2022-09-07 | NYSE: BAC | Press release

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Customer-centric innovations are related to security, payment technologies, artificial intelligence and mobile banking.

CHARLOTTE NC, September 7, 2022 /PRNewswire/ — Today, the bank announced that it had the highest number of patents issued in the first half of any year in the company’s history. The U.S. Patent Office granted Bank of America 341 patents in the first half of 2022, representing a 50% year-over-year increase. Granted patents include customer-focused innovations related to security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning and mobile banking. The bank holds more US patents than any other financial services company.

Bank of America Patent Statistics

  • 5,556 patents pending or granted
  • 6,500 banking inventors based in 43 U.S. states and 14 countries around the world, and across all eight industries
  • 26% of inventors in the bank are women, while less than 17% of inventors nationwide are women
  • 1,000 information security patents pending or granted, the most among financial services companies

“The diversity of our patent portfolio represents the diverse experiences and unique perspectives of more than 6,500 inventors around the world,” said Aditya Bhasin, chief technology and information officer of Bank of America. “Their desire to meet customer needs, protect customer information, and create new solutions that help customers improve their financial lives is behind our record-breaking patent series.”

Global Information Security teammate and retired Marine Corps reservist Michael Young, a leading inventor, has filed 65 patents covering cybersecurity, artificial intelligence, data security and more.

“The bank has fostered a culture of innovation, and patents are just a way for technologists to express our creativity,” he said. “While I’m passionate about inventing, the best part is the opportunity to collaborate with talented teammates across the organization.”

Other companies often cite Bank of America patents as influencing their efforts. So far in 2022, the bank has been cited by more than 2,400 patents and applications from various industries, including well-known technology companies. Historically, the bank has been cited over 43,000 times.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.

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Journalists can contact:

Alex LawsonBank of America

Phone: 1.704.387.8291

[email protected]

Catherine PageBank of America

Phone: 1.704.519.7314

[email protected]

(PRNewsfoto/Bank of America Corporation)

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SOURCE Bank of America Corporation

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