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Bank of America sets record year for patents in 2021

CHARLOTTE NC, February 24, 2022 /PRNewswire/ — Bank of America today reported a record year for patents received in 2021, with 512 patents granted across all technology categories, a 16% increase over 2020.

The company’s focus on patent development stems from the expectation that the innovation developed will significantly improve our customers’ experiences and financial journeys.

Our teammates at Bank of America are the most creative and inspiring minds in fintech,” said Aditya Bhasin, Chief Technology and Information Officer, Bank of America. “Their customer-focused passion for turning ideas into innovation ensures that we are continually creating and delivering capabilities. and digital solutions that help our customers live a better financial life.”

The bank‘s patent growth was driven by increased patents granted in core categories, including a 31% increase in AI patents, 86% increase in blockchain patents, 32% increase in analytics patents data and a 40% increase in payment-related patents. Bank of America’s technology workforce creates the tools and applications to better serve our customers’ needs, while ensuring that customer data is safe and secure.

The patents covered a number of areas, including artificial intelligence, machine learning, information security, data analytics, mobile banking and payments. This record was reached as the United States Patent and Trademark Office issued approximately 7% fewer patents in 2021.

More than 1,000 Bank of America employees filed 804 company-wide patents in 2021, an increase of 11% over 2020. With another banner year for patents, Bank of America also passed of 106and at 86and on the Intellectual Property Owners Association’s Top 300 Patent Owners list.

Cameron Wadley, senior vice president of technology, is one of the company’s inventors. He recently filed patent applications related to the valuation of non-fungible tokens. Wadley also leads 27 people who focus on technology accessibility and business enablement for our customer-facing channel and payment platforms.

“What drew me to technology in the first place was the allure of creative problem solving,” he said. “Bank of America has nurtured my intellectual curiosity over the years, which has led to a variety of patents that solve real problems for our customers.”

The bank’s diverse workforce is constantly upgrading and improving the company’s technology systems. While less than 17% of inventors nationwide are women, 26% of Bank of America inventors are women.

“I was inspired to get involved in innovation and patent development by a former manager who always challenged our team to come up with new ideas,” said Anne Ta, senior payment channel architect. “The patents I’ve worked on are related to my role and designed to improve the customer experience.”

Bank of America’s focus on patents demonstrates the bank’s commitment to diversity and the importance of teamwork, with innovation being part of everyone’s job. The bank’s total active portfolio entering this year was 5,191 inventions from more than 6,000 inventors in 42 states and 13 different countries.

Here are some examples of patents issued in 2021:

  • Integration of human agent and automated tools for Interactive Voice Response (IVR) systems
    The invention enables the seamless transfer of a customer, including authentication credentials, between automated customer service and live agent environments to most effectively meet customer needs.
  • Digital integration token
    The invention uses biometrics on a mobile device for authentication in the bank’s CashPro® mobile application.
  • System and method for analyzing and remediating computer application vulnerabilities via multidimensional correlation and prioritization
    The invention improves security and privacy by providing new ways to analyze, prioritize and apply updates to software code.

Bank of America
Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 66 million retail and small business customers with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a consumer financial solutions advisor and approximately 2,400 business; approximately 17,000 ATMs; and award-winning digital banking services with approximately 39 million active users, including approximately 31 million mobile 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 businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides 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 its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.

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SOURCE Bank of America Corporation