In recent years, Bank of America has seen a remarkable growth in its patent portfolio, with an increase of nearly 70% in the past five years. The company’s total number of granted patents and pending applications has grown to almost 6,600, marking a 13% increase from the previous year. This success has propelled Bank of America from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.
The bank takes pride in the diversity of its inventors, who hail from around the globe and reflect the diversity of the bank’s clients. With more than 7,300 inventors spread across 42 U.S. states and 14 countries, 26% of them are women. This reflects Bank of America’s commitment to promoting diversity and inclusion in all aspects of its operations.
Bank of America invests heavily in technology, spending a total of $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. This investment has allowed the bank to innovate and develop solutions that improve and simplify their clients’ experiences.
One area where Bank of America has been particularly successful is Information Security. Last year alone, it was granted a record 644 patents in this sector, which accounts for over a quarter (28%) of its total patents received in recent years. Aditya Bhasin, Chief Technology and Information Officer at Bank
