Bank of America breaks company record for new Patents in 2020 led by AI and Digital Banking

Erica - Bank of America

Bank of America broke its record for new patents in 2020, with 444 granted patents and 722 applications filed. Those numbers are among the highest for the financial services industry for the year, according to the latest list from the Intellectual Property Owners Association. AI and machine learning patents making up nearly one in five of the total.

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Big Data, AI & Banking 4.0

Device with Use Statistics

Gone are the days of manual transactions. Adoption of computers scaled the capabilities of banking institutions. Thanks to computers, banks could handle millions of transactions very efficiently and quickly. Digital transactions were easy to store and retrieve. As computing technologies evolved, newer methods of banking got introduced. This led to generation of new digital banking services.

Read More raises $20 million to aggregate enterprise bank accounts with AI

Banking technology startup today announced it has raised $20 million in a series A round led by Wells Fargo Strategic Capital. The investment will be used to deliver new services and accelerate multi-bank APIs globally, the company says, and to add more bank distribution partners.

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14 ways Artificial Intelligence can revolutionize the Financial Industry in 2021

Artificial intelligence (AI) is revolutionizing the transformation of interaction with money, and how consumers and companies alike access and manage their finances. AI in finance encompasses everything from chatbot assistants to fraud detection and task automation. AI is helping the financial industry to streamline and optimize processes ranging from credit decisions to quantitative trading and financial risk management. I’ve put together a rundown of how Artificial Intelligence can be used in finance leading the way.

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