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

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Nant 223 Unlock Company Profile
Palantir Technologies 84 Unlock Company Profile
Wuhan Note Exchange Center 61 Unlock Company Profile
China Investment 56 Unlock Company Profile
MX Technologies 48 Unlock Company Profile
Alphabet 32 Unlock Company Profile
Ping An Insurance (Group) 25 Unlock Company Profile
Alibaba Group 18 Unlock Company Profile
Ant Group 14 Unlock Company Profile
Memjet Technology 14 Unlock Company Profile
Visa 14 Unlock Company Profile
MoneyDesktop 13 Unlock Company Profile
Evryx Acquisition 12 Unlock Company Profile
Industrial and Commercial Bank of China 12 Unlock Company Profile
eBay 10 Unlock Company Profile
Tencent 8 Unlock Company Profile
SS&C Technologies 8 Unlock Company Profile
Plaid 8 Unlock Company Profile
Experian 7 Unlock Company Profile
Thomson Reuters 7 Unlock Company Profile
Lufax 6 Unlock Company Profile
Bread Financial 5 Unlock Company Profile
Equifax 5 Unlock Company Profile
Stripe 5 Unlock Company Profile
PayPal 4 Unlock Company Profile
Clinc 4 Unlock Company Profile
CITIC Group 4 Unlock Company Profile
Thomson Reuters Global Resources 4 Unlock Company Profile
Xero 4 Unlock Company Profile
ThetaRay 4 Unlock Company Profile
Bank of America 3 Unlock Company Profile
Cline 2 Unlock Company Profile
Baosteel Engineering Technology Group 2 Unlock Company Profile
Woori Financial Group 2 Unlock Company Profile
Sichuan Xw Bank 2 Unlock Company Profile
Evryx Technologies 2 Unlock Company Profile
Dozier 2 Unlock Company Profile
Intuit 2 Unlock Company Profile
Baoshan Iron & Steel 2 Unlock Company Profile
Advanced New Technologies 2 Unlock Company Profile
Royal Bank of Canada 2 Unlock Company Profile
Mastercard 2 Unlock Company Profile
Fidelity National Information Services 2 Unlock Company Profile
Taiwan Financial 2 Unlock Company Profile
Capital One Financial 2 Unlock Company Profile
Taiji Computer 1 Unlock Company Profile
Schindler 1 Unlock Company Profile
Bank of Communications 1 Unlock Company Profile
Xiamen Meiya Pico Information 1 Unlock Company Profile
Mega Financial 1 Unlock Company Profile

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.

Data Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

GlobalData

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.