Bank of America’s Patent Portfolio Soars: World-Class Capabilities for Safe and Efficient Financial Management

Last year, Bank of America granted a record 644 patents, with 28% of them being in the Information Security sector. This highlights the company’s commitment to providing clients with world-class capabilities to manage their finances efficiently and securely. The chief technology and information officer, Aditya Bhasin, emphasized the importance of technology in meeting and anticipating clients’ needs, continuously improving their experiences based on client feedback.

Bank of America’s patent portfolio has grown significantly over the past 5 years, with an increase of nearly 70%. The company now holds nearly 6,600 granted patents and pending patent applications. As a result, they have moved from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.

The diversity of Bank of America’s inventors is as vast as their client base, with more than 7,300 inventors across 42 U.S. states and 14 countries, including 26% who are women. The company invests $12 billion annually in technology, with $3.8 billion allocated specifically to new technology initiatives in 2024. Over the past decade, they have spent $32 billion on new technology initiatives, demonstrating their commitment to innovation.

Bank of America’s patents have had a significant impact on the financial services and technology industries, as they have been cited by other companies more than 53,000 times. This highlights the influence that their innovation has had on shaping the future of these industries.