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  1. Analysis
August 1, 2022

Machine learning innovation among payment industry companies has dropped off in the last year

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

By Data Journalism Team

Research and innovation in machine learning 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 related patent applications in the industry stood at 254 in the three months ending June – down from 376 over the same period in 2021.

Figures for patent grants related to followed a different pattern to filings – growing from 140 in the three months ending June 2021 to 153 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.

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 was the top 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 72 related patents in the three months ending June. That was down from 93 over the same period in 2021.

It was followed by the United States based Bank of America with 33 patent applications, the United States based PayPal (31 applications), and the United States based JPMorgan Chase (26 applications).

Bank of Montreal has recently ramped up R&D in . It saw growth of 76.9% in related patent applications in the three months ending June 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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