Have you ever associated banking with intellectual property generation? Quite frankly, we had not until we came across this article about innovation at the Bank of America (BofA).
The Charlotte-headquartered bank filed 722 patent applications last year — a record for the company. It was granted 444 patents in 2020, close to triple the number of patents granted in 2012. Overall, BofA’s patent portfolio includes more than 4,400 patents and applications, with about 5,700 inventors represented. Slightly more than 500 of BofA’s issued patents are related to online and mobile banking.