© Reuters. FILE PHOTO: A Financial institution of America brand is pictured within the Manhattan borough of New York Metropolis, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri//File Picture
By Lananh Nguyen
NEW YORK (Reuters) – Financial institution of America secured a document 644 U.S. patents in 2023, up 13% from the earlier yr, because the lender targeted on data safety, synthetic intelligence (AI) and machine studying, it stated on Wednesday.
The second-largest U.S. lender now has 6,600 granted patents or pending purposes worldwide, together with greater than 800 associated to AI. Its greater than 7,300 inventors span 42 U.S. states and 14 international locations.
“Innovation is all people’s enterprise – this isn’t a lab or some small group tucked away,” stated Aditya Bhasin, BofA’s Chief Know-how and Info Officer. “We’re desirous about how AI can be utilized to make us in a position to serve our shoppers higher.”
For instance, the financial institution makes use of some patented know-how for its digital assistant, Erica, to provide prospects alerts about their spending habits or reminders about recurring transactions.
BofA additionally clinched patents in programming know-how, on-line or cell banking and funds final yr, it stated.
The banking big spends $12 billion a yr on know-how. It plans to allocate $3.8 billion to new initiatives this yr.
