who filed the most U.S. patent applications on behalf of the company — alone filed 156 applications. Last year’s granted patents included emerging technologies such as virtual reality, artificial intelligence, and machine learning, and spanned the areas of online and mobile banking, blockchain, information security, data analytics, and computer programming.
Bank of America’s portfolio consists of more than 3,900 patents and applications, created by more than 5,000 inventors from 42 states and 12 countries.
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 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award winning digital banking with approximately 38 million active users, including approximately 29 million mobile 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 owners 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.
Reporters May Contact:
Mark Pipitone, Bank of America