09:45 AM EDT, 10/23/2024 (MT Newswires) -- Bank of America ( BAC ) said Wednesday its portfolio of artificial intelligence and machine learning patents has grown by 94% since 2022.

The company, which holds nearly 7,000 patents across various technologies, said it now has about 1,100 patents and pending applications related to AI and machine learning, with more than half already granted.

The bank said it spends more than $12 billion annually on technology, with $4 billion earmarked for new initiatives in 2024.

Key AI applications include the Erica virtual assistant, Client Insights for wealth management, CashPro Chat for corporate clients, and Intelligent Receivables for payment reconciliation, Bank of America ( BAC ) said.

Price: 42.16, Change: -0.14, Percent Change: -0.33