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.

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 churn out responses to users’ questions. The world’s biggest banks have been experimenting, spurred by the promise that the technology will boost staffer productivity and cut costs.

Financial firms have been developing new technology to set themselves apart, using machines to speed up everything from coding to training employees. Bank of America’s AI-based virtual financial assistant, Erica, was rolled out in 2018 within the consumer-banking business and expanded to the Merrill wealth division and the company’s CashPro application for commercial clients. 

The Charlotte, North Carolina-based bank says it invests roughly $4 billion a year on new technology. Inventors at the lender have built a portfolio of around 7,000 patents and pending applications, according to the statement. Outside of AI and machine learning, BofA’s other new patents involve information security, online and mobile banking, payments, data analytics and virtual reality.