The banking and payments industry continues to be a hotbed of innovation owing to ever-changing consumer expectations. The rapid technological developments in the areas of banking and payments that aim to offer seamless experience to consumers are now becoming even more vital for industry participants as competitors leverage new technologies such as artificial intelligence, Internet of Things, cybersecurity, and embedded finance as they compete to stay relevant and grow in the market. In the last three years alone, there have been over 92,000 patents filed and granted in the banking industry, according to GlobalData’s report on Cybersecurity in Banking: voice-based payer/payee authentication. Buy the report here.
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 stabilising 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.
60+ 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 195,000 patents, there are 60+ innovation areas that will shape the future of the industry.
Biometric payments, encryption for secure transmission, and public key encryption protocols are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are biometric payer/payee verification and voice-based payer/payee authentication, which are now well established in the industry.
Innovation S-curve for cybersecurity in the banking industry
Voice-based payer/payee authentication is a key innovation area in cybersecurity
Voice-based payer/payee authentication is a method of verifying the identity of a person during a payment transaction using their voice. The payer or payee's voice is recorded and analysed using voice recognition technology to confirm their identity and authenticate the transaction.
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 voice-based payer/payee authentication.
Key players in voice-based payer/payee authentication – a disruptive innovation in the banking industry
‘Application diversity’ measures the number of different applications identified for each relevant patent and broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in and reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to voice-based payer/payee authentication
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|Baidu||35||Unlock Company Profile|
|SoftBank Group||32||Unlock Company Profile|
|Mastercard||24||Unlock Company Profile|
|Visa||19||Unlock Company Profile|
|Microsoft||14||Unlock Company Profile|
|Samsung Group||13||Unlock Company Profile|
|Skeyecode||13||Unlock Company Profile|
|PayPal Holdings||12||Unlock Company Profile|
|International Business Machines||10||Unlock Company Profile|
|JPMorgan Chase||9||Unlock Company Profile|
|Ping An Insurance (Group) Company of China||9||Unlock Company Profile|
|Dominion Harbor Enterprises||9||Unlock Company Profile|
|Samuel Garfield||9||Unlock Company Profile|
|Tata Sons Pvt||8||Unlock Company Profile|
|Tencent Holdings||8||Unlock Company Profile|
|Authentify||8||Unlock Company Profile|
|Amazon.com||5||Unlock Company Profile|
|Nokia||5||Unlock Company Profile|
|Verint Systems||5||Unlock Company Profile|
Source: GlobalData Patent Analytics
Visa is a key patent filer in the field of voice-based payer/payee authentication. The company has filed several patents related to dynamic voice authentication, system for authentication using speaker verification techniques and fraud model, and acoustic features for voice-enabled computer systems. Some other key patent filers in the voice-based payer/payee authentication industry are Mastercard and PayPal.
In terms of application diversity, Skeyecode leads the pack. Samuel Garfield and Tencent Holdings stood in the second and third positions, respectively. By means of geographic reach, Skeyecode holds the top position, followed by Samuel Garfield and Authentify.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity in Banking.