BofA pushes AI patents, focusing on machine learning

Bloomberg – Amid Wall Street’s rush to embrace artificial intelligence, Bank of America Corp. (BAC) has increased the number of its own applications related to artificial intelligence and machine learning.

The company has filed 762 patents and applications in the field of artificial intelligence and machine learning to its portfolio, An increase of 22% from the first half of last year, Bank of America said in a statement on Tuesday.

Today, countless financial companies are using machines to speed up the way they invest and train their employees. Bank of America, for its part, is using artificial intelligence, virtual reality, and the metaverse as part of an immersive training program for new employees.

The second-largest bank in the United States is focusing on increasing its digital capabilities and investing more than $3 billion annually in new technology. Inventors at the Charlotte, North Carolina-based bank have created a portfolio of more than 6,100 patents and applications, according to the release.

Erica, the bank’s AI-driven virtual financial assistant, was created and launched in 2018 within its consumer banking business. It currently has 76 active patent applications and recently expanded with Bank of America’s CashPro Chat, a virtual advisor for business clients.