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August 9, 2022

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

Analysis of patent filings shows a shrinking level of AI related applications in the industry over the past three months, compared to last year

By Data Journalism Team

Research and innovation in artificial intelligence 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 373 in the three months ending June – down from 843 over the same period in 2021.

Figures for patent grants related to AI followed a different pattern to filings – growing from 141 in the three months ending June 2021 to 170 in the same period in 2022.

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 183 AI related patents in the three months ending June. That was down from 489 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 43 AI patent applications, Canada based The Toronto-Dominion Bank (32 applications), and the United States based JPMorgan Chase & Co (31 applications).

Bank of Montreal has recently ramped up R&D in AI. It saw growth of 80% in related patent applications in the three months ending June compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the private banking sector.

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