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March 7, 2022

Artificial intelligence innovation among private banking industry companies has dropped off in the last year

By Emil Filipov

Research and innovation in artificial intelligence, AI, in the private banking sector has declined in the last year.

The most recent figures show that the number of AI related patent applications in the industry stood at 40 in the three months ending January – down from 651 over the same period in 2020.

Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 97 in the three months ending January 2020 to 17 in the same period in 2021.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Ping An Insurance (Group) Company of China Ltd was the top AI innovator in the private banking sector in the latest quarter. The company, which has its headquarters in China, filed 54 AI related patents in the three months ending January. That was down from 912 over the same period in 2020.

It was followed by the United States based JPMorgan Chase & Co with nine AI patent applications, the United States based Bank of America Corp (6 applications), and Canada based The Toronto-Dominion Bank (6 applications).

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