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 cyber security. 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 Innovation in banking: AR/VR trading platforms. Buy the report here.
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However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
30+ innovations will shape the banking industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, AR/VR trading platforms and mortgage servicing risk management are disruptive technologies that are in the early stages of application and should be tracked closely. Voice payments, cashless settlement and asynchronous distributed payments are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are IM trading platforms and UWB-enabled payments, which are now well established in the industry.
Innovation S-curve for the banking industry
AR/VR trading platforms is a key innovation area in banking
Augmented reality and virtual reality (AR/VR) trading platforms use virtual reality technology to facilitate financial trades. Users can see and interact with trading platforms in a simulated environment, making it easier to navigate complex data and analyze market trends. The technology also provides opportunities for remote collaboration and real-time market analysis.
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 10 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of AR/VR trading platforms.
Key players in AR/VR trading platforms – 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 AR/VR trading platforms
| Company | Total patents (2010 - 2022) | Premium intelligence on the world's largest companies |
| Sony Group | 9 | Unlock Company Profile |
| Alibaba Group | 4 | Unlock Company Profile |
| Trading Technologies International | 4 | Unlock Company Profile |
| SimpsX Technologies | 4 | Unlock Company Profile |
| Bank of America | 2 | Unlock Company Profile |
| The Home Depot | 2 | Unlock Company Profile |
| Advanced New Technologies | 2 | Unlock Company Profile |
| Hefei WeiTian YunTong Information Technology | 2 | Unlock Company Profile |
| Wells Fargo | 1 | Unlock Company Profile |
| China Three Gorges | 1 | Unlock Company Profile |
Source: GlobalData Patent Analytics
Sony Group is one of the leading patent filers in AR/VR technologies that can facilitate financial trades. The company filed patents related to AR/VR devices and methods and spatial image display, real world acoustic and lighting modeling, and information processing and communication apparatus for enhanced user immersion and realism in AR/VR environments. Sony Semiconductor Solutions (SSS), a wholly-owned subsidiary of Sony Group, is one of the leading providers of organic light emitting diodes (OLED) micro displays for AR/VR applications.
Advanced New Technologies, Alibaba Group, and Bank of America are some of the other key patent filers in this space.
In terms of application diversity, Advanced New Technologies held the top position, while Alibaba Group and Bank of America stood in second and third positions, respectively. By means of geographic reach, Sony Group leads the pack, followed by Alibaba Group and Trading Technologies International.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.
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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.
