Located across 42 states and 14 countries,
BofA inventors continue to build on its portfolio of more than
6,100 patents and applications.
- BofA has the most granted U.S. patents out of any financial
services company.
- 762 Artificial Intelligence/Machine Learning patents and
applications within the bank's portfolio. Up 22% since 1H,
2022.
- 26% of BofA's inventors are women while 17% of inventors
worldwide are women.
CHARLOTTE, N.C., Sept. 19,
2023 /PRNewswire/ -- Bank of America announced their
inventor base has grown to more than 7,000 employees around the
world. These talented inventors have helped grow the bank's patent
portfolio to over 6,100 active patents and applications. Their
contributions have resulted in the bank rising to 75th on the
Intellectual Property Owners Association's Top 300 list of patent
owners. Supporting all areas within the bank, the inventors remain
focused on continuous innovation, particularly in artificial
intelligence, machine learning, data analytics, information
security, online/mobile banking, and payments.
"Our company invests in technology including more than
$3 billion a year on new technology.
That investment allows our teams to innovate in countless ways to
help serve our clients better," said Aditya Bhasin Bank of
America's chief technology and information officer.
Innovation is the responsibility of all bank employees, and
their creativity and expertise are well represented by the
company's sizable and diverse patent portfolio. Globally, Bank of
America hosted multiple technology and innovation sprints in the
first half of 2023 to envision and develop the next generation of
client-focused capabilities and tools. Teammates from all lines of
business focused on enhancing clients' financial journeys, the
company's high tech, high touch offerings, and supporting
Responsible Growth.
Hear more about Bank of America's commitment to technology.
Erica® Bank of America's AI-driven virtual financial
assistant was developed and launched in 2018 and currently has
76 active patent filings. In the five years since, its capabilities
have been enhanced with new innovations, such as personalized and
proactive banking insights; enabling Erica to continue to evolve
with and serve the bank's approximately 68 million consumer and
small business clients.
Most recently Erica's functionality was expanded to facilitate
CashPro® Chat, a virtual service advisor that allows clients to
self-serve when using the bank's digital treasury banking
capabilities. CashPro is used by more than 40,000 commercial
clients around the world to manage their treasury operations.
"It was an amazing experience being a part of the team that
brought Erica capabilities to Bank of America clients and
employees," shared Rama Yannam, Consumer, Business and
Wealth Technology teammate and a company inventor. "Erica has
continued to expand to support more clients and employees within
other areas of the bank. This next Erica expansion of
CashPro Chat will now make it easier for Treasury
clients to engage with our bank for their
digital payment and treasury needs."
While 17% of inventors worldwide are women, 26% of Bank of
America's inventors are female. Jennifer
Greenwald, an Identity & Access Product Manager, and
a company inventor, was introduced to the patent process through a
manager in 2019.
"I patented a technology that improves security by automating
access rights across multiple platforms," shared Jennifer. "I was
just notified of my fourth granted patent and, given the
collaborative nature of the bank's patent process, I know I will
continue to innovate to enhance security for our customers."
Bank of America
Bank of America is one of the world's
leading financial institutions, serving individual consumers, small
and middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial
and risk management products and services. The company provides
unmatched convenience in the United
States, serving approximately 68 million consumer and small
business clients with approximately 3,900 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 57 million
verified digital users. Bank of America is a global leader in
wealth management, corporate and investment banking, and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 4 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock is listed on the New York Stock
Exchange (NYSE: BAC).
Reporters may contact:
Alex Lawson, Bank of America
Phone: 1.704.387.8291
alex.lawson@bofa.com
Catherine Page, Bank of
America
Phone: 1.704.519.7314
catherine.page@bofa.com
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SOURCE Bank of America Corporation