Bank of America’s commitment to innovation has driven a 94% increase in its portfolio of artificial intelligence (AI) and machine learning (ML) patents since 2022. The company now holds nearly 1,100 AI and ML patents and pending applications, with over half already granted. This surge in AI innovation is part of a broader trend that sees the bank holding close to 7,000 total patents, the most of any financial services company.
This success is powered by the creativity of over 7,500 inventors from 14 countries and 42 U.S. states, who are encouraged to explore cutting-edge solutions for both individuals and businesses. "We innovate to meet and anticipate our clients' needs," said Aditya Bhasin, Chief Technology & Information Officer at Bank of America. "As our pace of innovation accelerates, we're continually listening to clients and building solutions to improve and simplify their experiences."
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Major AI innovations at Bank of America
Among Bank of America’s AI innovations is Erica, an AI-driven virtual financial assistant that has become widely popular, with more than 45 million users and 2.4 billion interactions since its launch in 2018. Erica helps individual and corporate clients manage their finances efficiently, providing an intuitive interface for tracking transactions and handling account information.
In wealth management, the bank’s Client Insights tool, launched in 2020, uses AI-powered analytics to help advisors at Merrill and Bank of America Private Bank serve clients better by identifying timely opportunities for tax planning, retirement needs, and more. Over 30 million insights have been delivered to advisors, helping them proactively assist clients.
For corporate clients, CashPro Chat, an AI-powered virtual service advisor, assists 40,000 corporate and commercial clients worldwide with treasury operations. With a new AI-enabled "intelligent advisor routing" feature, the system can quickly direct complex requests to live specialists for personalized service.
Expanding AI's role in banking
Bank of America continues to expand its use of AI responsibly, ensuring human oversight, transparency, and accountability. The bank’s AI solutions, like Intelligent Receivables, streamline payment reconciliation for corporate clients, while internal-facing chatbots in the bank’s Global Markets division help traders with real-time market data and trade information, improving response times and data quality.
Bank of America’s dedication to leveraging AI is part of a broader $12 billion annual investment in technology, of which $4 billion is slated for new initiatives in 2024. These ongoing efforts will further enhance client experiences and operational efficiency, as AI and machine learning remain at the core of the bank’s innovation strategy.
