Bank of America granted record number of patents

Bank of America granted record number of patents

Bank of America is boasting a record 227 US patents granted in the first half of the year, with AI and machine learning the area seeing the most action.

The bank saw a 23% increase in the number of patents granted by the US Patent Office compared the same period the previous year.

AI and machine learning accounted for 25% of the patents, while mobile banking accounted for 21%, information security 16% and blockchain eight per cent.

And, despite the majority of its workforce working from home, BofA says it has also applied for 403 patents in the last six months.

Of these, 29% were related to information security, 17% mobile banking, and 12% programming technology.

The bank's patent portfolio now consists of 4943 patents granted or applied for, resulting from the work of nearly 6000 inventors based in 42 US states and 13 countries around the world.

Manu Kurian, an SVP within global banking ranks in the top 300 patent holders in the world, filing more than 360 since 2014, with more than 220 of those having been granted.

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