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Bank of America Files Record Number of Patents

Bank of America Files Record Number of Patents

Bank of America inventors filed 722 patent applications with the United States Patent Office last year, the most in the company’s history.

This record came while 85% of the company’s workforce was working from home due to the coronavirus. Separately, the bank was granted 444 patents in 2020, also a company record, during a period when U.S. patents granted overall were down 1%.

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These milestones reinforce the culture of innovation at Bank of America, which ranked #108 on the recently released Intellectual Property Owners Association’s annual list of organizations. In achieving its highest ranking yet, the bank remained one of the top financial services institutions on the list and is in the top 15 of all holders of U.S. banking-related patents and applications.

“Bank of America clients benefit every day from our focus on innovation,” said Chief Operations and Technology Officer Cathy Bessant. “Continuing to build our patent portfolio is one way that we measure our success. Invention happens across our company at an ever-increasing pace, and our 2020 patent performance set records for our firm. Hats off to our teams for their creativity and brilliance.”

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At Bank of America, diversity of thought is embraced because innovation is everyone’s job. Inventors bring their varied backgrounds and experiences to the patent process, are aligned throughout many of the bank’s eight lines of business and span generations, from millennials to boomers.

“Being a bank inventor has been a highlight of my professional career,” said Jinna Kim, Consumer Products Strategic analyst and an employee who exemplifies the next wave of the bank’s inventors. “It doesn’t matter that my patents are outside of my day-to-day responsibilities; if you have a good idea, you can bring it forward at Bank of America. In just a couple years, I’ve co-filed several patents on wide-ranging topics, from frictionless banking to cognitive automation, to open banking and information security.”

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