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How to foster innovation in banking

Patents are a high-profile demonstration of a bank’s commitment to innovation, but they are not the only option for those looking to encourage new ways of thinking.

Illustration: iStock

Bank of America announced in February that it had been granted more than 600 patents last year. The bank’s chief technology and information officer Aditya Bhasin pointed out that annual investment of more than $10 billion has led to a portfolio of solutions that now spans artificial intelligence (AI), cybersecurity and payments.

Alex Johnson, head of innovation in global transaction services at Bank of America, says: “We are focused on three areas of innovation. The first area addresses the inevitable move towards a 24x7 world of transactions and includes tools to support making payments faster and more transparent, while not compromising on security.”

Alex Johnson, Bank of America

The second area targets the continued digitalization of corporate treasury. Not all companies want – or have the ability – to digitalize the same way, so the banking sector needs to accommodate those differences by creating solutions that have maximum interoperability and are cost-effective.

“The last area is creating innovations that are simpler, more convenient and offer less friction,” adds Johnson.