Bank of America has had a remarkable year for patents, with a increase of nearly 70% over the past 5 years. The company’s patent portfolio has grown to nearly 6,600 granted patents and pending patent applications, showing a year-over-year increase of 13 percent. Last year alone, a record 644 patents were granted to the company. As a result, the company has moved from 75th to 64th on the Intellectual Property Owners Association’s Top 300 list of patent owners.

Twenty-eight percent of the 644 patents granted last year were in the Information Security sector. Aditya Bhasin, the chief technology and information officer for Bank of America, highlighted the importance of technology in providing clients with world-class capabilities to manage their finances efficiently and securely. The company aims to innovate to meet and anticipate their clients’ needs, continuously improving their experiences based on client feedback.

Bank of America’s inventors are as diverse as the bank’s clients, with more than 7,300 inventors across 42 U.S. states and 14 countries, including 26 percent who are women. The company invests $12 billion annually in technology, with $3.8 billion allocated to new technology initiatives in 2024. Over the past decade, Bank of America has spent $32 billion on new technology initiatives, demonstrating its commitment to innovation.

The influence of Bank of America’s patents is further highlighted by the fact that they have been cited by other companies in the financial services and technology industries more than 53,000 times. This shows the impact that the company’s innovation has had on technology and its role in shaping the future of the industry.