Bank of America piles on the patents

Bank of America piles on the patents

Demonstrating an impressive appetite for technology and intellectual property protection, Bank of America once again scoops the crown for most US patents held by a financial institution.

For the seventh consecutive year, the US bank remains the top financial services institution on the Intellectual Property Owners Association’s annual list of 300 organisations granted the most patents, and is in the top 10 of all holders of US banking-related patents and applications.

Cathy Bessant, Bank of America’s chief operations and technology officer, says: “Our competitive advantage is driven by innovation and creativity. Patents allow us to protect our investment in new products and services and lead the industry in commercial application.”

Bank of America’s patent portfolio consists of more than 3,500 patents and applications, including 24 for its virtual financial assistant Erica, which has nearly 8 million users and completed more than 55 million client requests since being launched last year.

Nearly half of the bank's 2018 patents relate to advancements in artificial intelligence, blockchain, cybersecurity and mobile banking.

Bessant says: “These results show that Bank of America’s employees are, in fact, inventors, not only leading the way in financial services, but also shaping the direction of the technology landscape overall.”

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