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 Cybersecurity in Banking: transaction data blockchains.

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

Transaction data blockchains is a key innovation area in cybersecurity

When a transaction is made in the blockchain, all the key details related to the transaction including price, asset, and ownership are recorded, verified, and settled within a short span across all nodes. Any confirmed change that is recorded on any one ledger is immediately recorded on all other copies of the ledger.

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 30+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of transaction data blockchains.

Key players in transaction data blockchains – 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 transaction data blockchains

Company Total patents (2010 - 2021) Premium intelligence on the world's largest companies
SoftBank Group 341 Unlock company profile
nChain Holdings 241 Unlock company profile
Ant Group 57 Unlock company profile
International Business Machines 44 Unlock company profile
Intel 36 Unlock company profile
eBay 28 Unlock company profile
State Farm Mutual Automobile Insurance 24 Unlock company profile
Oracle 23 Unlock company profile
Tencent Holdings 21 Unlock company profile
Microsoft 21 Unlock company profile
Overstock.com 17 Unlock company profile
Baidu 16 Unlock company profile
Accenture 16 Unlock company profile
NEC 15 Unlock company profile
Capital One Financial 13 Unlock company profile
Samsung Group 13 Unlock company profile
Rokfin 12 Unlock company profile
Cannae Holdings 12 Unlock company profile
Deutsche Telekom 11 Unlock company profile
Inveniam Capital Partners 11 Unlock company profile
Salesforce 10 Unlock company profile
Bank of America 10 Unlock company profile
Mastercard 10 Unlock company profile
JPMorgan Chase 9 Unlock company profile
Security Matters 9 Unlock company profile
Intensity Analytics 8 Unlock company profile
Huawei Investment & Holding 8 Unlock company profile
USAA 7 Unlock company profile
Sony Group 7 Unlock company profile
MyOmega Systems 7 Unlock company profile
Nullable 6 Unlock company profile
Furukawa 6 Unlock company profile
Siemens 6 Unlock company profile
bitFlyer 6 Unlock company profile
Stampery 6 Unlock company profile
Micron Technology 5 Unlock company profile
Toronto-Dominion Bank 5 Unlock company profile
Visa 5 Unlock company profile
CEA 5 Unlock company profile

Source: GlobalData Patent Analytics

nChain Holdings is one of the leading patent filers in transaction data blockchains. The company has a patent filed relating to a blockchain technology such as the bitcoin ledger, and for the control and secure exchanges conducted via the blockchain. It includes tokenisation techniques and methods for including metadata in a blockchain transaction. Other key patent filers in transaction data blockchains include MyOmega Systems, Baidu, Overstock.com, and Security Matters.

In terms of application diversity, Security Matters leads the pack, while MyOmega Systems and State Farm Mutual Automobile Insurance stood in the second and third positions, respectively. By means of geographic reach, nChain Holdings holds the top position, followed by MyOmega Systems and Baidu.

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

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.