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August 23, 2022updated 01 Sep 2022 8:57am

How is big data innovation progressing in the private banking industry?

Analysis of patent filings reveals the top companies for big data related applications in the industry over the past three months, compared to last year

By Data Journalism Team

Research and innovation in big data in the private banking sector has stagnated in the last quarter.

The most recent figures show that the number of big data related patent applications in the industry stood at 45 in the three months ending June – down from 95 over the same period in 2021.

Figures for patent grants related to big data followed a similar pattern to filings – shrinking from 47 in the three months ending June 2021 to 29 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.

Ping An Insurance (Group) Company of China Ltd was the top big data innovator in the private banking sector in the latest quarter. The company, which has its headquarters in China, filed 25 big data related patents in the three months ending June. That was down from 58 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 5 big data patent applications, the United States based JPMorgan Chase & Co (3 applications), and the United States based Citigroup Inc (3 applications).

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