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June 21, 2022updated 20 Jun 2022 11:33am

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

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

By Data Journalism Team

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

The most recent figures show that the number of related patent applications in the industry stood at 224 in the three months ending April – down from 457 over the same period in 2021.

Figures for patent grants related to followed a different pattern to filings – growing from 226 in the three months ending April 2021 to 275 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.

Cybersecurity innovation in private banking 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.

Bank of America Corp was the top innovator in the private banking sector in the latest quarter. The company, which has its headquarters in the United States, filed 87 related patents in the three months ending April. That was up from 75 over the same period in 2021.

It was followed by the United States based JPMorgan Chase & Co with 38 patent applications, China based Ping An Insurance (Group) Company of China Ltd (28 applications), and Canada based The Toronto-Dominion Bank (15 applications).

Royal Bank of Canada has recently ramped up R&D in . It saw growth of 41.7% in related patent applications in the three months ending April 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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