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Bank of America earns most patents in its history in 2020 with a focus on AI and security

Published by Business Insider on Mon, 22 Feb 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Bank of America <a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cuYnVzaW5lc3N3aXJlLmNvbS9uZXdzL2hvbWUvMjAyMTAyMTgwMDUxNzUvZW4vQmFuay1vZi1BbWVyaWNhLVNldHMtUmVjb3JkLWZvci1QYXRlbnRzLWluLTIwMjAtd2l0aC1NYWpvcml0eS1vZi1FbXBsb3llZXMtV29ya2luZy1mcm9tLUhvbWU/5d233c18f730436f2414784fB9a741aa6" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cuYnVzaW5lc3N3aXJlLmNvbS9uZXdzL2hvbWUvMjAyMTAyMTgwMDUxNzUvZW4vQmFuay1vZi1BbWVyaWNhLVNldHMtUmVjb3JkLWZvci1QYXRlbnRzLWluLTIwMjAtd2l0aC1NYWpvcml0eS1vZi1FbXBsb3llZXMtV29ya2luZy1mcm9tLUhvbWU/5d233c18f730436f2414784fB9a741aa6&amp;source=gmail&amp;ust=1614085317751000&amp;usg=AFQjCNHrPbXwSRj4_ghjjHL-AZL_nkkNfw"><u>announced</u></a>&nbsp;that it secured a record 444 patents from the US Patent Office, beating the 418 it earned in 2019 and lagging only Capital One among financial institutions, for the second year in a row,&nbsp;<a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9pcG8ub3JnL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDIxLzAxL1BhdGVudC0zMDAtSVBPLTIwMjAtVG9wLVBhdGVudC1Pd25lcnMtTGlzdF9VUERBVEVELnBkZg/5d233c18f730436f2414784fB91df4e1b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9pcG8ub3JnL3dwLWNvbnRlbnQvdXBsb2Fkcy8yMDIxLzAxL1BhdGVudC0zMDAtSVBPLTIwMjAtVG9wLVBhdGVudC1Pd25lcnMtTGlzdF9VUERBVEVELnBkZg/5d233c18f730436f2414784fB91df4e1b&amp;source=gmail&amp;ust=1614085317751000&amp;usg=AFQjCNFyu-83PVo2yVqE2jNa9P4Dntz1aA"><u>according to</u></a> the Intellectual Property Owners Association. BofA's patent portfolio now consists of over 4,400 patents and applications.</p><p><img class="center" src="https://static1.businessinsider.com/image/6033b198bed5c50011a2bc64-922/Features that UKUS digital vs traditional bankers would like banks to offer.jpeg" border="0" alt="Features that UK:US digital vs traditional bankers would like banks to offer" data-mce-source="Insider Intelligence"></p><p>The bank has focused its patent efforts on AI as well as security and privacy initiatives over the past year, representing the top two patent categories. <a href="https://www.insiderintelligence.com/become-a-client/">Insider Intelligence</a> listed a few examples of how the bank is implementing these technologies:</p><ul><li>AI and machine learning (ML) patents encompassed 19% of BofA's applications in 2020.&nbsp;The bank currently has 502 issued patents for online and mobile banking, several of which help power Erica, BofA's AI virtual assistant. For example, one uses ML to analyze intent in client requests to provide better customer insights. Erica's usage has&nbsp;<a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2Jhbmstb2YtYW1lcmljYS1lbmRzLTIwMjAtd2l0aC1yaXNpbmctZGlnaXRhbC1lbmdhZ2VtZW50LWRlc3BpdGUtc3F1ZWV6ZWQtbWFyZ2lucw/5d233c18f730436f2414784fBdd748d84" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2Jhbmstb2YtYW1lcmljYS1lbmRzLTIwMjAtd2l0aC1yaXNpbmctZGlnaXRhbC1lbmdhZ2VtZW50LWRlc3BpdGUtc3F1ZWV6ZWQtbWFyZ2lucw/5d233c18f730436f2414784fBdd748d84&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNGKhTDPgCQID0mbIdcwaxUMYNjveA"><u>surged</u></a>&nbsp;amid the pandemic, reaching 17.2 million users in Q4 2020, up 67% year over year (YoY). This concentration in AI and ML patents indicates the bank sees continued importance in the technology's consumer and corporate applications and likely plans to broaden its capabilities in the future.</li><li>Twenty percent of the bank's patent applications in 2020 were related to security and privacy technology.