Innovation: Bank of America Breaks Its Record for Artificial Intelligence and Digital Patent

In the first 6 months of 2021, Bank of America recorded the highest number of patents in its history. 227 patents granted by the United States Patent Office (USPDO).

Solutions in AI, Security, Data Analysis, Mobile Banking and Payment

These patents cover a wide range of solutions for customers including Artificial Intelligence (AI), Machine Learning (ML), Information Security, Data Analysis, Mobile Banking and Payment. Although 85% of its employees work from home during epidemics, the bank has applied for 403 patents.

Among the patents granted in 2021 is the integration of artificial intelligence in conversations between a customer and an agent. When someone calls a voice response machine (IVR or interactive voice response), they can be transferred to a human operator. The bank’s patented invention integrates automated tools into the transaction as soon as it is transferred to the call operator. Such human-computer communication can speed up the bank operator’s response time and improve the performance of automated voice response systems.

Another patent is about increased real image and recognition. This includes integrating an advanced reality terminal with the customer’s mobile wallet to authenticate electronic transactions. For example, processors request and receive an inventory from a digital wallet and overlay the graphical representation of objects in the user’s view through the display.

Image capture device for placing check

Another case is the patent for a control system for a dynamic image capture device. This invention allows to integrate a capture device with cashier platforms for processing such as capturing a check image and using the Apple iPod at the bank center to deposit the check in the customer’s bank account. Finally, there is the event-induced financial robotics application (RPA robotic process automation) to automate processes.

To assist in case management, this innovation enhances process automation (RPA) to monitor final to final tracking and event processing performance. Additionally, the invention provides real-time visibility of the status of a file. ” We are in a period of unprecedented change, as any large company knows, and needs a strong focus on innovation to deliver to customers. Kathy Besant, Chief Operating and Technical Officer (Director of Operations and Technology) at Bank of America.

⁇ The culture we have created at Bank of America is very creative and visionary, leading to solutions that improve the financial lives of our customers. She continues. The bank’s patent portfolio holds 4,943 issued or filed patents, resulting in the work of nearly 6,000 inventors based in 42 US states and 13 countries around the world. One of the bank’s inventors was senior vice president Manu Kurian. He is one of the top 300 patents holders in the world, having filed more than 360 patents since 2014, of which more than 220 have been issued.

Securing mobile data transactions

Manu Kurian recently filed a petition for patent applications for technology that enables the bank to have accreditation and data access capabilities. ” My main responsibilities are related to mobile data Says Manu Kurian. ⁇ The Bank places great importance on the way we handle our data. This section is about effectively moving this data between our different systems in order to have the opportunity to serve our customers. he said.

Bank of America patents are said to affect other companies’ inventions. The bank has been cited by 2,800 patents and patent applications from a variety of industries, including reputed technology companies. Historically, the bank has been cited 38,000 times. Bank of America serves 41 million active users, including 32 million mobile users, with 4,300 branches, 17,000 ATMs and digital banking for 66 million personal and small business customers. Bank of America offers its services to 35 countries.

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