The corporation received a record 644 patents last year, up 54% from the total number of patents awarded in 2019. As a result, the business moved up the Intellectual Property Owners Association's Top 300 list of patent owners, from 75th to 64th place.

Aditya Bhasin, Chief Technology and Information Officer at Bank of America, said, "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." "We innovate to anticipate and fulfill the needs of our clientele. We are constantly listening to our clients and developing solutions to enhance and streamline their experiences as our rate of innovation quickens.

Information security, artificial intelligence (AI), machine learning, online and mobile banking, payments, data analytics, and a brand-new field: augmented and virtual reality are among the technological areas in which Bank of America was awarded new patents last year.

Global Bank of America innovators, who represent the bank's clientele, have contributed to this year's record number of awarded patents. More than 7,300 innovators from 42 states in the United States and 14 other countries work for Bank of America; 26 percent of them are women. Less than 17% of inventors worldwide are female.

Twelve billion dollars a year are spent on technology by Bank of America; in 2024, $3.8 billion of the amount will go toward new technology projects. The corporation has invested $32 billion in innovative technological initiatives during the past ten years. These continuous investments, together with our high-tech, high-touch methodology, keep improving the customer experience via all of our channels and increasing operational effectiveness throughout our business.

The level of engagement that customers have with our digital solutions is one of the best indicators of success. 57 million clients use our digital services now to assist with money management. An 11% increase from the previous year saw our clients interact digitally with their accounts a record 23.4 billion times last year.

More than 53,000 other businesses in the financial services and technology sectors have referenced Bank of America patents, indicating the company's significant impact on innovation and technology.

Melissa Gordon Glenn, a patent holder from Bank of America and executive in global information security
It's motivating to be able to brainstorm and work together with other bank colleagues to develop features that could improve the interactions and experiences of our clients. "I was thrilled to receive my first patent approval," Melissa said. "I want my staff to be empowered to innovate and feel directly engaged to how our firm supports Responsible Growth, in addition to the fantastic job that they accomplish on a daily basis. To that end, I push every member of my staff to submit at least one idea for patent review per year.