BofA Expands AI and Machine Learning Patents 94% Over Two Years

Bank of America Corp. nearly doubled the number of patents related to AI and machine learning in two and a half years as financial firms race to embrace the evolving technology.

The lender has nearly 1,100 AI and machine learning patents and pending applications within its portfolio at midyear, a 94% increase since early 2022, according to a statement Wednesday. More than half of the total have been granted already, BofA said.

Bank of America Tower in New York on Sept. 19, 2024.

Photographer: Michael Nagle/Bloomberg

The release of ChatGPT prompted many firms to boost hiring for AI-related positions and test more uses for generative AI, which can summarize documents, write emails and ...