Research and innovation in machine learning 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 related patent applications in the industry stood at 84 in the three months ending December – down from 264 over the same period in 2020.
Figures for patent grants related to followed a similar pattern to filings – shrinking from 108 in the three months ending December 2020 to 35 in the same period in 2021.
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.
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.
The figures also provide an insight into the largest innovators in the sector.
Capital One was the top innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the US, filed 70 related patents in the three months ending December. That was down from 132 over the same period in 2020.
It was followed by the US based PayPal with 36 patent applications, the US based Bank of America (21 applications), and US based Visa (14 applications).
GlobalData is the parent company of Electronic Payments International and its sister publications
Mastercard Inc has recently ramped up R&D in . It saw growth of 83.3% in related patent applications in the three months ending December compared to the same period in 2020 - 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.