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 are 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 Internet of Things in Banking: RFID-activated electronic cash registers.
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.
Automated toll payments, payment actuated vending, and contactless card scanners are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are near field communication (NFC) payments and contactless payments, which are now well established in the industry.
Innovation S-curve for Internet of Things in the banking industry
RFID activated electronic cash registers is a key innovation area in Internet of Things
RFID (radio frequency identification) activated electronic cash registers are cash registers that use RFID technology to process transactions. Instead of scanning a barcode, an RFID-enabled product has a tiny chip embedded in it that communicates with an RFID reader. These registers offer a more efficient and secure way to process transactions in a retail environment.
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 RFID activated electronic cash registers.
Key players in RFID activated electronic cash registers – 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 RFID activated electronic cash registers
|Company||Total patents (2010 - 2021)||Premium intelligence on the world's largest companies|
|Broadcom||40||Unlock company profile|
|Toshiba||35||Unlock company profile|
|NEC||19||Unlock company profile|
|SoftBank Group||14||Unlock company profile|
|Metrologic Instruments||14||Unlock company profile|
|Extreme Networks||13||Unlock company profile|
|Panasonic||8||Unlock company profile|
|MishiPay||6||Unlock company profile|
|Denso||5||Unlock company profile|
|Worldline||5||Unlock company profile|
|Walmart||5||Unlock company profile|
Source: GlobalData Patent Analytics
Worldline is a key patent filer in the field of RFID activated electronic cash registers. The company has filed several patents in the field of terminals for cards comprising a contact, contactless or magnetic chip card reader and their use in automated payment or cash withdrawal terminals or security terminals or automatic machines. Some other key patent filers in the RFID activated electronic cash registers industry are Broadcom and MishiPay.
In terms of application diversity, Broadcom leads the pack. MishiPay and NEC stood in the second and third positions, respectively. By means of geographic reach, MishiPay holds the top position, followed by Denso and SoftBank.
To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Internet of Things (IoT) in Banking.