Over the past five years, Bank of America has experienced an astonishing growth in its patent portfolio. The company has seen a near 70% increase in patents, with a total of nearly 6,600 granted patents and pending applications. Last year alone, Bank of America was granted a record 644 patents, resulting in a year-over-year increase of 13%. This surge in patent activity has propelled the bank from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.
The significance of this achievement cannot be overstated. Twenty-eight percent of the patents granted last year were in the Information Security sector. Aditya Bhasin, Bank of America’s chief technology and information officer, emphasized the importance of technology in providing clients with exceptional capabilities to manage their finances efficiently and securely. The company aims to continuously innovate to meet and anticipate their clients’ needs, continually enhancing their experiences based on client feedback.
Bank of America’s inventors are as diverse as its client base, with more than 7,300 inventors across 42 U.S. states and 14 countries. Among these inventors are women who make up nearly one quarter (26%) of the total number. The bank invests $12 billion annually in technology, with $3.8 billion allocated specifically for new technology initiatives in 2024. Over the past decade, Bank of America has spent $32 billion on new technology initiatives, demonstrating its commitment to innovation and technological advancement.
The influence of Bank of America’s patents extends far beyond its own operations. Its patents have been cited by other companies in the financial services and technology industries more than 53,000 times, underscoring their impact on shaping the future of these industries.
In conclusion, Bank of America’s remarkable growth in patent activity is not only a testament to its investment in innovation but also serves as a reminder that it continues to play a crucial role in shaping the future of finance and technology sectors globally through its innovative solutions that enhance security measures while simplifying financial management processes for its clients worldwide.