&nbsp;BofA cited biometrics as a key theme of its patent applications for last year: Biometric authentication is one of the <a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9jaGFydC1uYTEuZW1hcmtldGVyLmNvbS8yMzg4MjIvZmVhdHVyZXMtdGhhdC11a3VzLWRpZ2l0YWwtdnMtdHJhZGl0aW9uYWwtYmFua2Vycy13b3VsZC1saWtlLWJhbmtzLW9mZmVyLW1hcmNoLTIwMjAtb2YtcmVzcG9uZGVudHM/5d233c18f730436f2414784fBb067248b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9jaGFydC1uYTEuZW1hcmtldGVyLmNvbS8yMzg4MjIvZmVhdHVyZXMtdGhhdC11a3VzLWRpZ2l0YWwtdnMtdHJhZGl0aW9uYWwtYmFua2Vycy13b3VsZC1saWtlLWJhbmtzLW9mZmVyLW1hcmNoLTIwMjAtb2YtcmVzcG9uZGVudHM/5d233c18f730436f2414784fBb067248b&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNEsTpJPxthkocjK-uGELw0G8rgy3Q"><u>leading </u></a>features customers would like their banks to have, and financial institutions have sought to meet demand through the introduction of&nbsp;<a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2Jpb21ldHJpY3MtYmFua2luZy1yZXRhaWwtcHJpdmFjeS01MjM4YjVmNi1mODI1LTRmMjItOTE1My0xNGZhZTI0NzcxNWUuaHRtbA/5d233c18f730436f2414784fBd38ea1ef" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cuYXhpb3MuY29tL2Jpb21ldHJpY3MtYmFua2luZy1yZXRhaWwtcHJpdmFjeS01MjM4YjVmNi1mODI1LTRmMjItOTE1My0xNGZhZTI0NzcxNWUuaHRtbA/5d233c18f730436f2414784fBd38ea1ef&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNGIElfq8tlkdTtatiGY9bcGOT5BdA"><u>options</u></a>&nbsp;such as voice, fingerprint, or facial recognition. The bank's focus on security and privacy patents may come in response to the&nbsp;<a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cud2Vmb3J1bS5vcmcvYWdlbmRhLzIwMTkvMDQvaG93LW11Y2gtZGF0YS1pcy1nZW5lcmF0ZWQtZWFjaC1kYXktY2Y0YmRkZjI5Zi8/5d233c18f730436f2414784fBf006be63" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cud2Vmb3J1bS5vcmcvYWdlbmRhLzIwMTkvMDQvaG93LW11Y2gtZGF0YS1pcy1nZW5lcmF0ZWQtZWFjaC1kYXktY2Y0YmRkZjI5Zi8/5d233c18f730436f2414784fBf006be63&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNEP6TG6iZaLh1Lj43BSnkVRa6v23g"><u>proliferation</u></a>&nbsp;of personally identifiable information being shared and accessed across the globe. Its ever-expanding data repository necessitates technology and processes that enhance information transparency and security.</li></ul><p>BofA's new patent applications suggest it's making data a top priority in 2021 and beyonda strategy that further empowers clients, but also leaves them open to new risks.&nbsp;Almost&nbsp;<a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9tbXMuYnVzaW5lc3N3aXJlLmNvbS9tZWRpYS8yMDIxMDIxODAwNTE3NS9lbi84NTk4MjEvNS9QYXRlbnRfTGVhZGVyc2hpcF9HcmFwaGljX05FVy5qcGc_ZG93bmxvYWQ9MQ/5d233c18f730436f2414784fBa6eccd1a" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly9tbXMuYnVzaW5lc3N3aXJlLmNvbS9tZWRpYS8yMDIxMDIxODAwNTE3NS9lbi84NTk4MjEvNS9QYXRlbnRfTGVhZGVyc2hpcF9HcmFwaGljX05FVy5qcGc_ZG93bmxvYWQ9MQ/5d233c18f730436f2414784fBa6eccd1a&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNHFMGxYWhZhBvWsq4nrztdsS-3Klw"><u>40%</u></a>&nbsp;of the patents the bank applied for in 2020 were centered around technologies grounded in data analysis and protection.</p><p>Features like Erica or biometric ID solutions create a better and more insightful user experience, but their effectiveness hinges upon compiling increasing amounts of information. High-profile data breaches, such as Capital One's 2019 <a href="https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAxOS8wNy8yOS9idXNpbmVzcy9jYXBpdGFsLW9uZS1kYXRhLWJyZWFjaC1oYWNrZWQuaHRtbA/5d233c18f730436f2414784fBd152b51a" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/22996982.4/aHR0cHM6Ly93d3cubnl0aW1lcy5jb20vMjAxOS8wNy8yOS9idXNpbmVzcy9jYXBpdGFsLW9uZS1kYXRhLWJyZWFjaC1oYWNrZWQuaHRtbA/5d233c18f730436f2414784fBd152b51a&amp;source=gmail&amp;ust=1614085317752000&amp;usg=AFQjCNHEu7gBGmOXb8ia_zC1SVCChDGouw"><u>incident</u></a>, show just how fragile customer data can be.</p><p>That means banks need to focus just as manyif not moreresources on protecting that data, which BofA appears to have recognized: Its total patent portfolio includes 724 issued and pending applications for information security.</p><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive Banking forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-bofa-patent-haul-2020-points-to-data-driven-future-2021-2">&gt;&gt;&nbsp;<strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/banking'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-bofa-patent-haul-2020-points-to-data-driven-future-2021-2">&gt;&gt;&nbsp;<strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/bofa-patent-haul-2020-points-to-data-driven-future-2021-2#comments">Join the conversation about this story &#187;</a></p>
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