In 2023, Bank of America experienced a record increase in its patent portfolio with the granting of 644 patents, propelling the company from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners. This was a significant accomplishment for the company, marking a 13% increase from the previous year and bringing its total number of granted patents and pending applications to almost 6,600.
The Information Security sector accounted for 28% of the patents granted last year, reflecting Bank of America’s commitment to providing its clients with efficient and secure financial management capabilities. Aditya Bhasin, the chief technology and information officer for Bank of America, stated that technology plays a crucial role in meeting the evolving needs of clients and improving their experiences.
Bank of America takes pride in the diversity of its inventors who come from around the globe and reflect the diversity of its clients. The company has over 7,300 inventors spread across 42 U.S states and 14 countries, with women accounting for more than a quarter (26%) of them. The bank invests heavily in technology, spending $12 billion annually with $3.8 billion earmarked for new technology initiatives in 2024. Over the past decade, Bank of America has allocated $32 billion toward such initiatives.
The impact of Bank of America’s patents extends beyond itself as they have been cited by other organizations in financial services and technology industries over 53,000 times. This highlights the significance
