Research and innovation in machine learning 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 42 in the three months ending March – down from 202 over the same period in 2021.

Figures for patent grants related to followed a different pattern to filings – growing from 14 in the three months ending March 2021 to 15 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.

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 innovator in the private banking sector in the latest quarter. The company, which has its headquarters in China, filed 15 related patents in the three months ending March. That was down from 157 over the same period in 2021.

It was followed by the South Korea based Korea Investment Holdings Co Ltd with five patent applications, Canada based The Toronto-Dominion Bank (5 applications), and the United States based JPMorgan Chase & Co (4 applications).