Research and innovation in cloud 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 15 in the three months ending February – down from 82 over the same period in 2021.

Figures for patent grants related to followed a different pattern to filings – growing from 16 in the three months ending February 2021 to 20 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.

JPMorgan Chase & Co was the top innovator in the private banking sector in the latest quarter. The company, which has its headquarters in the United States, filed 12 related patents in the three months ending February. That was down from 27 over the same period in 2021.

It was followed by the United States based Bank of America Corp with nine patent applications, the United States based The Bank of New York Mellon Corp (6 applications), and Canada based The Toronto-Dominion Bank (6 applications).