Bank of America coming off a record year for patents, with an increase of nearly 70% in 5 years

Bank of America recently announced that 2023 was a record year for its patent portfolio, which has grown to nearly 6,600 granted patents and pending patent applications—a year-over-year increase of 13 percent and an increase of nearly 70 percent since 2019.

A record 644 patents were granted to the company last year. The company rose from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners (PDF).

Twenty-eight percent of the 644 patents were in the Information Security sector.

“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,” said Aditya Bhasin, chief technology and information officer for Bank of America. “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.”

Bank of America inventors around the world mirror the diversity of the bank’s clients. Bank of America has more than 7,300 inventors across 42 U.S. states and 14 countries, 26 percent of them women.

The bank spends $12 billion annually on technology, of which $3.8 billion will be allocated to new technology initiatives in 2024. Over the last decade, the company has spent $32 billion on new technology initiatives.

Bank of America patents have been cited by other companies in the financial services and technology industries more than 53,000 times, further demonstrating the company’s influence on technology and innovation.