Bank of America (BofA) achieved a milestone in innovation by securing a record 644 U.S. patents in 2023, marking a 13% increase from the previous year. The surge in patents reflects the bank’s concentrated efforts in the realms of information security, artificial intelligence (AI), and machine learning. Aditya Bhasin, BofA’s Chief Technology and Information Officer, highlighted the inclusivity of innovation, stating that it is not confined to a specific lab but involves every aspect of the organization.
One noteworthy application of the patented technology is evident in BofA’s virtual assistant, Erica, which leverages AI to provide customers with alerts regarding spending habits and reminders for recurring transactions. The bank’s patent portfolio extends beyond AI, encompassing areas such as programming technology, online or mobile banking, and payments. BofA’s dedication to technological advancement is reflected in its substantial annual spending of $12 billion on technology, with plans to allocate $3.8 billion to new initiatives in the current year.
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