PROVIDENCE – Bank of America Corp. grew its patent portfolio to nearly 6,600 granted patents and pending patent applications in 2023, a year-over-year increase of 13%, and an increase of nearly 70% since 2019, the company announced.
As a result of the record 644 patents granted to the company last year, representing a 54% increase compared with the total number of patents granted in 2019, the company rose to No. 64 from No. 75 on the Intellectual Property Owners Association’s Top 300 list of patent owners, according to a news release.
“Technology helps us deliver world-class capabilities to clients, enabling them to manage their finances efficiently and securely and to interact with us when, where and how they want,” Aditya Bhasin, chief technology and information officer, said in a statement. “We innovate to meet and anticipate our clients’ needs. As our pace of innovation accelerates, we’re continually listening to clients and building solutions to improve and simplify their experiences.”
Patents were granted to Bank of America last year in information security, artificial intelligence, machine learning, online and mobile banking, payments, data analytics, as well as augmented and virtual reality, which is a new category, the company said.
Bank of America said it has more than 7,300 inventors across 42 U.S. states and 14 countries, with 26% of them being women, compared with fewer than 17% of women inventors worldwide, according to the release.
Bank of America said its patents have been cited by other companies in the financial services and technology industries more than 53,000 times.
“Having the ability to ideate and collaborate with other bank teammates on functionality that could enhance our clients’ interactions and experiences is inspiring. It was a proud moment for me when my first patent was granted,” Melissa Gordon Glenn, global information security executive and Bank of America patent holder, said in a statement. “In addition to the great work my team achieves daily, I want them to be empowered to innovate and be personally connected to how our company supports Responsible Growth. To do so, I encourage each of my team members to identify at least one idea for patent consideration annually.”
Source: pbn.com
