Research and innovation in fintech in the private banking sector has declined in the last year.
The most recent figures show that the number of fintech related patent applications in the industry stood at 260 in the three months ending March – down from 467 over the same period in 2021.
Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 214 in the three months ending March 2021 to 191 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.
Fintech 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 fintech innovator in the private banking sector in the latest quarter. The company, which has its headquarters in the United States, filed 55 fintech related patents in the three months ending March. That was up from 45 over the same period in 2021.
It was followed by the Canada based The Toronto-Dominion Bank with 29 fintech patent applications, the United States based JPMorgan Chase & Co (26 applications), and China based Ping An Insurance (Group) Company of China Ltd (24 applications).
Mitsubishi UFJ Financial Group Inc has recently ramped up R&D in fintech. It saw growth of 76.9% in related patent applications in the three months ending March 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.