Source: Bank of America

Bank of America (BoA) has reported a 94% increase in the number of patents related to artificial intelligence (AI) technologies since 2022, highlighting the firm’s commitment to leveraging AI for innovation. The surge in AI patents reflects BoA’s strategic focus on using AI to enhance its financial services, including customer support, fraud detection, and personalized banking experiences. The AI-driven innovations developed by the company are being integrated into various operational and customer-facing aspects of its business.

The article notes that the patents cover a range of AI applications, such as natural language processing, machine learning algorithms, and automated decision-making systems. BoA’s significant investment in AI research and development demonstrates its ambition to remain at the forefront of the financial technology sector. The bank's leadership has expressed optimism about how AI will continue to drive efficiencies, improve customer engagement, and enhance financial security.