Bank of America achieved a remarkable milestone, securing a record 341 US patents in the first half of 2022, which marks a 50% increase compared to the previous year. The major focus areas for these patents were information security and artificial intelligence.
Following last year’s notable achievement of 227 patents, the bank has amplified its innovation efforts, now boasting a total of 5,556 patents that are either pending or granted—outpacing any other financial services firm in this regard.
Among the newly awarded patents, 21% are related to information security, 20% to AI, 18% to programming technology, and 16% to payment solutions.
The patent portfolio has been developed by a talented group of 6,500 inventors located across 43 US states and 14 countries, covering all eight lines of business within the bank. Notably, over a quarter (26%) of these inventors are women.
Aditya Bhasin, Chief Technology and Information Officer of Bank of America, emphasized the importance of diversity in their innovation efforts. He stated, “The diversity of our patent-winning portfolio reflects the varied experiences and unique perspectives of our inventors around the world. Their commitment to meeting client needs, protecting client information, and creating innovative solutions to improve clients’ financial lives is the driving force behind our record-breaking patent achievements.”