Notably, the number of patent applications in the banking & payments industry was 9,726 in Q3 2023, versus 9,016 in the prior quarter. Filings were down 7% year-on-year and decrease 7% quarter-on-quarter. This compares to a 7% year-on-year decrease in patent grants and 7% rise in quarter-on-quarter.

The top five companies accounted for 52% of patenting activity

Analysis of patenting activity by companies shows that the largest number of patents filed over the last quarter was by Industrial and Commercial Bank of China with 1,485, followed by China Investment with 1,366 and China Investment with 1,170.

Patenting activity was driven by China with a 51% share of total patent filings

The largest share of patent filings in the banking & payments industry in Q3 2023 was in China with 51%, followed by the US (25%) and South Korea (4%). The share represented by China was 6% higher than the 45% share it accounted for in Q2 2023.

For further understanding of GlobalData's Banking & Payments: Patents Trends Q3 2023, buy the databook here.

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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.