The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Artificial intelligence in banking: financial research AI. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 165,000 patents to analyze innovation intensity for the banking industry, there are 30+ innovation areas that will shape the future of the industry.
Financial research AI is a key innovation area in artificial intelligence
Financial research AI refers to the use of artificial intelligence technologies, such as data analytics, natural language processing, and machine learning, to analyze and generate insights from financial data. It involves using algorithms and models to process large volumes of financial information, identify patterns and trends, and make predictions or recommendations in the field of finance.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 50+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of financial research AI.
Key players in financial research AI – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to financial research AI
Source: GlobalData Patent Analytics
China Investment Corporation (CIC), China’s flagship sovereign wealth fund, is one of the leading innovators in financial research AI. The state-owned investment management company has filed several patents related to systems and methods of financial data processing, visualization, storage, and display. Nant, Palantir Technologies, and Wuhan Note Exchange Center are some of the other prominent patent filers in the financial research AI space.
In terms of application diversity, Clinc held the top position, while Memjet Technology and Cline stood in second and third positions, respectively. By means of geographic reach, Wuhan Note Exchange Center leads the pack, followed by Nant and MX Technologies.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Banking.