Bank of America’s patent portfolio has grown to nearly 6,600 granted patents and pending patent applications. It represents a year-over-year increase of 13% and an increase of nearly 70% since 2019.

A record 644 patents were granted to the company last year up 54% compared to patents granted in 2019. Bank of America rises from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.

“Technology helps us deliver world-class capabilities to clients. This enables them to manage their finances efficiently and securely and to interact with us when, where and how they want,” said Aditya Bhasin, Chief Technology and Information Officer for Bank of America.

“We innovate to meet and anticipate our clients’ needs. As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences.”

Technology categories in which new patents were granted to Bank of America last year include information security, artificial intelligence (AI), machine learning, online and mobile banking, payments, data analytics and a new category: augmented and virtual reality.

$12bn: Bank of America’s annual spend on technology

Bank of America has more than 7,300 inventors across 42 U.S. states and 14 countries, with 26% of them being women. Worldwide, fewer than 17% of inventors are women.

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Bank of America spends $12bn annually on technology, of which $3.8bn will be allocated to new technology initiatives in 2024. Over the last decade, the company has spent $32bn on new technology initiatives. These ongoing investments – combined with our high-tech, high-touch approach – continue to enhance the client experience across all channels, and to drive operational efficiencies across the bank.