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: fund transfer verification. 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

Fund transfer verification is a key innovation area in cybersecurity

Bank account verification is a process to validate funds that are sent or received from genuine bank accounts. Also known as funding source verification, the process confirms that the account being attached is a valid bank account.

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 fund transfer verification.

Key players in fund transfer verification – 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 fund transfer verification

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Licentia Group 236 Unlock Company Profile
Seiko Epson 199 Unlock Company Profile
Intel 169 Unlock Company Profile
Memjet Technology 92 Unlock Company Profile
Flexiworld Technologies 61 Unlock Company Profile
Apple 25 Unlock Company Profile
Toshiba 21 Unlock Company Profile
Catalina Marketing 9 Unlock Company Profile
Midea Holding 6 Unlock Company Profile
LG 5 Unlock Company Profile

Source: GlobalData Patent Analytics

Licentia Group is one of the leading patent filers in the fund transfer verification process. The company has filed a patent that provides a solution for secure authentication of an individual. The invention comprises methods and apparatus for secure input of a user's identifier such as PIN. Some other key patent filers in this space include Seiko Epson, Intel, Memjet Technology, and Flexiworld Technologies.

In terms of application diversity, Memjet Technology leads the pack. Midea Holding and Flexiworld Technologies stood in the second and third positions, respectively. By means of geographic reach, Apple holds the top position, followed by Licentia Group and Intel.

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.