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December 3, 2021updated 12 Jan 2022 11:54am

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

By Emil Filipov

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

The most recent figures show that the number of industrial automation patent applications in the industry stood at 11 in the three months ending October – down from 27 over the same period last year.

Figures for patent grants related to industrial automation followed a different pattern to filings – growing from 20 in the three months ending October last year to 26 this year.

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.

Industrial automation 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.

The Toronto-Dominion Bank was the top industrial automation innovator in the private banking sector in the last quarter. The company, which has its headquarters in Canada, filed nine industrial automation related patents in the three months ending October. That was up from six over the same period last year.

It was followed by the United States based Wells Fargo & Co with six industrial automation patent applications, the United States based The Allstate Corp (4 applications), and China based Ping An Insurance (Group) Company of China Ltd (4 applications).

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