Software
Bank of America sees 94 percent increase in AI patents
October 29, 2024
Bank of America has seen a 94% increase in AI and machine learning patents since 2022, with almost 1,100 patents or pending applications in its portfolio. The bank also spends more than $12 billion annually on technology, according to a press release.
Some of its AI tools include:
- Erica virtual assistant.
- AI data analytics with Merrill Wealth Management.
- CashPro Chat.
- Intelligent Receivables for payment information and remittance details.
"We innovate to meet and anticipate our clients' needs. As our pace of innovation accelerates, we're continually listening to clients and building solutions to improve and simplify their experiences," Aditya Bhasin, chief technology and information officer, Bank of America, said in the release. "Such has been the case with our approach to AI, machine learning, and related technology for many years – the use of which centers on the benefits to our clients and employees."
