Bank of America has reported a significant increase in its artificial intelligence (AI) and machine learning (ML) patent portfolio, with a 94% rise in granted patents and pending applications since 2022. The company now holds nearly 1,100 AI and ML patents and pending applications, more than half of which have been granted.
The bank attributes this achievement to the creativity of over 7,500 inventors from 14 countries and 42 U.S. states. "We innovate to meet and anticipate our clients’ needs," stated Aditya Bhasin, Chief Technology & Information Officer at Bank of America. "As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences."
In addition to AI and ML, Bank of America's new patents cover areas such as information security, online banking, payments, data analytics, augmented reality, and virtual reality. The bank spends over $12 billion annually on technology investments, with approximately $4 billion earmarked for new initiatives in 2024.
Bank of America's AI initiatives emphasize human oversight and accountability. Its virtual financial assistant Erica® has been used by over 45 million clients since its launch in 2018. Other AI-driven services include Client Insights for wealth management advisors and CashPro Chat for corporate clients.
The company's reconciliation solution Intelligent Receivables® utilizes AI for payment processing efficiency. In Global Markets, an internal chatbot enhances trading operations by providing real-time responses based on natural language processing.
Bank of America remains a leading financial institution globally, serving millions through its diverse range of services across various sectors.