Data Snacks, Member Exclusive

Data Snack: Bank of America continues racking up patents in H1 2022

  • In the first half of 2022, the US Patent Office granted Bank of America 341 patents, which is a 50% increase YoY.
  • Last year, the bank registered 512 patents, up 16% from the 444 patents it registered in 2020.
close

Email a Friend

Data Snack: Bank of America continues racking up patents in H1 2022

Bank of America is among the most innovation-focused banking giants in the country. This reflects in the sheer amount of patents that come out of the organization – after a record-breaking year for patents registered in 2021, it has now set another record for patents granted in the first half of 2022.

The innovation comes courtesy of an emphasis on addressing clients’ needs to help them build better financial lives, according to the firm’s statement. Additionally, to address the specific concerns of today’s digital world, a push to safeguard client information has contributed to the number of patents registered. That is demonstrated by the fact that BofA now has 1,000 information security patents pending or granted – the highest among financial service providers.

Bank of America is among the most innovation-focused banking giants in the country. This reflects in the sheer amount of patents that come out of the organization – after a record-breaking year for patents registered in 2021, it has now set another record for patents granted in the first half of 2022.

The innovation comes courtesy of an emphasis on addressing clients’ needs to help them build better financial lives, according to the firm’s statement. Additionally, to address the specific concerns of today’s digital world, a push to safeguard client information has contributed to the number of patents registered. That is demonstrated by the fact that BofA now has 1,000 information security patents pending or granted – the highest among financial service providers.

Other patents granted span security, privacy, fraud detection, payment technologies, artificial intelligence, machine learning, and mobile banking. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “Data Snack: Bank of America continues racking up patents in H1 2022”

Data Snacks, Member Exclusive

Data Snack: Millennial retail traders rise during the bear market

  • Millennials opened 46% of all new retail trading accounts in the first half of 2022, according to DriveWealth’s Global Investor Report.
  • The ability to invest with small dollar amounts was the most frequently cited motivator to start investing.
Lindi Miti | December 01, 2022
Green Finance, Member Exclusive

Green Finance Briefing: The stroll to zero – finance has a long way to go

  • At COP27, there were no commitments to phase down or reduce fossil fuel use in the final overarching deal, and there was no breakthrough in the rules of finance either.
  • GFANZ faces a serious question: what is the purpose of a net-zero alliance when members are allowed to continue investing in fossil fuel expansion?
Iulia Ciutina | November 30, 2022
Embedded Finance, Member Exclusive

Embedded Briefing: SMB servicing presents strong potential for embedded finance

  • Across the US, UK, and Europe, the SMB embedded finance market presents a $110 billion opportunity.
  • SMBs are demanding easier access to capital, simplified financial management, and card issuing capabilities.
Subboh Jaffery | November 29, 2022
Blockchain and Crypto, Member Exclusive

Bankchain Briefing: FTX — implications, impact, and the way forward

  • In the aftermath of FTX, the crypto world seems to be in disarray.
  • Where do we go from here?
Ismail Umar | November 28, 2022
Lending, Member Exclusive

Lending Briefing: Q3 credit lines are at all time high while delinquencies rise

  • Earlier this year, lenders were becoming more comfortable to lend to subprime borrowers due to record low delinquency rates across products.
  • However, with a recession on the horizon and inflation closing in, the winds of change are blowing with many trends returning to their pre-pandemic patterns.
Iulia Ciutina | November 23, 2022
More Articles