Continuous innovation by inventors at Bank of America has led to record numbers of patents in the first half of the year, even as remote work persists. The bank announced on Thursday that the U.S. Patent and Trademark Office granted it 227 patents in the first six months of 2021, a 23% increase from the previous year. The Charlotte, North Carolina-based bank set a record for its previous inventions during the first half of last year, when it received 184 patents in the early days of the COVID-19 pandemic. Kathy Bessant, the bank's Chief Operations and Technology Officer, stated in the announcement, "We are in a period of unprecedented change, and as any great company knows, delivering services to customers requires a strong focus on innovation. We have created a highly creative and progressive culture at Bank of America."
**Innovation Commitments**
Bessant leads a tech team at Bank of America with a budget of $14 billion, with the bank spending $10 billion of this amount on technology annually, which includes allocating $3 billion for new innovations, according to a bank spokesman. CEO Brian Moynihan increased the budget for the new initiative to $3.4 billion in 2021. Approximately 40% of the patents granted to the bank in the first half of the year relate to artificial intelligence or machine learning, as the company sought new technology related to blockchain, payment technology, and data extraction and analysis. The bank reported that it applied for a total of 722 patents last year, despite 85% of employees working from home during the pandemic, and received 444 patents.
**A High Volume of Inventions**
Meanwhile, Manoj Kurian, Senior Vice President in the Global Banking Technology division and an inventor at Bank of America, has submitted over 360 patents since 2014. Kurian is ranked among the top 300 patent holders in the world, having been granted more than 220 patents to date. During the pandemic, Kurian stated in an interview: "The team was able to increase engagement with our clients to become more digital, while maintaining the high-touch service provided to them." The inventor is developing patents related to data and optimization, connecting clients across the bank's key sectors, stating, "We have always had continuous improvements, but there has been more integration." Furthermore, the bank has received or applied for a total of 4,943 patents, originating from the work of around 6,000 inventors in 42 U.S. states and 13 countries. Bank of America noted that its patents are frequently cited by other inventors, with over 2,800 patents and applications spanning a range of industries, including technology, citing the patents it has obtained thus far this year.
