November 8, 2019
As reported by Finextra, for the seventh consecutive year, Bank of America (“BoA”) appears as the top financial institution on the Intellectual Property Owners Association’s annual list of 300 organizations granted the most patents. BoA also appears in the top 10 of all holders of patents and applications related to U.S. banking.
BoA’s patent portfolio includes more than 3,500 patents and applications, including 24 for its virtual assistant, Erica. Erica boasts nearly 8 million users and has completed more than 55 million client requests since being launched in 2018. Overall, nearly half of BoA’s 2018 patents relate to advancements in artificial intelligence, blockchain, cybersecurity and mobile banking.
Cathy Bessant, BoA’s chief operations and technology officer, said on behalf of BoA that “[o]ur 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. 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”.
Authors: Jaclyn Tilak and Duncan Lurie