AI Patents at BofA Increase 94% Since 2022
Bank of America reports a 94% increase in AI and machine learning patents since 2022, now holding nearly 1,100 AI/ML patents and applications. The bank's total portfolio includes nearly 7,000 patents, the highest among financial services companies. BofA invests over $12 billion annually in technology, with $4 billion allocated to new initiatives in 2024. Key AI implementations include Erica, their virtual financial assistant with 2.4 billion interactions since 2018, CashPro Chat for corporate clients, and AI-powered wealth management tools. The company emphasizes responsible AI use with human oversight and accountability.
Bank of America riporta un incremento del 94% nei brevetti di intelligenza artificiale e apprendimento automatico dal 2022, detenendo ora quasi 1.100 brevetti e domande in AI/ML. Il portafoglio totale della banca include quasi 7.000 brevetti, il più alto tra le aziende di servizi finanziari. BofA investe oltre 12 miliardi di dollari all'anno in tecnologia, con 4 miliardi destinati a nuove iniziative nel 2024. Tra le principali implementazioni di AI ci sono Erica, il loro assistente finanziario virtuale con 2,4 miliardi di interazioni dal 2018, CashPro Chat per clienti aziendali e strumenti di gestione patrimoniale potenziati dall'IA. L'azienda sottolinea l'importanza di un uso responsabile dell'IA, con supervisione umana e responsabilità.
Bank of America informa sobre un aumento del 94% en patentes de inteligencia artificial y aprendizaje automático desde 2022, ahora con casi 1.100 patentes y solicitudes de AI/ML. El portafolio total del banco incluye casi 7.000 patentes, la cifra más alta entre las empresas de servicios financieros. BofA invierte más de 12 mil millones de dólares anualmente en tecnología, destinando 4 mil millones a nuevas iniciativas en 2024. Las implementaciones clave de IA incluyen Erica, su asistente financiero virtual con 2.4 mil millones de interacciones desde 2018, CashPro Chat para clientes corporativos, y herramientas de gestión de patrimonio impulsadas por IA. La empresa enfatiza el uso responsable de la IA con supervisión y rendición de cuentas humanas.
뱅크 오브 아메리카는 2022년 이후 인공지능 및 머신러닝 특허가 94% 증가했으며 현재 거의 1,100개의 AI/ML 특허 및 출원을 보유하고 있다고 보고했습니다. 은행의 전체 포트폴리오는 거의 7,000개의 특허를 포함하고 있어 금융 서비스 기업 중 가장 높습니다. BofA는 매년 120억 달러 이상을 기술에 투자하며, 2024년에는 새로운 이니셔티브에 40억 달러를 배정합니다. 주요 AI 구현에는 2018년 이후 24억 회의 상호작용을 기록한 가상 재무 보조인 Erica, 기업 고객을 위한 CashPro Chat, AI 기반의 자산 관리 도구가 포함됩니다. 이 회사는 인간 감독과 책임을 지닌 책임 있는 AI 사용을 강조합니다.
Bank of America annonce une augmentation de 94 % des brevets en intelligence artificielle et apprentissage automatique depuis 2022, détenant désormais près de 1 100 brevets et demandes en AI/ML. Le portefeuille total de la banque comprend près de 7 000 brevets, le plus élevé parmi les entreprises de services financiers. BofA investit plus de 12 milliards de dollars par an dans la technologie, avec 4 milliards de dollars alloués aux nouvelles initiatives en 2024. Parmi les principales mises en œuvre de l'IA, on trouve Erica, leur assistant financier virtuel avec 2,4 milliards d'interactions depuis 2018, CashPro Chat pour les clients professionnels et des outils de gestion de patrimoine alimentés par l'IA. L'entreprise insiste sur l'utilisation responsable de l'IA avec supervision humaine et responsabilité.
Bank of America berichtet von einem Anstieg von 94% bei Patenten für Künstliche Intelligenz und maschinelles Lernen seit 2022 und hält jetzt fast 1.100 AI/ML-Patente und -Anmeldungen. Das gesamte Portfolio der Bank umfasst fast 7.000 Patente und ist damit das höchste unter den Finanzdienstleistungsunternehmen. BofA investiert jährlich über 12 Milliarden Dollar in Technologie, wobei 4 Milliarden Dollar für neue Initiativen im Jahr 2024 vorgesehen sind. Zu den wichtigsten AI-Implementierungen gehören Erica, ihr virtueller Finanzassistent mit 2,4 Milliarden Interaktionen seit 2018, CashPro Chat für Unternehmenskunden und KI-gestützte Vermögensverwaltungswerkzeuge. Das Unternehmen betont den verantwortungsvollen Einsatz von KI mit menschlicher Aufsicht und Verantwortlichkeit.
