Research and innovation in artificial intelligence in the banks, payment providers, cards programmes and processors sector has declined in the last year.

The most recent figures show that the number of AI related patent applications in the industry stood at 351 in the three months ending June – down from 561 over the same period in 2021.

Figures for patent grants related to AI followed a similar pattern to filings – shrinking from 228 in the three months ending June 2021 to 224 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

AI is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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By GlobalData

The figures also provide an insight into the largest innovators in the sector.

Capital One Financial Corp was the top AI innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the United States, filed 95 AI related patents in the three months ending June. That was down from 117 over the same period in 2021.

It was followed by the United States based Bank of America Corp with 43 AI patent applications, the United States based PayPal Holdings Inc (41 applications), and Canada based The Toronto-Dominion Bank (32 applications).

Bank of Montreal has recently ramped up R&D in AI. It saw growth of 80% in related patent applications in the three months ending June compared to the same period in 2021 - the highest percentage growth out of all companies tracked with more than 10 quarterly patents in the banks, payment providers, cards programmes and processors sector.