BofA Announcement: A record year for tech patents

Bank of America announced a record year for patents granted in 2022, with 608 patents granted, up 19% from last year. The patents represent innovations in many areas, including artificial intelligence, machine learning, information security, data analytics, mobile banking and payments. This record was achieved due to the fact that in 2022 the US Patent and Trademark Office as a whole issued approximately 1% fewer patents. Bank of America also rose to 75.^th from 86^th in the list of 300 best patent owners of the Association of Intellectual Property Owners.

“Our culture of innovation is based on our inventors’ passion for imagining, developing and patenting meaningful experiences for our customers and teammates,” says Aditya Bhasin, Chief Technology Officer and Information Officer, Bank of America. “More than $10 billion annually invested in these innovations has brought our company a proprietary portfolio of solutions spanning artificial intelligence (AI), cybersecurity, payments and other technologies that help our clients live better financial lives.”

A key factor in the growth of the bank’s patents is its diverse workforce. More than 6,700 inventors from 42 states and 14 countries are inventors of the bank’s 5,837 patents. Of Bank of America inventors, 26% are women, while women make up less than 17% of inventors worldwide.

Victoria Dravnek, Head of Deposits and Payments Integration Department, is one of the company’s female inventors. It has 52 patents, of which 43 are issued, covering categories such as global treasury, fraud, and digital banking.

One of her recent patent publications relates to the customization of client interfaces across multiple banking channels, and she leads the team responsible for new product development.

“I originally came from the startup world, where ideas were fast-paced and furious,” she said. “At Bank of America, I am encouraged to use the same mindset to dream big, identify new opportunities and new ways to use technology to help our clients better manage their financial lives.”

By making innovation the responsibility of every team member, the company strengthens its commitment to a diverse workforce representing its diverse customers. Ensuring that different perspectives are taken into account throughout the lifecycle of innovation and technology development allows customers to securely bank when and how they prefer.

“Bank of America’s patent philosophy is unique and focused because we don’t rely on an innovation lab or research and development team for our inventions,” he said. Joe Castinado, CEO of Merchant Services Technology. “Any teammate can innovate and patent, using our diverse perspectives to develop customer-centric solutions.”