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 Artificial intelligence in Banking: automated payment card scanning. Buy the report here.
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However, not all innovations are equal and nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that reflects their typical lifecycle from early emergence to accelerating adoption, before finally stabilising and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and accelerating stages, is essential for understanding their current level of adoption and the likely future trajectory and impact they will have.
60+ innovations will shape the banking industry
According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 195,000 patents, there are 60+ innovation areas that will shape the future of the industry.
Within the emerging innovation stage, AI-assisted OCR is a disruptive technology that is in the early stage of application and should be tracked closely. Transaction splitting, automated payment card scanning, and automated clearing houses are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas is the metadata extraction for payments, which is now well established in the industry.
Innovation S-curve for artificial intelligence in the banking industry
Automated payment card scanning is a key innovation area in artificial intelligence
Automated payment card scanning is a technology that allows payment card information to be quickly and accurately captured and processed using automated systems. This technology is typically used in retail and e-commerce environments where customers need to make a payment using a credit or debit card.
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 10+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of automated payment card scanning.
Key players in automated payment card scanning – 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 automated payment card scanning
| Company | Total patents (2010 - 2022) | Premium intelligence on the world's largest companies |
| Nant Holdings Ip | 147 | Unlock Company Profile |
| Walmart | 108 | Unlock Company Profile |
| Dynamics | 93 | Unlock Company Profile |
| Memjet Technology | 93 | Unlock Company Profile |
| Mitek Systems | 49 | Unlock Company Profile |
| Toshiba | 48 | Unlock Company Profile |
| Visa | 15 | Unlock Company Profile |
| JPMorgan Chase | 12 | Unlock Company Profile |
| NEC | 11 | Unlock Company Profile |
| Capital One Financial | 11 | Unlock Company Profile |
| MX Technologies | 7 | Unlock Company Profile |
| Intuit | 7 | Unlock Company Profile |
| Wistron | 6 | Unlock Company Profile |
| Casio Computer | 6 | Unlock Company Profile |
| Fujifilm Holdings | 6 | Unlock Company Profile |
| Extreme Networks | 5 | Unlock Company Profile |
| Stryker | 5 | Unlock Company Profile |
| NCR | 5 | Unlock Company Profile |
Source: GlobalData Patent Analytics
Visa is a key patent filer in the field of automated payment card scanning. The company has filed several patents for facilitating merchant's non-payment device to accept and process payments from customers, biometric matching, transaction authorisation, processing machine readable codes and global merchant gateways. Some other key patent filers in the automated payment card scanning industry are JPMorgan Chase and Capital One Financial.
In terms of application diversity, Memjet Technology leads the pack. Stryker and Walmart stood in the second and third positions respectively. By means of geographic reach, Visa holds the top position followed by Fujifilm and Wistron.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Artificial Intelligence (AI) in Banking.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData’s Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
