In 2023, Bank of America set a new record with 644 U.S. patents, a 13% increase, focusing on information security, AI, and machine learning.

Bank of America (BofA) set a new record in 2023 with 644 U.S. patents, a 13% increase from the previous year. Focusing on information security, AI, and machine learning, BofA now holds 6,600 granted patents or pending applications globally, with over 800 related to AI. Their inventors come from 42 U.S. states and 14 countries, and the bank plans to allocate $3.8 billion for new initiatives this year.