In a striking surge that catches the eye and piques the curiosity, Bank of America has witnessed a staggering 94% leap in the domain of artificial intelligence and machine learning patent applications—both those granted and pending—since the turning of the calendar to 2022. This remarkable growth paints a vivid picture of the financial titan’s dedication to cutting-edge technology in a rapidly evolving landscape.
To date, the bank boasts an impressive arsenal: nearly 1,100 patents and applications swirling in the realms of AI and machine learning, with more than half already approved, thus solidifying its position at the forefront of innovation. Yet, the narrative does not end there. This year alone has seen a cascade of patents granted not just in AI, but extending to critical areas such as information security, online and mobile banking, payment systems, data analytics, and even the immersive experiences of augmented and virtual reality.
Zooming out to a grander scale, BofA graciously cradles around 7,000 granted patents, buoyed by a formidable roster of over 7,500 inventors. Their ambitious technological pursuits are underpinned by a robust $12 billion annual budget dedicated to tech advancements—of which an impressive $4 billion is earmarked specifically for pioneering initiatives this very year.
The tangible fruits of this labor can be observed through the dynamic functionalities of Erica, the bank’s virtual assistant, which has garnered the attention of over 45 million customers, reshaping the banking experience. Furthermore, the intelligent technology is seamlessly woven into data analytics for this wealth management, as well as the CashPro Chat service, expertly assisting 40,000 corporate and commercial clients.
Aditya Bhasin, the Chief Technology and Information Officer at BofA, articulates the driving philosophy behind these innovations: “As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences. Such has been the case with our approach to AI, machine learning, and related technology for many years—aimed squarely at enhancing the benefits for both our clients and employees.”
In a world where technological advancement knows no bounds, Bank of America’s unwavering commitment to harnessing the power of AI and machine learning signals a bold, transformative future—one that promises to revolutionize the way banking as we know it is conducted.
