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 robotic process automation in Banking: targeted marketing platforms.
According to GlobalData’s Technology Foresights, which uses over 195,000 patents to analyse innovation intensity for the banking industry, there are 60+ innovation areas that will shape the future of the industry.
Targeted marketing platforms is a key innovation area in robotic process automation
Targeted marketing is a process that allows to offer customised online advertising based on the data obtained on some intended audience. The ads are designed based on the particular traits, interests, and preferences of the target audience. This approach allows financial institutions to provide customised product and service offerings to consumers.
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 targeted marketing platforms.
Key players in targeted marketing platforms – 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 targeted marketing platforms
Source: GlobalData Patent Analytics
Walmart is one of the leading companies in the area of targeted marketing. The company effectively uses the online and in-store shopping information collected and designs advertising strategies to drive more sales. It also uses a location-based marketing strategy to collect, understand and analyse customer shopping patterns. Some other key players in this space include Nant Holdings, Nuro, PayPal, Memjet Technology, and Alphabet.
In terms of application diversity, SITO Mobile leads the pack. Memjet Technology and FitStar Labs stood in the second and third positions respectively. By means of geographic reach, Intel holds the top position followed by Kochava and Qualcomm
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Banking.