Bank of America has demonstrated a strong commitment to innovation, especially through the use of artificial intelligence (AI) and machine learning (ML) technologies. Since 2022, the company has seen a 94% increase in AI and ML patents and pending applications, bringing their total portfolio to nearly 1,100, with over half of these patents granted. In total, Bank of America holds nearly 7,000 granted patents and applications across a variety of technology categories, including information security, online banking, and data analytics.
Their innovation efforts are supported by over 7,500 inventors across 14 countries and 42 U.S. states, reflecting a company culture that encourages creative problem-solving. According to Aditya Bhasin, Chief Technology & Information Officer, the bank's pace of innovation is driven by the goal of simplifying and enhancing client and employee experiences through AI, machine learning, and related technologies.
In addition to developing virtual assistants like Erica®, which has facilitated 2.4 billion interactions with 45 million clients since 2018, Bank of America is using AI to improve wealth management, corporate services, and internal operations. The company spends over $12 billion annually on technology, with $4 billion directed toward new technology initiatives in 2024. Their approach to AI emphasizes transparency, human oversight, and accountability to ensure responsible use.
- Bank of America has prioritized AI and machine learning, leading to a 94% increase in patents related to these technologies. Their commitment to innovation is supported by significant financial investments, including $4 billion earmarked for new technology in 2024.
- AI-driven services like Erica® and CashPro Chat have enhanced the client experience by offering virtual assistance, improving financial management, and increasing efficiency in corporate operations.
- The bank’s use of AI in wealth management, through tools like Client Insights, has allowed advisors to proactively connect with clients about opportunities for tax planning, retirement, and more, significantly improving the level of service offered.
