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 is 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: emulation testing. 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

Emulation testing is a key innovation area in cybersecurity

Emulation testing is a process used for malware detection. An emulation environment allows the host system to run programmes or devices that support the guest system, which helps security teams to monitor the behaviour of suspicious programmes.

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 20+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of emulation testing.

Key players in emulation testing – 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 emulation testing

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Bank of America 120 Unlock Company Profile
Capital One Financial 111 Unlock Company Profile
China Investment 68 Unlock Company Profile
JPMorgan Chase 62 Unlock Company Profile
Industrial and Commercial Bank of China 56 Unlock Company Profile
SoftBank Group 56 Unlock Company Profile
PayPal Holdings 50 Unlock Company Profile
TMX Group 37 Unlock Company Profile
CME Group 34 Unlock Company Profile
Ping An Insurance (Group) Company of China 29 Unlock Company Profile
Visa 22 Unlock Company Profile
Toronto-Dominion Bank 22 Unlock Company Profile
International Business Machines 18 Unlock Company Profile
China UnionPay 17 Unlock Company Profile
Mastercard 15 Unlock Company Profile
Nokia 10 Unlock Company Profile
Fortive 9 Unlock Company Profile
Agricultural Bank of China 8 Unlock Company Profile
ICBC Technology 7 Unlock Company Profile
Ant Group 7 Unlock Company Profile
IDEMIA France 7 Unlock Company Profile
Nasdaq 7 Unlock Company Profile
CITIC Group 6 Unlock Company Profile
3G Licensing 6 Unlock Company Profile
Advent International 5 Unlock Company Profile
NCR 5 Unlock Company Profile
Diebold Nixdorf 5 Unlock Company Profile

Source: GlobalData Patent Analytics

3G Licensing, Nokia, IBM and IDEMIA France are some of the key patent filers in the emulation testing industry. Several patents have been filed in the emulation testing space, including a system for cyber-attack emulation, systems and methods for terminal emulation and network security emulation systems, among others.

In terms of application diversity, 3G Licensing leads the pack. Nokia and IBM stood in the second and third positions respectively. By means of geographic reach, SoftBank holds the top position, followed by IDEMIA France and TMX. To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity in 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.