Bank of America scored 418 technology patents in 2019

  • “In 2019, the company obtained 418 patents, a 31% increase over the prior year.
  • Bank of America spends $10 billion annually on technology, $3 billion of which is on growth initiatives

Among the patents the bank obtained in 2019, notable areas included:

  • 101 patents dedicated to programming technology
  • 61 in the information security category
  • 45  in online/mobile banking
  • 40 in artificial intelligence and machine learning
  • 15 patents in the realm of blockchain and distributed ledger technology”

Photo credit: Mike Mozart/ Flickr

How Bank of America uses AI to improve customer service and take on competitors

  • “Erica is proving very popular with customers. Less than 12 months after its launch, in May 2019, the chatbot was in use by seven million clients and had completed 50 million client requests. By December 2019, those numbers had risen to 10 million users and close to 100 million client requests. As for the predictive messaging, on average 150,000 customers tap on these alerts per week.”
  • Varadarajan’s analysis is born out by BoA’s own statistics: the vast majority of users (49%) who had signed up within the first 12 months of Erica’s existence were millennials, with Gen X making up the next largest group (20%). Baby Boomers and Gen Z – while they may sit at opposite ends of the generational spectrum – came in almost level at 16% and 15% respectively.

Bank of America AI chatbot surpasses 10 million users

  • “Bank of America’s mobile chatbot Erica has surpassed 10 million users since its nationwide rollout in June 2018 and is on track to complete 100 million client requests in the coming weeks.
  • Bank of America currently claims 29 (likely typo missing “Million”) mobile banking clients, representing 60% of the bank’s total account base in 17 major cities and 50% nationwide.”

  • “Bank of America Corp. and International Business Machines Corp. have teamed up to develop a public-cloud computing service for banks, which have been reluctant to store customers’ financial data outside their in-house systems.
  • Venmo, a digital money-transfer service operated by PayPal Holdings Inc., reported more than 40 million active users for the first three months of 2019.
  • Over the same period, Bank of America reported 37 million active digital users, while
  • Wells Fargo & Co. counted 29.8 million.
  • Among large U.S. banks, only JPMorgan Chase & Co. surpassed Venmo, reporting 51 million digital users for the first quarter.”

Bank of America revamps mobile app with new AI features

  • “Bank of America redesigned its mobile app to improve navigation for its 29 million mobile banking customers.
    Erica, its virtual voice assistant that has about 9 million users, per an announcement.
    The bank reported a 76% surge to $20.8 billion in payments through Zelle
    Mobile activity made up 52% of its digital consumer sales, demonstrating the importance of the bank’s app in driving growth.”