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 Cloud in Banking: wireless services subscription billing.

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.

Virtual banking assistant, real-time bidding, and digital lending are some of the accelerating innovation areas, where adoption has been steadily increasing. Among maturing innovation areas are wireless services subscription billing and targeted marketing platforms, which are now well established in the industry. 

Innovation S-curve for cloud in the banking industry

Wireless services subscription billing is a key innovation area in cloud

Subscription billing is a method of collecting payments from clients on a recurring basis. It is widely being used by wireless service providers, software, IT consulting, insurance and media firms. For most customers, it presents a convenient and flexible payment option.

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 20+ companies, spanning technology vendors, established banking companies, and up-and-coming start-ups engaged in the development and application of wireless services subscription billing.

Key players in wireless services subscription billing – 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’.

Apple is a key patent filer in the field of wireless services subscription billing. In June 2021, the company filed a patent for postponed eSIM delivery to secondary mobile wireless device for cellular wireless service subscription. It presents techniques for cellular wireless service management and billing. Some other key patent filers in the wireless services subscription billing industry are Headwater Research, Huawei, Alphabet, LM Ericsson and Qualcomm.

In terms of application diversity, Johnson Controls leads the pack, while Qualcomm and SoftBank stand in second and third positions, respectively. By means of geographic reach, Extreme Networks holds the top position, followed by Convida Wireless and InterDigital. To further understand the key themes and technologies disrupting the banking industry, access GlobalData’s latest thematic research report on Cloud Computing 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.