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 Cybersecurity in Banking: card transaction authentication. 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.

Biometric payments, encryption for secure transmission, and public key encryption protocols are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are biometric payer/payee verification and voice-based payer/payee authentication, which are now well established in the industry. 

Innovation S-curve for cybersecurity in the banking industry

Card transaction authentication is a key innovation area in cybersecurity

Card transaction authentication is a method to verify the identity of the customer making card payments, to prevent fraudulent transactions and ensure authorised cardholders are making purchases.

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 50 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of card transaction authentication.

Key players in card transaction authentication – 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 card transaction authentication

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
nChain Holdings 222 Unlock Company Profile
SoftBank Group 219 Unlock Company Profile
DeviceFidelity 106 Unlock Company Profile
Mastercard 87 Unlock Company Profile
Capital One Financial 76 Unlock Company Profile
Toshiba 65 Unlock Company Profile
Sony Group 63 Unlock Company Profile
Bundesdruckerei 39 Unlock Company Profile
Visa 36 Unlock Company Profile
Nokia 31 Unlock Company Profile
Microsoft 28 Unlock Company Profile
Coinbase Global 26 Unlock Company Profile
Thales 24 Unlock Company Profile 23 Unlock Company Profile
Tencent Holdings 22 Unlock Company Profile
Shinhan Financial Group 20 Unlock Company Profile
BlackBerry 20 Unlock Company Profile
MC Familiengesellschaft mbH 19 Unlock Company Profile
Nti 19 Unlock Company Profile
JPMorgan Chase 19 Unlock Company Profile
IDEMIA France 19 Unlock Company Profile
NXP Semiconductors 19 Unlock Company Profile
BCE 19 Unlock Company Profile
Deutsche Telekom 19 Unlock Company Profile
International Business Machines 18 Unlock Company Profile
TBCASoft 18 Unlock Company Profile
Hyundai Motor Group 17 Unlock Company Profile
PayPal Holdings 16 Unlock Company Profile
Orange 16 Unlock Company Profile
Bizmodeline 16 Unlock Company Profile
FeliCa Networks 15 Unlock Company Profile
Samsung Group 14 Unlock Company Profile
Coinplug 14 Unlock Company Profile
Coca-Cola Enterprises Great Britain 13 Unlock Company Profile
Panasonic 13 Unlock Company Profile
Bank of America 13 Unlock Company Profile
KB Financial Group 13 Unlock Company Profile
Qualcomm 12 Unlock Company Profile
Alphabet 12 Unlock Company Profile
NEC 11 Unlock Company Profile
Dell Technologies 11 Unlock Company Profile
Samsung Life Insurance 11 Unlock Company Profile
Nippon Telegraph and Telephone 11 Unlock Company Profile
Blackhawk Network Holdings 10 Unlock Company Profile
Broadcom 10 Unlock Company Profile
Sabre 10 Unlock Company Profile
Swisscom 10 Unlock Company Profile
Safran 10 Unlock Company Profile
STMicroelectronics 10 Unlock Company Profile
Microchip Technology 10 Unlock Company Profile

Source: GlobalData Patent Analytics

Mastercard is a key patent filer in the field of card transaction authentication. The company has filed several patents for device-based user authentication, authentication of payment requests using 3DS and FIDO data, real-time identity verification using a token code, and user identification (ID) token. Some other key patent filers in the card transaction authentication industry are DeviceFidelity and Capital One Financial.

In terms of application diversity, Microchip Technology leads the pack. Bundesdruckerei and NEC stood in the second and third positions respectively. By means of geographic reach, nChain holds the top position followed by Toshiba and

To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cybersecurity 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.