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.
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.
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