Company's patent portfolio includes nearly
1,100 AI and machine learning patents
CHARLOTTE, N.C. and LONDON and HONG
KONG, Oct. 23, 2024 /PRNewswire/ -- Bank of
America is dedicated to the use of innovative technology to best
meet the needs of its clients and employees. This commitment to
innovation has led to a 94% increase in artificial intelligence
(AI) and machine learning (ML) granted patents and pending patent
applications since 2022. Today, the company has nearly 1,100 AI and
ML patents and pending applications in its portfolio, with more
than half having already been granted.
Overall, the bank holds nearly 7,000 granted patents and pending
patent applications, and the most granted patents of any financial
services company. This is thanks to the creativity of its more than
7,500 talented inventors based in 14 countries and 42 U.S. states,
and a culture that empowers teammates to explore and develop
innovative solutions for individuals and businesses around the
world.
"We innovate to meet and anticipate our clients' needs. As our
pace of innovation accelerates, we're continually listening to
clients and building solutions to improve and simplify their
experiences," said Aditya Bhasin, Chief Technology &
Information Officer at Bank of America. "Such has been the case
with our approach to AI, machine learning, and related technology
for many years – the use of which centers on the benefits to our
clients and employees."
In addition to artificial intelligence and machine learning,
other technology categories in which new patents have been granted
to Bank of America this year include information security, online
and mobile banking, payments, data analytics, and augmented and
virtual reality.
Bank of America spends over $12
billion annually on technology, of which approximately
$4 billion will be directed to new
technology initiatives in 2024. These ongoing investments continue
to enhance client experiences and to drive operational
efficiencies.
AI Benefits Expanding
Bank of America's approach to AI includes human oversight,
transparency, and accountability for all outcomes. A few examples
of how AI and machine learning are being used responsibly across
the company to benefit clients and employees include:
- Erica® – More than 45 million clients have used
Erica, the most advanced and first widely available AI-driven
virtual financial assistant. This massive adoption has led to 2.4
billion interactions with Erica since its launch in 2018. Over the
last six years, Erica's capabilities have expanded to support
individual and corporate clients, including within Merrill,
Benefits OnLine®, and the company's award-winning CashPro®
platform.
- Wealth Management – Launched in 2020, Client Insights
uses AI-enabled data analytics to help Merrill Wealth Management
and Bank of America Private Bank advisors identify, manage and act
on changes in client circumstances. This leads to opportunities to
best serve clients' tax harvesting, retirement planning, and
student banking needs, and more. Over 30 million insights have been
delivered to advisors since launch, helping them and their teams
proactively connect with clients about these timely and relevant
opportunities.
- CashPro Chat – CashPro is a digital banking platform
used by 40,000 corporate and commercial clients around the world to
manage their treasury operations. As the platform's virtual service
advisor, CashPro Chat uses the same AI and machine learning
capabilities powering Erica to help clients quickly view
transactions, find information about accounts, and more. The
questions CashPro Chat can assist with have doubled since its
launch last year, and the capability now includes "intelligent
advisor routing" – an AI-enabled feature that quickly recognizes
complex requests and routes clients to a live specialist with
expertise in that area when needed and with a single click.
- Bank of America Intelligent Receivables® – This
reconciliation solution uses AI and advanced data capture
technology to bring together payment information and associated
remittance detail from various payment channels, offering greater
efficiency and insights to companies and their customers around the
world. Intelligent Receivables matches payments to outstanding
invoices and thereby reduces time and costs associated with manual
processing while speeding up reconciliation to enable new sales.
The system, delivered in collaboration with a third party, also
uses AI to learn customer patterns and behaviors to improve the
accuracy of remittance data over time.
- Global Markets – Bank of America's internal facing
chatbot leverages natural language processing and machine learning
to answer queries that arise during the trading day – continually
improving the accuracy of responses based on previously answered
questions. Deployed to over 20 areas of Global Markets, the chatbot
connects the company's proprietary systems and databases to deliver
intuitive responses to trading-related questions such as real-time
market depth, trending indicators, historical trading volumes,
current exposures, and unmatched or cancelled trades. This enables
traders to respond to client inquiries with greater consistency and
speed, and with higher quality data.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 69 million consumer and small business clients with
approximately 3,700 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital users. Bank of
America is a global leader in wealth management, corporate and
investment banking and trading across a broad range of asset
classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers
industry-leading support to approximately 4 million small business
households through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United
States, its territories and more than 35 countries. Bank of
America Corporation stock is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
Reporters may contact:
Matt Card, Bank of America
Phone: 1.202.579.6879
matthew.card@bofa.com
Catherine Page, Bank of
America
Phone: 1.704.519.7314
catherine.page@bofa.com
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SOURCE Bank of America Corporation