Inventors at Financial institution of America Corp. saved originating concepts, resulting in a record-setting first half of the 12 months, even whereas persevering with to make money working from home.
The U.S. Patent and Trademark Workplace granted the lender 227 patents within the first six months of 2021, up 23% from a 12 months earlier, Financial institution of America mentioned in a press release Thursday. The Charlotte, North Carolina-based firm set its earlier patent file within the first half of final 12 months, when it was granted 184 amid the early days of the coronavirus pandemic.
“We’re in a interval of unprecedented change, and as any nice firm is aware of, delivering for patrons and purchasers requires a robust concentrate on innovation,” Cathy Bessant, the corporate’s chief operations and expertise officer, mentioned within the assertion. “The tradition we’ve created at Financial institution of America is immensely inventive and forward-looking.”
Bessant leads a expertise staff at Financial institution of America with a $14 billion funds. The corporate spends $10 billion of that on expertise every year, $3 billion of which is put aside for brand spanking new improvements, in keeping with a spokesperson for the financial institution. For 2021, Chief Govt Officer Brian Moynihan elevated the new-initiative funds to $3.4 billion.
About 40% of the patents granted to Financial institution of America within the first half of the 12 months relate to synthetic intelligence or machine studying. The agency additionally pursued new expertise associated to blockchain, cost expertise and information mining and analytics. The financial institution mentioned it utilized for a complete of 722 patents final 12 months, regardless of 85% of staff working from house through the pandemic, and was granted a file 444.
One in every of Financial institution of America’s inventors, Manu Kurian, has filed greater than 360 patents since 2014. A senior vp within the agency’s world banking expertise division, Kurian ranks among the many prime 300 patent holders on the earth, with greater than 220 granted thus far.
Through the pandemic, “the staff was in a position to develop the interplay with our purchasers to develop into extra digital, whereas sustaining the high-touch expertise,” Kurian mentioned in an interview. He develops patents associated to information and optimization, connecting purchasers throughout key segments of the financial institution. “We at all times had steady enchancment, however there was extra integration.”
The financial institution has acquired or utilized for a complete of 4,943 patents, stemming from the work of just about 6,000 inventors in 42 U.S. states and 13 nations. Its patents are sometimes cited by different inventors, Financial institution of America mentioned, with greater than 2,800 patents and functions from a spread of industries, together with expertise, citing the lender’s patents thus far this 12 months.
— Katherine Doherty (Bloomberg Mercury)