24 October 2024
By FinTech Alliance
In a bold testament to its relentless pursuit of innovation, Bank of America has catapulted its engagement with artificial intelligence (AI) and machine learning (ML) technologies, recording a stunning 94% surge in patents and pending applications for these cutting-edge solutions since the dawn of 2022. This vigorous expansion propels their total intellectual property reservoir to an astounding figure nearing 1,100, with more than half of these transformative innovations already garnering granted patents. Across an eclectic array of technological domains—including but not limited to information security, online banking, and data analytics—the bank boasts an impressive portfolio of nearly 7,000 granted patents and applications.
At the heart of this innovative machine lies a diverse cadre of over 7,500 inventors scattered across 14 nations and 42 states within the U.S., weaving a tapestry of creative problem-solving that defines the company’s ethos. Aditya Bhasin, the Chief Technology & Information Officer, articulates a vision where the tempo of innovation is harmonized with the aspiration of enhancing and streamlining client and employee experiences by harnessing AI, machine learning, and allied technologies.
The venture extends far beyond abstract patents; it has birthed practical solutions like Erica®, a virtual assistant that has seamlessly facilitated an astounding 2.4 billion interactions with an impressive 45 million clients since its inception in 2018. Moreover, Bank of America is leveraging AI’s prowess to refine its wealth management and corporate services while also optimizing internal operations. With a hefty annual technology budget surpassing $12 billion—of which $4 billion is earmarked for avant-garde technology initiatives in the forthcoming year—the bank demonstrates a resolute commitment to innovation, propelled by principles of transparency, human oversight, and steadfast accountability.
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Bank of America’s considerable strides in AI and machine learning have led to a significant uptick in patents, underscoring their unwavering dedication to pioneering technological advancements. Their fiscal resolve is evident, with $4 billion set aside for new technology in 2024 alone.
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Services powered by AI, such as Erica® and CashPro Chat, have fundamentally transformed the client engagement experience, facilitating virtual assistance and enhancing financial acumen, while concurrently boosting the efficiency of corporate operations.
- A notable application of AI in the realm of wealth management, through tools like Client Insights, empowers advisors to proactively engage their clients, unveiling opportunities for tax planning, retirement strategies, and more—thereby elevating the standard of service provided.
The evolution of Bank of America’s technological framework is nothing short of remarkable, painting a future where AI and machine learning are not just tools but vital assets in the quest for excellence in financial services.
