Bank Of America Achieves A Record 644 US Patents In 2023, Mostly Thanks To AI

Illustration of the role of Bank of America for the US community (photo: x @BankofAmerica)

JAKARTA - The Bank of America secured a record 644 United States patents in 2023, up 13% from the previous year. This comes as creditors focus on information security, artificial intelligence (AI), and machine learning, as stated on Wednesday, March 6.

The second-largest lender in the United States now has 6,600 patents granted or applications being processed worldwide, including more than 800 associated with AI. More than 7,300 creators of this bank include 42 US states and 14 countries.

"Innovation is everyone's business - it's not a hidden laboratory or small group," said Aditya Bhasin, Bank of America's Chief Technology and Information Officer. "We are thinking about how AI can be used to make us better able to serve our clients."

For example, the bank uses some patent technology for its virtual assistant, Erica, to alert customers about their spending habits or reminders about recurring transactions.

BofaA also managed to obtain patents in programming technology, online or mobile banking, and last year's payments, it was delivered.

The banking giant spent $12 billion a year on technology. They plan to allocate $3.8 billion for the new initiative this year.