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May 23, 2022

Artificial intelligence innovation among payment industry companies has dropped off in the last year

Analysis of patent filings shows a shrinking level of AI related applications in the industry over the past year

By Data Journalism Team

Research and innovation in artificial intelligence in the banks, payment providers, cards programmes and processors sector has declined in the last year.

The most recent figures show that the number of AI related patent applications in the industry stood at 45 in the three months ending March – down from 86 over the same period in 2021.

Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 10 in the three months ending March 2021 to six in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

The figures also provide an insight into the largest innovators in the sector.

Capital One Financial Corp was the top AI innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the United States, filed 12 AI related patents in the three months ending March. That was up from seven over the same period in 2021.

It was followed by the Canada based The Toronto-Dominion Bank with seven AI patent applications, the United States based JPMorgan Chase & Co (5 applications), and Canada based Royal Bank of Canada (5 applications).

Capital One Financial Corp has recently ramped up R&D in AI. It saw growth of 41.7% in related patent applications in the three months ending March compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the banks, payment providers, cards programmes and processors sector.

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