Bank of America (NYSE: BAC) recently revealed that it has recorded the most patents granted in the first half of any year in the company’s history.
The U.S. Patent Office granted Bank of America 341 patents “during the first half of 2022, which is a 50% increase, year over year.”
Patents granted “include client focused innovations related to security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning, and mobile banking.”
The bank reportedly “has more U.S. patents than any other financial services company.”
Bank of America Patent Statistics:
- 5,556 patents pending or granted
- 6,500 bank inventors based in 43 U.S. states and 14 countries around the world, and across all eight lines of business
- 26% of the bank’s inventors are women, while less than 17% of inventors nationwide are women
- 1,000 information security patents pending or granted, the most among financial services companies
Aditya Bhasin, Bank of America’s Chief Technology and Information Officer, said:
“The diversity of our patent-winning portfolio represents the diverse experiences and unique perspectives of more than 6,500 inventors around the world. Their desire to address client needs, safeguard client information and create new solutions that helps clients build better financial lives drives our record-breaking patents streak.”
Global Information Security teammate and retired Marine Corps Reservist Michael Young, a top company inventor, has “filed 65 patents that span across cybersecurity, artificial intelligence, data security and more.”
He remarked:
“The bank has fostered a culture of innovation, and patents are just one way for technologists to express our creativity. While I am passionate about inventing, the best part is the opportunity to collaborate with talented teammates across the organization.”
Other companies often cite Bank of America patents “as influencing their efforts.” So far in 2022, the bank has been “cited by more than 2,400 patents and applications from a variety of industries, including well-known technology companies.” Historically, the bank has been “cited more than 43,000 times.”