- 94% increase in AI/ML patents since 2022, demonstrating technological leadership
- Largest patent portfolio in financial services with 7,000 patents
- $12 billion annual technology investment, with $4 billion for new initiatives
- Erica virtual assistant reaches 45 million clients with 2.4 billion interactions
- CashPro platform serves 40,000 corporate clients globally
- None.
Insights
BofA's significant 94% increase in AI/ML patents and
Key metrics showcase successful AI implementation:
- 2.4 billion interactions with Erica virtual assistant
- 30 million AI-generated insights for wealth management
- Coverage of 40,000 corporate clients through CashPro platform
The operational implementation of AI across BofA's business lines shows a mature, practical approach to AI adoption. The focus on specific use cases like automated receivables processing, trading support and client service automation demonstrates clear ROI potential through improved efficiency and reduced operational costs.
The emphasis on human oversight and accountability in AI deployment, combined with the successful track record of existing AI implementations (like Erica and CashPro Chat), suggests a well-balanced approach to AI integration. This strategy minimizes implementation risks while maximizing operational benefits, potentially leading to improved profit margins through reduced operational costs and enhanced service delivery.
Company's patent portfolio includes nearly 1,100 AI and machine learning patents
Overall, the bank holds nearly 7,000 granted patents and pending patent applications, and the most granted patents of any financial services company. This is thanks to the creativity of its more than 7,500 talented inventors based in 14 countries and 42 U.S. states, and a culture that empowers teammates to explore and develop innovative solutions for individuals and businesses around the world.
"We innovate to meet and anticipate our clients' needs. As our pace of innovation accelerates, we're continually listening to clients and building solutions to improve and simplify their experiences," said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. "Such has been the case with our approach to AI, machine learning, and related technology for many years – the use of which centers on the benefits to our clients and employees."
In addition to artificial intelligence and machine learning, other technology categories in which new patents have been granted to Bank of America this year include information security, online and mobile banking, payments, data analytics, and augmented and virtual reality.
Bank of America spends over
AI Benefits Expanding
Bank of America's approach to AI includes human oversight, transparency, and accountability for all outcomes. A few examples of how AI and machine learning are being used responsibly across the company to benefit clients and employees include:
- Erica® – More than 45 million clients have used Erica, the most advanced and first widely available AI-driven virtual financial assistant. This massive adoption has led to 2.4 billion interactions with Erica since its launch in 2018. Over the last six years, Erica's capabilities have expanded to support individual and corporate clients, including within Merrill, Benefits OnLine®, and the company's award-winning CashPro® platform.
- Wealth Management – Launched in 2020, Client Insights uses AI-enabled data analytics to help Merrill Wealth Management and Bank of America Private Bank advisors identify, manage and act on changes in client circumstances. This leads to opportunities to best serve clients' tax harvesting, retirement planning, and student banking needs, and more. Over 30 million insights have been delivered to advisors since launch, helping them and their teams proactively connect with clients about these timely and relevant opportunities.
- CashPro Chat – CashPro is a digital banking platform used by 40,000 corporate and commercial clients around the world to manage their treasury operations. As the platform's virtual service advisor, CashPro Chat uses the same AI and machine learning capabilities powering Erica to help clients quickly view transactions, find information about accounts, and more. The questions CashPro Chat can assist with have doubled since its launch last year, and the capability now includes "intelligent advisor routing" – an AI-enabled feature that quickly recognizes complex requests and routes clients to a live specialist with expertise in that area when needed and with a single click.
- Bank of America Intelligent Receivables® – This reconciliation solution uses AI and advanced data capture technology to bring together payment information and associated remittance detail from various payment channels, offering greater efficiency and insights to companies and their customers around the world. Intelligent Receivables matches payments to outstanding invoices and thereby reduces time and costs associated with manual processing while speeding up reconciliation to enable new sales. The system, delivered in collaboration with a third party, also uses AI to learn customer patterns and behaviors to improve the accuracy of remittance data over time.
- Global Markets – Bank of America's internal facing chatbot leverages natural language processing and machine learning to answer queries that arise during the trading day – continually improving the accuracy of responses based on previously answered questions. Deployed to over 20 areas of Global Markets, the chatbot connects the company's proprietary systems and databases to deliver intuitive responses to trading-related questions such as real-time market depth, trending indicators, historical trading volumes, current exposures, and unmatched or cancelled trades. This enables traders to respond to client inquiries with greater consistency and speed, and with higher quality data.
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
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact:
Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@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
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