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November 29, 2021updated 12 Jan 2022 1:41pm

Private banking industry companies are increasingly innovating in artificial intelligence

By Emil Filipov

Research and innovation in artificial intelligence in the private banking sector is on the rise.

The most recent figures show that the number of AI patent applications in the industry stood at 188 in the three months ending September – up from 127 over the same period last year.

Figures for patent grants related to AI followed a different pattern to filings – growing from 76 in the three months ending September last year to 59 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.

AI 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 artificial intelligence innovator in the private banking sector in the last quarter. The company, which has its headquarters in China, filed 158 AI related patents in the three months ending September. That was up from 44 over the same period last year.

It was followed by the United States based Bank of America Corp with 114 AI patent applications, the United States based JPMorgan Chase & Co (45 applications), and Canada based The Toronto-Dominion Bank (30 applications).

Ping An Insurance (Group) Company of China Ltd has recently ramped up R&D in artificial intelligence. It saw growth of 72.2% in related patent applications in the three months ending September compared to the same period last year - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the private banking sector.

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