Bank of America has experienced a substantial surge in its focus on artificial intelligence, with a remarkable 94% increase in AI and machine learning patent applications—both granted and pending—since 2022.
Currently, the bank boasts nearly 1,100 patents and applications in the AI and ML domains, over 50% of which have been successfully granted. Beyond AI, the institution has also secured patents this year in areas such as information security, online and mobile banking, payment solutions, data analytics, and augmented and virtual reality.
In total, Bank of America holds approximately 7,000 granted patents and pending applications, fueled by a workforce of more than 7,500 “inventors” and an annual technology budget of $12 billion, of which $4 billion is allocated to new initiatives for this year.
One of the most notable applications of AI at Bank of America is its virtual assistant, Erica, which serves over 45 million customers. Additionally, AI is harnessed in data analytics for wealth management and the CashPro Chat service advisor, which assists 40,000 corporate and commercial clients.
Aditya Bhasin, Chief Technology and Operations Officer at Bank of America, emphasizes, “As we accelerate our pace of innovation, we maintain a keen focus on listening to our clients and developing solutions that enhance and simplify their experiences. Our longstanding approach to AI, machine learning, and related technologies centers around delivering tangible benefits for our clients and employees.”
For those interested in the evolving challenges and opportunities that artificial intelligence presents to the banking sector, consider attending Finextra’s inaugural NextGenAI conference, scheduled for November 26, 2024. Register your interest here.