Innovation

Bank of America's inventors reach 7,000 employees

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September 26, 2023

Bank of America announced its inventor base now consists of 7,000 employees globally. These employees have helped Bank of America obtain more than 6,100 patents and applications, according to a press release.

The inventors have created tools such as the chatbot Erica and CashPro Chat, a virtual service advisor for clients using the bank's digital treasury. Also, 26% of Bank of America's inventors are female compared to 17% worldwide.

"Our company invests in technology including more than $3 billion a year on new technology. That investment allows our teams to innovate in countless ways to help serve our clients better," Aditya Bhasin, chief technology and information officer, Bank of America, said in the release.