Bank of America’s (BofA) push into artificial intelligence (AI) has resulted in a 94% increase in AI and machine learning (ML) patents, with nearly 1100 patents and pending applications in its portfolio. More than half of these have already been granted, showcasing the bank’s aggressive innovation strategy.
The patents cover not only AI and ML but also areas like information security, online and mobile banking, payments, data analytics, and augmented and virtual reality. Overall, BofA holds nearly 7000 granted patents and pending applications, driven by over 7500 inventors and supported by its $12 billion annual technology budget, of which $4 billion is dedicated to new initiatives.
BofA’s AI efforts are most visible in its virtual assistant Erica, which serves more than 45 million customers. AI also powers data analytics in wealth management and the CashPro Chat service advisor used by 40,000 corporate and commercial clients.
Aditya Bhasin, BofA’s Chief Technology and Information Officer, noted that the bank’s rapid innovation is centered on improving client and employee experiences through AI and related technologies.