In 2023, Bank of America was granted a record number of patents, totaling 644. This marked a significant increase from the previous year and propelled the company to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners. Of the 644 patents granted last year, 28% were in the Information Security sector. The company’s chief technology and information officer, Aditya Bhasin, emphasizes that technology plays a crucial role in providing clients with efficient and secure financial management capabilities.
Bank of America takes pride in its diverse pool of inventors, who come from various backgrounds and reflect the diversity of its clients. The company has over 7,300 inventors spread across 42 U.S. states and 14 countries, with 26% being women. The bank invests heavily in technology each year, spending a total of $12 billion annually, with $3.8 billion set aside for new technology initiatives in 2024 alone. Over the past decade, Bank of America has allocated $32 billion towards such initiatives.
The impact of Bank of America’s patents extends beyond its own operations as they have been cited by other organizations in the financial services and technology industries over 53,000 times. This highlights the company’s significant influence on technology and innovation within these industries.
In conclusion, Bank of America is celebrating a record year for its patent portfolio with an impressive increase of nearly 70% over the past five years. With more than 7,300 inventors working on innovative solutions that improve client experiences and simplify their financial management capabilities, Bank of America continues to prioritize investment in technology to meet evolving needs within its industry.
