The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Innovation in banking: UWB-enabled payments. 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 stabilizing 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.

30+ 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 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, AR/VR trading platforms and mortgage servicing risk management are disruptive technologies that are in the early stages of application and should be tracked closely. Voice payments, cashless settlement and asynchronous distributed payments are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are IM trading platforms and UWB-enabled payments, which are now well established in the industry.

Innovation S-curve for the banking industry

UWB-enabled payments is a key innovation area in banking

Ultra-wideband (UWB) technology allows for precise ranging, localization, and communication over short distances and high data rates, making it useful for contactless payments. UWB-enabled payment methods can allow for increased security, convenience, and speed of transactions.

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 430+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of UWB-enabled payments.

Key players in UWB-enabled payments – a disruptive innovation in the banking industry

‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.   

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.  

Patent volumes related to UWB-enabled payments

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Capital One Financial 581 Unlock Company Profile
Visa 439 Unlock Company Profile
Licentia Group 433 Unlock Company Profile
Sony Group 223 Unlock Company Profile
Outerwall 218 Unlock Company Profile
Mastercard 216 Unlock Company Profile
Thales 190 Unlock Company Profile
DeviceFidelity 159 Unlock Company Profile
PayPal 156 Unlock Company Profile
AB Dynamics 146 Unlock Company Profile
MC Familiengesellschaft 144 Unlock Company Profile
Block 139 Unlock Company Profile
Worldline 136 Unlock Company Profile
Blackhawk Network 132 Unlock Company Profile
Toshiba 119 Unlock Company Profile
IDEMIA France 118 Unlock Company Profile
Digimarc 115 Unlock Company Profile
Dominion Harbor Enterprises 110 Unlock Company Profile
NXP Semiconductors 106 Unlock Company Profile
Nokia 102 Unlock Company Profile
Diebold Nixdorf 100 Unlock Company Profile
International Business Machines 87 Unlock Company Profile
Bank of America 84 Unlock Company Profile
Samsung Group 83 Unlock Company Profile
Bundesdruckerei 80 Unlock Company Profile
BlackBerry 75 Unlock Company Profile
Upaid Systems 70 Unlock Company Profile
Alphabet 67 Unlock Company Profile
JPMorgan Chase 64 Unlock Company Profile
American Express 58 Unlock Company Profile
Panasonic 57 Unlock Company Profile
STMicroelectronics 53 Unlock Company Profile
Fiserv 48 Unlock Company Profile
Apple 48 Unlock Company Profile
Mcity 47 Unlock Company Profile
Qualcomm 46 Unlock Company Profile
Huawei Investment & Holding 45 Unlock Company Profile
Kudelski 45 Unlock Company Profile
Furukawa 44 Unlock Company Profile
A La Carte Media 39 Unlock Company Profile
The Western Union 39 Unlock Company Profile
China UnionPay 39 Unlock Company Profile
Nippon Telegraph and Telephone 37 Unlock Company Profile
FeliCa Networks 36 Unlock Company Profile
Serve Virtual Enterprises 36 Unlock Company Profile
Morgan Stanley 34 Unlock Company Profile
Target 34 Unlock Company Profile
Microsoft 33 Unlock Company Profile
SMK 33 Unlock Company Profile
NCR 32 Unlock Company Profile

Source: GlobalData Patent Analytics

Among the companies innovating in UWB-enabled payments, Capital One Financial is one of the leading patent filers. The company filed several patents related to contactless payment methods and systems. It was recently granted a patent for a tokenized card transaction system that stores, presents and activates location-specific card identifiers to enable secure transaction processing via the wireless connection with the user device.

Visa, Licentia, and Sony Group are some of the other key patent filers in the UWB-enabled payments space.

In terms of application diversity, Digimarc held the top position, while Upaid Systems and AB Dynamics stood in second and third positions, respectively. By means of geographic reach, Licentia Group leads the pack, followed by Mcity and Serve Virtual Enterprises.

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