Bank of America patent portfolio includes 1,100 AI patents
Bank spends $4B annually on new tech integration
Bank of America has secured nearly 1,100 AI and machine learning patents since 2022 as it continues to invest in innovation.
The bank posted a 94% increase in AI and machine learning patents since 2022, driven by customer demand for innovation and simplifying tasks, according to the bank’s latest patent report, released this month.
“Our focus is on understanding how our clients’ needs and behaviors are changing and aligning our technology around them,” a Bank of America spokesperson told Bank Automation News.
Digital adoption of Bank of America’s tools reached 48 million in the third quarter, up from 46 million in Q3 last year, according to the bank’s Q3 earnings call on Oct. 15.
“We innovate to meet and anticipate our clients’ needs,” Aditya Bhasin, chief technology and information officer at Bank of America, said in a company release Oct. 23.
Bank of America spends $4 billion a year on new tech initiatives as part of its $12 billion annual tech spend, according to the report.
The bank is currently investing in the following AI projects:
- Digital assistants and chatbots, including the bank’s virtual assistant Erica, which has 48 million users.
- Digital banking platforms, including CashPro Chat, which allows commercial customers quicker access to all banking information.
- Payments solutions, such as Bank of America Intelligence Receivables, an AI-driven payments solution that increases efficiency.
AI patent filings on the rise
Since 2023, AI patents filed by the top-ranked banks increased 44.7% to 1,110, with Bank of America accounting for 60% of that growth, according to an Oct. 24 report from data analytics company Evident AI.
Top Financial Institutions’ AI Patents:
U.S.-based banks account for 14 of 24 financial institutions that filed for AI patents, the report showed.
This year, these financial institutions filed for their first AI patents:
- $9.74 trillion Charles Schwab;
- $557 billion PNC; and
- $3 trillion HSBC.
With its AI patents, Bank of America can “envision and develop the next generation of client-focused capabilities and tools,” the spokesperson said.
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