Bank of America’s Rise as a Patent Powerhouse: Innovation, Inclusivity, and Investment in Technology.
Over the past 5 years, Bank of America has seen a near 70% increase in patents, with its portfolio growing to nearly 6,600 granted patents and pending applications. In 2021 alone, the company was granted a record 644 patents, moving it up from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.
Twenty-eight percent of the patents granted last year were in the Information Security sector, highlighting the importance of technology in providing clients with efficient and secure financial management capabilities. Aditya Bhasin, chief technology and information officer for Bank of America, emphasized the company’s commitment to innovation and meeting clients’ needs by continuously improving their experiences based on feedback.
Bank of America’s inventors are as diverse as its clients, with over 7,300 inventors across 42 U.S. states and 14 countries, including women making up more than a quarter of them. The company invests $12 billion annually in technology, with $3.8 billion allocated to new initiatives in 2024 alone. Over the past decade, Bank of America has spent $32 billion on new technology initiatives, demonstrating its dedication to innovation and shaping the future of technology in the financial services industry.
The impact of Bank of America’s patents can be seen through their citations by other companies in the financial services and technology industries over 53,000 times. This highlights how their innovative solutions have influenced and shaped technology in these sectors.
In summary, Bank of America’s remarkable growth in patent portfolio over the past five years shows its commitment to innovation and meeting its clients’ needs through technological advancements. The diversity of its inventors reflects its dedication to inclusivity while investing billions annually in research and development highlights its long-term vision for technological advancement within
