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August 23, 2022

Big data innovation among payment industry companies has dropped off in the last three months

Analysis of patent filings shows a shrinking level of big data related applications in the industry over the past three months, compared to last 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 year.

The most recent figures show that the number of big data related patent applications in the industry stood at 37 in the three months ending June – down from 46 over the same period in 2021.

Figures for patent grants related to big data followed a similar pattern to filings – shrinking from 45 in the three months ending June 2021 to 41 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.

Capital One Financial 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 10 big data related patents in the three months ending June. That was up from 4 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 5 big data patent applications, the United States based Mastercard Inc (3 applications), and the United States based JPMorgan Chase & Co (3 applications).

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