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March 21, 2022

Big data innovation among private banking industry companies has dropped off in the last year

Analysis of patent filings shows a shrinking level of big data related applications in the industry over the past year

By Data Journalism Team

Research and innovation in big data in the private banking sector has declined in the last year.

The most recent figures show that the number of big data related patent applications in the industry stood at 52 in the three months ending January – down from 144 over the same period in 2021.

Figures for patent grants related to big data followed a similar pattern to filings – shrinking from 60 in the three months ending January 2021 to 33 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.

Big data 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.

JPMorgan Chase & Co was the top big data innovator in the private banking sector in the latest quarter. The company, which has its headquarters in the United States, filed 45 big data related patents in the three months ending January. That was up from 21 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 45 big data patent applications, China based Ping An Insurance (Group) Company of China Ltd (22 applications), and the United States based The Hartford Financial Services Group Inc (9 applications).

JPMorgan Chase & Co has recently ramped up R&D in big data. It saw growth of 53.3% in related patent applications in the three months ending January 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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