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

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Sep 07, 2022, 10:00 ET

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

2022 first half breakdown of Bank of America Patents Granted;
Technology categories for the 341 patents granted;
18 percent are Programming technology;
20 percent are Artificial intelligence and machine learning for financial services;
21 percent are Information security;
16 percent are Payment technology;
14 percent are Online, mobile and consumer banking;
6 percent are Blockchain;
5 percent are Data analytics; — 2022 first half breakdown of Bank of America Patents Granted; Technology categories for the 341 patents granted; 18 percent are Programming technology; 20 percent are Artificial intelligence and machine learning for financial services; 21 percent are Information security; 16 percent are Payment technology; 14 percent are Online, mobile and consumer banking; 6 percent are Blockchain; 5 percent are Data analytics;

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
[email protected]

Catherine Page, Bank of America
Phone: 1.704.519.7314
[email protected]

SOURCE Bank of America Corporation