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 56 in the three months ending December – down from 589 over the same period in 2020.

Figures for patent grants related to fintech followed a similar pattern to filings – shrinking from 173 in the three months ending December 2020 to 80 in 2021.

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 innovation in private banking 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.

JPMorgan Chase & Co was the top fintech innovator in the private banking sector in the last quarter. The company, which has its headquarters in the United States, filed 39 fintech related patents in the three months ending December. That was down from 132 over the same period last year.

It was followed by the China based Ping An Insurance (Group) Company of China Ltd with 24 fintech patent applications, the United States based Bank of America Corp (15 applications), and the United States based Wells Fargo & Co (15 applications).