Bank of America Sets Record for Patents Granted During First Half of 2022

Rhea-AI Summary

Bank of America has achieved a record-breaking milestone by securing 341 patents in the first half of 2022, representing a 50% increase year-over-year. This accomplishment positions the bank as the leading financial services firm in the U.S. for patents granted, with a total of 5,556 patents pending or granted. The innovative patents focus on key areas such as security, payment technologies, and artificial intelligence. Notably, 26% of the bank's inventors are women, surpassing the national average. This commitment to innovation underscores the bank's drive to enhance client experience and safeguard information.

Positive

• 341 patents secured in H1 2022, a 50% increase YoY.
• Bank of America holds 5,556 patents pending or granted.
• Most patents granted among U.S. financial services companies.
• Focus on client-oriented innovations in security and AI.
• 26% of inventors are women, exceeding national average.

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• None.

The client focused innovations are related to security, payment technologies, artificial intelligence, and mobile banking.

CHARLOTTE N.C., Sept. 7, 2022 /PRNewswire/ -- Today the bank is announcing it has recorded the most patents granted in the first half of any year in the company's history. The U.S. Patent Office granted Bank of America 341 patents during the first half of 2022, which is a 50% increase, year over year. Patents granted include client focused innovations related to security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning, and mobile banking. The bank has more U.S. patents than any other financial services company. 

Bank of America Patent Statistics

• 5,556 patents pending or granted
• 6,500 bank inventors based in 43 U.S. states and 14 countries around the world, and across all eight lines of business
• 26% of the bank's inventors are women, while less than 17% of inventors nationwide are women
• 1,000 information security patents pending or granted, the most among financial services companies

"The diversity of our patent-winning portfolio represents the diverse experiences and unique perspectives of more than 6,500 inventors around the world," said Aditya Bhasin, Bank of America's Chief Technology and Information Officer. "Their desire to address client needs, safeguard client information and create new solutions that helps clients build better financial lives drives our record-breaking patents streak."

Global Information Security teammate and retired Marine Corps Reservist Michael Young, a top company inventor, has filed 65 patents that span across cybersecurity, artificial intelligence, data security and more.

"The bank has fostered a culture of innovation, and patents are just one way for technologists to express our creativity," he said. "While I am passionate about inventing, the best part is the opportunity to collaborate with talented teammates across the organization."

Other companies often cite Bank of America patents as influencing their efforts. So far in 2022, the bank has been cited by more than 2,400 patents and applications from a variety of industries, including well-known technology companies. Historically, the bank has been cited more than 43,000 times.

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 67 million consumer and small business clients with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking with approximately 55 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 3 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 approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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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

FAQ

What milestone did Bank of America achieve in September 2022?

Bank of America announced it secured a record 341 patents in the first half of 2022.

How much did Bank of America's patent grants increase by in 2022?

The patent grants increased by 50% year-over-year.

What focus areas are covered by Bank of America's new patents?

The new patents focus on security, payment technologies, artificial intelligence, machine learning, and mobile banking.

How many patents does Bank of America currently have?

Bank of America has a total of 5,556 patents pending or granted.

What percentage of Bank of America's inventors are women?

26% of the bank's inventors are women, which is higher than the national average of less than 17%.