To keep up with consumer demand for digital capabilities, Bank of America’s inventors focus on solving client problems and removing friction through innovation and patent efforts.
In 2023, the $3.2 trillion bank was granted 644 patents, up 6% year over year from 2022, according to a bank press release.
The bank’s inventors work on identifying solutions for problems and then ensure that their ideas are “really protected” through patents, Cameron Wadley, senior vice president and technology executive of retail, preferred, small business, and wealth management investment and banking products technology at Bank of America, told Bank Automation News.
During 2023, the bank was granted patents in data analytics; blockchain; payment technology; online, mobile and consumer banking; programming technology; augmented reality; information security; and artificial intelligence, according to the bank’s release. The bank now has 6,600 patents.
One-fifth of the patents granted in 2023 were AI- or machine learning-driven, according to the release.
Long-term innovations
As the bank’s team of 7,300 inventors focuses on problem-solving, some of its ideas are used beyond the purposes originally intended, Wadley said.
For example, its predictive analytics efforts were designed to help clients manage spending, but now that technology is integrated into the bank’s AI-driven digital concierge, Erica, Wadley said.
Bank of America’s Tom Durkin, global product head of CashPro in Global Transaction Services, will speak at Bank Automation Summit U.S. 2024 on Tuesday, March 19, at 1:45 p.m. CT.
Join us for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
