Bank of America has experienced significant growth in its patent portfolio over the past five years, with an increase of nearly 70%. The company now holds nearly 6,600 granted patents and pending patent applications, marking a year-over-year increase of 13 percent. In 2020 alone, the company was granted a record 644 patents.
As a result of this growth, Bank of America has moved up from the 75th spot to the 64th position on the Intellectual Property Owners Association’s Top 300 list of patent owners. This achievement is a testament to the company’s commitment to innovation and its ability to anticipate and meet the needs of its clients.
Twenty-eight percent of the 644 patents granted last year were in the Information Security sector. Aditya Bhasin, 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 aims to continuously improve its experiences based on client feedback and innovate to meet their evolving needs.
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. Twenty-six percent of these inventors are women, demonstrating the company’s commitment to diversity and inclusion in all aspects of its business operations. 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, highlighting its dedication to innovation and investment in cutting-edge technology solutions that benefit both its clients and employees alike.
The impact of Bank of America’s patents is further evident by their citation by other companies in the financial services and technology industries more than 53,000 times. This underscores how crucial innovation is in shaping not only Bank of America’s future but also that