AI Patents at BofA Increase 94% Since 2022

Core Insights - Bank of America has significantly increased its patent portfolio in artificial intelligence (AI) and machine learning (ML), with a 94% rise in granted patents and pending applications since 2022, totaling nearly 1,100 patents [1][2] - The bank is a leader in the financial services sector with nearly 7,000 total granted patents and pending applications, attributed to a culture of innovation among its 7,500 inventors across 14 countries and 42 U.S. states [1][2] Technology Investment - Bank of America invests over $12 billion annually in technology, with approximately$4 billion allocated for new technology initiatives in 2024, aimed at enhancing client experiences and operational efficiencies [2] - The bank's innovation strategy includes a focus on various technology categories such as information security, online and mobile banking, payments, data analytics, and augmented and virtual reality [2] AI Applications - The AI-driven virtual financial assistant, Erica, has been used by over 45 million clients, resulting in 2.4 billion interactions since its launch in 2018, showcasing the extensive adoption and utility of AI in client services [3] - AI-enabled data analytics through Client Insights has delivered over 30 million insights to advisors in Merrill Wealth Management and Bank of America Private Bank, enhancing client engagement and service [3] - CashPro Chat, a digital banking platform, utilizes AI to assist 40,000 corporate clients, doubling its query assistance capabilities since launch and incorporating intelligent advisor routing for complex requests [3][4] - The Intelligent Receivables® system employs AI to improve payment reconciliation efficiency, reducing manual processing time and costs while enhancing sales opportunities [4] Company Overview - Bank of America serves approximately 69 million consumer and small business clients through a vast network of 3,700 retail financial centers and 15,000 ATMs, alongside a robust digital banking platform with around 58 million verified users [5] - The company is recognized as a global leader in wealth management, corporate and investment banking, and trading, providing a comprehensive range of financial products and services [5]