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 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: e-commerce payment automation. Buy the report here.
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
E-commerce payment automation is a key innovation area in artificial intelligence
E-commerce payment automation involves automating payment and transactional processes for online sales, which offers benefits such as increased efficiency, accuracy, security, and a better customer experience.
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 e-commerce payment automation.
Key players in e-commerce payment automation – 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 e-commerce payment automation
|Company||Total patents (2010 - 2022)||Premium intelligence on the world's largest companies|
|Nant Holdings Ip||147||Unlock Company Profile|
|Walmart||101||Unlock Company Profile|
|Dynamics||93||Unlock Company Profile|
|Trax Technology Solutions||37||Unlock Company Profile|
|NEC||16||Unlock Company Profile|
|SoftBank Group||14||Unlock Company Profile|
|Signpost||11||Unlock Company Profile|
|Healthy io||11||Unlock Company Profile|
|Toshiba||10||Unlock Company Profile|
|Digimarc||10||Unlock Company Profile|
|Extreme Networks||8||Unlock Company Profile|
|JPMorgan Chase||8||Unlock Company Profile|
|MSIGHT Technologies||6||Unlock Company Profile|
|VF||6||Unlock Company Profile|
|Gatekeeper Systems||5||Unlock Company Profile|
|Stryker||5||Unlock Company Profile|
Source: GlobalData Patent Analytics
JPMorgan Chase is a key patent filer in the field of e-commerce payment automation. The company has filed several patents related to systems for facilitating online payments using digital tokens, secure transaction processing using blockchain technology, and methods for optimising payment processing workflows. Some other key patent filers in the e-commerce payment automation industry are Nant Holdings, Walmart and Dynamics.
In terms of application diversity, Walmart leads the pack. Stryker and Healthy.io stood in the second and third positions respectively. By means of geographic reach, Extreme Networks holds the top position followed by VF and Signpost.
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.