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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of America Corporation | NYSE:BAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.06 | 0.14% | 42.37 | 8,466 | 12:00:11 |
Company's patent portfolio includes nearly 1,100 AI and machine learning patents
CHARLOTTE, N.C. and LONDON and HONG KONG, Oct. 23, 2024 /PRNewswire/ -- Bank of America is dedicated to the use of innovative technology to best meet the needs of its clients and employees. This commitment to innovation has led to a 94% increase in artificial intelligence (AI) and machine learning (ML) granted patents and pending patent applications since 2022. Today, the company has nearly 1,100 AI and ML patents and pending applications in its portfolio, with more than half having already been granted.
Overall, the bank holds nearly 7,000 granted patents and pending patent applications, and the most granted patents of any financial services company. This is thanks to the creativity of its more than 7,500 talented inventors based in 14 countries and 42 U.S. states, and a culture that empowers teammates to explore and develop innovative solutions for individuals and businesses around the world.
"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," said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. "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."
In addition to artificial intelligence and machine learning, other technology categories in which new patents have been granted to Bank of America this year include information security, online and mobile banking, payments, data analytics, and augmented and virtual reality.
Bank of America spends over $12 billion annually on technology, of which approximately $4 billion will be directed to new technology initiatives in 2024. These ongoing investments continue to enhance client experiences and to drive operational efficiencies.
AI Benefits Expanding
Bank of America's approach to AI includes human oversight, transparency, and accountability for all outcomes. A few examples of how AI and machine learning are being used responsibly across the company to benefit clients and employees include:
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact:
Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@bofa.com
Catherine Page, Bank of America
Phone: 1.704.519.7314
catherine.page@bofa.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-patents-at-bofa-increase-94-since-2022-302283882.html
SOURCE Bank of America Corporation
Copyright 2024 PR Newswire
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