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March 22, 2022

Big data innovation among payment industry companies dropped off in the last quarter

Analysis of patent filings shows an decrease in big data related applications in the industry following a rise over the past year

By Data Journalism Team

Research and innovation in big data in the banks, payment providers, cards programmes and processors sector has declined in the last quarter – but remains higher than it was a year ago.

The most recent figures show that the number of big data related patent applications in the industry stood at 78 in the three months ending January – up from 61 over the same period in 2021.

Figures for patent grants related to big data followed a similar pattern to filings – growing from 54 in the three months ending January 2021 to 55 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.

Big data 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.

Bank of America Corp was the top big data 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 45 big data related patents in the three months ending January. That was up from 42 over the same period in 2021.

It was followed by the United States based JPMorgan Chase & Co with 45 big data patent applications, the United States based Capital One Financial Corp (28 applications), and the United States based Mastercard Inc (18 applications).

Mastercard Inc has recently ramped up R&D in big data. It saw growth of 55.6% in related patent applications in the three months ending January 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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