Fri, 08 March 2024 | technology
Approximately 6,600 issued patents and pending patent applications represent a record year for Bank of America's patent portfolio, which has increased by 13% year over year and by nearly 70% since 2019. The corporation received a record 644 patents last year, up 54% from the total number of patents awarded in 2019. As a result, the business moved up the Intellectual Property Owners Association's Top 300 list of patent owners, from 75th to 64th place.
Aditya Bhasin, Chief Technology and Information Officer at Bank of America, said, "Technology helps us deliver world-class capabilities to clients, enabling them to manage their finances efficiently and securely and to interact with us when, where, and how they want." "We innovate to anticipate and fulfill the needs of our clientele. We're constantly listening to our clients and developing solutions to enhance and streamline their experiences as our rate of innovation quickens."
Information security, artificial intelligence (AI), machine learning, online and mobile banking, payments, data analytics, and a brand-new field: augmented and virtual reality are among the technological areas in which Bank of America was awarded new patents last year.
Because of the global diversity of Bank of America's clientele, the bank was able to grant a record number of patents this year thanks to its inventors. More than 7,300 innovators from 42 states in the United States and 14 other countries work for Bank of America; 26 percent of them are women. Less than 17% of inventors worldwide are female.
Twelve billion dollars a year are spent on technology by Bank of America; in 2024, $3.8 billion of the amount will go toward new technology projects. The corporation has invested $32 billion in innovative technological initiatives during the past ten years. These continued expenditures, together with our high-tech, high-touch methodology, keep improving the customer experience via all of our channels and increasing operational effectiveness throughout our business.
The level of engagement that customers have with our digital solutions is one of the best indicators of success. 57 million clients use our digital services now to assist with money management. An 11% increase from the previous year saw our clients interact digitally with their accounts a record 23.4 billion times last year.
More than 53,000 other businesses in the financial services and technology sectors have referenced Bank of America patents, indicating the company's significant impact on innovation and technology.