In recent years, Bank of America has experienced tremendous growth in its patent portfolio, with an increase of nearly 70% over the past 5 years. The company currently holds nearly 6,600 granted patents and pending patent applications, representing a year-over-year increase of 13%. This success has propelled Bank of America from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.
One area where Bank of America has seen significant growth is in the Information Security sector. In fact, twenty-eight percent of the 644 patents granted last year were in this field. Aditya Bhasin, the chief technology and information officer for Bank of America, emphasized the importance of technology in providing clients with world-class capabilities to manage their finances efficiently and securely. The company is committed to constantly innovating to meet and anticipate their clients’ needs, continuously improving their experiences based on client feedback.
Bank of America’s inventors are as diverse as its client base, with more than 7,300 inventors across 42 U.S. states and 14 countries, including 26 percent who are women. The company invests $12 billion annually in technology, with $3.8 billion allocated specifically for new technology initiatives in 2024. Over the past decade, Bank of America has spent $32 billion on new technology initiatives, demonstrating its commitment to innovation and continued growth.
The impact of Bank of America’s patents can be seen through the fact that they have been cited by other companies in the financial services and technology industries more than 53,000 times. This shows just how much influence Bank of America’s innovation has had on technology and its role in shaping the future of the industry as a whole.