Bank of America clinches record number of patents with AI, information security in focus

BANK of America (BOA) secured a document 644 United States patents in 2023, up 13 per cent from the earlier 12 months, because the lender centered on info safety, synthetic intelligence (AI) and machine studying, it mentioned on Wednesday (Mar 6).

The second-largest US lender now has 6,600 granted patents or pending functions worldwide, together with greater than 800 associated to AI. Its greater than 7,300 inventors span 42 US states and 14 international locations.

“Innovation is everybody’s business – this is not a lab or some small group tucked away,” mentioned Aditya Bhasin, BOA’s chief expertise and data officer. “We are thinking about how AI can be used to make us able to serve our clients better.”

For instance, the financial institution makes use of some patented expertise for its digital assistant, Erica, to provide clients alerts about their spending habits or reminders about recurring transactions.

BOA additionally clinched patents in programming expertise, on-line or cellular banking and funds final 12 months, it mentioned.

The banking large spends US$12 billion a 12 months on expertise. It plans to allocate US$3.8 billion to new initiatives this 12 months. REUTERS