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 44 in the three months ending December – down from 438 over the same period in 2020.
Figures for patent grants related to followed a similar pattern to filings – shrinking from 61 in the three months ending December 2020 to 21 in the same period 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.
Machine learning 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.
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 52 related patents in the three months ending December. That was down from 540 over the same period in 2020.
It was followed by the United States based Bank of America Corp with 21 patent applications, Canada based Royal Bank of Canada (12 applications), and the United States based JPMorgan Chase & Co (9 applications).